If you’re starting a business or running a small business, you’re probably well aware that you need to manage your expenditure wisely. It’s important to be careful about what you spend your scarce capital on. You’ll want to make sure you’re affordable business insurance is in force. But many businesses get into trouble by cutting corners on things that are really very important. Small business insurance should not be one of those things to skimp on.
What Does Small Business Insurance Do?
Legal cases and claims are more prevalent than ever, and some customers will sue for almost anything. As a business owner, this exposes you to the high cost of defending yourself, followed by a price to pay for a settlement or judgment.
The best business insurance for small business can pay these costs, whether you have made a mistake or not. By having basic business insurance coverage, you protect your business from potential ruin if you are challenged or a claim made against your business. For a small outlay on business insurance, you can protect your business and your scarce capital for everyday expenses and for growing your business.
There are three kinds of basic business insurance that all small business owners need to consider. Material damage cover, business interruption insurance and liability protection.
Material damage insures your business assets such as fitout, stock, equipment and obligations you have to a commercial property landlord. It covers events such as fire, storm, theft and break and enter. Business interruption insurance pays claims that arise under material damage cover and its purpose is to pay additional costs that may be incurred if you have to set up temporary premises and if your profit has been reduced as a result of a claims event.
Public liability insurance pays for claims when someone else was injured or their property was damaged and your business and your employees are at fault. There is also statutory liability and employers' liability to protect your business in the event that it has breached laws or caused illness to employees.
So How Much Does Business Insurance and Public Liability Cover Cost?
At Insure Online, we are relentless about finding the best small business insurance online and the best insurance price for New Zealand’s small businesses. We appreciate the importance of preserving capital for running expenses while also recognising that risks can lead to expensive claims against our business that we could not afford to cover ourselves. We spend time finding the right insurance by selecting the best insurance companies and their best products so that we can do it online. We pass on the benefits of buying online insurance to your small business across New Zealand in the form of lower business insurance premiums.
How much does a small business pay for insurance? Affordable business insurance can be purchased for around $500 (plus fire and emergency levy) for a year for business assets. Business interruption cover can be obtained for between $150 and $200. Its affordable business insurance and available using our online business insurance calulator.
A public liability policy (or general liability insurance) for a small business for a year can be purchased from as low as $225 a year. This equates to only $18.75 per month. Add statutory liability insurance and employers’ liability cover and you can still get adequate lability insurance for as low as $400 for a year, equating to $33 per month, or less than the price of a cup of coffee per day.
Where Can I Buy