Business Insurance
Everything you need to know, to keep your business protected. Get the best business insurance now.
Popular business insurance solutions for your business
Business Insurance, sometimes called commercial insurance, helps protect business owners, management and staff from unexpected losses.
Business insurance protects your business against the financial risk of theft and damage to your tools, equipment and assets, claims of poor workmanship or advice, or if you or your staff damage someone’s property or injure someone.
Understanding business insurance
It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker.
Types of business insurance
Also known as commercial lines insurance, these coverages include property and casualty insurance products for businesses. Commercial lines Insurance helps keep the economy running smoothly by protecting businesses from potential losses they couldn’t afford to cover on their own, which allows businesses to operate when it might otherwise be too risky to do so.
Professional Indemnity Insurance
Professional indemnity insurance
Public Liability Insurance
public liability insurance
Do I Need Business Insurance?
Yes. You need business insurance but it depends on various factors. These include the type of business activity handled by your company, the size of your company, previous claims and employers’ liability insurance for your employees. Every business comes with its own types of risks regardless of whether you are working from home, selling products online, working in a busy office or offering your services face-to-face.
Mistakes can happen at any time. Your equipment might be damaged and your customers might file a lawsuit for negligence. Running a small business is tough especially with limited resources. You are not prepared for any unexpected expenses because of a claim. It’s prudent to have the best insurance in place. If something goes wrong and you don’t have business insurance, you will pay everything out of pocket.
At LifeCovered, we are ready to cover the biggest risks associated with your business. Apply for our business insurance today and get your empire covered by the best.
Business Insurance: What Does It Cover
There are several types of business insurance, with each one covering different risks. For example, public liability insurance covers claims that are brought forth by a member of the public. Meanwhile, professional indemnity insurance covers lawsuits brought by clients, and claims from employees can be covered by employers’ liability insurance.
When running a business, people are faced with various risks. Different kinds of business insurance cover different types of risks that businesses face.
Public liability insurance protects businesses from claims brought by members of the public. With this type of insurance, businesses will be covered for compensation payouts and legal fees. However, how much coverage a business has does depend on their policy’s limit.
Professional indemnity insurance covers claims from clients that believe they received bad advice from your services or if they made a mistake due to the advice they were given. For example, this can include accusations of mishandling client data.
Employers’ liability insurance covers claims made by employees. These claims include illness, injury or damage that the worker allegedly suffered due to work.
Also, there’s insurance that can cover an array of other things. This includes contents, building, stock and tools to name a few.
Why Businesses Need Business Insurance
Companies need to have business insurance because it protects them if someone brings liability or property damage claims to them. The insurance covers costs associated with such claims. Without it, owners of businesses would have to pay a lot of money out-of-pocket. Not only that, but not having insurance can financially destroy a business owner and their business.
There are many types of insurance businesses can get, which means they can tailor their policy in order to address the types of risks their business and industry are typically faced with. When it comes to selecting insurance for your business, you want to think about various aspects of your business, such as:
. Your building
. Employees
. Customers
. The kind of work you perform
. Intellectual property
. Equipment
Furthermore, your coverage might need to be updated as your business grow. Besides that, you want to consider that different types of businesses usually require different kinds of protection. What’s good for one business in a specific industry might not be good for your business.
Importance of Business Insurance Cover
In New Zealand, some types of business insurance are compulsory.
It’s also important to note that some types of insurance are compulsory for many kinds of businesses, whether it’s a legislative requirement, an obligation as a member of a professional board or association or required by a contract you enter into with a landlord or a customer.
In most states, your business needs certain coverages, like workers’ compensation insurance and unemployment insurance to operate. Workers’ comp helps your employees if they suffer a work-related injury or illness by helping pay their medical expenses and missed wages while they recover.
Liability insurance is also important because it helps pay the legal fees associated with lawsuits filed against you. Without these coverages protecting your business, you’ll have to pay out of pocket for claims.
Business insurance for your profession
Tailored cover for the risks you face.
- Accountants & Bookkeepers
- Caterers
- Contractors & freelancers
- Tradespeople
- Home business
- Farming Insurance
- Dairy Farm Insurance
- Forestry Insurance
- Hospitality Cover
- Manufacturing Insurance
Can’t find your business?
Don’t worry – we can help you!
We help protect businesses of all sizes across a wide range of industries in New Zealand.
Talk to a broker 0800259925
Why choose LifeCovered® for your business insurance?
You can pick from a range of cover options to get a bespoke policy for your business.
- Professional Indemnity
- Public Liability
- Employers' liability
- Cyber insurance
- Business Interruption
- Contents and stock
- Buildings cover
Frequently Asked Business Insurance Questions
It is mandatory in some professions to have business insurance protection in place. You have a duty of care if you earn an income by selling your service or advice. Insurance protects you from potential liabilities.
Professional Indemnity cover is necessary for:
- Anyone who provides paid professional advice or services to any business or individual
- Suppliers/contractors who work for the government or other organisations whereby insurance is mandatory as a condition of the contract
An example of some professions that require Business Insurance is health practitioners, IT contractors, management consultants, accountants and insurance advisors.
Your business insurance broker, your insurance advisor
Free access to your own personal advisor who can guide you through any process.