What is Business Insurance?

Running a business is challenging and faces its own set of risks. It therefore becomes important to manage risk, reduce uncertainty and protect your livelihood. The last thing you want is the business keeping you awake at night.

Business Insurance provides a safety net for you, your employees and your business. It can help protect the machinery and equipment you need to continue your business. Business Insurance cover will provide financial assistance in case your business is unable to function because of an unexcepted fire, flood or natural disaster.

You can choose from a wide range of insurance cover tailored for your business.

All covers vary depending on the policy you decide on. It is important to understand what you are or are not covered for in any policy you choose, and the amounts to which you are covered. If you are unsure of what you might need, or how much cover, feel free to talk to an insurance specialist on 1800 810 213.

Understanding some different covers:

Business Contents

Covers you for costs involved when repairing or replacing business property damaged following an insured event such as storm, fire or accidental damage.

Theft

Cover for your stock and contents that are taken from the premises by violent or forcible entry to the building.

Business Interruption

Covers you for costs involved when your business cannot operate following an insured event such as storm, fire or theft.

This can (depending on your policy) include:

Loss of income - Provides cover for loss of income, including rent, wages and utility bills, following an event.

Claims preparation costs - provides cover for professional fees and other costs incurred by you in preparing and presenting a claim under this section for Loss of Income.

Glass

Internal and/or external - Provides replacement cover for external glass such as shop windows, and internal glass such as mirrors.

Equipment Breakdown

This covers you for machinery and electronic equipment breakdown. Usually on a per item basis.

Money

This covers you for loss of money. Covers for loss of money can vary. Some policies will provide cover for a certain amount of money outside of business hours, or in private residences.