Surprising Ways That Business Insurance Can Help Your Business

Life is anything but boring when you run your own business, with something always demanding your attention. From balancing the books, posting that social media update to ensuring your staff are paid on time and that you actually took a moment to have a lunch break! 

And with so many things to manage, the last thing you might want to be worrying about is your business insurance, right? Sure there is plenty to consider when making your business successful for the long haul, but business insurance is something you might want to pay some attention to.

This easy guide is here to help show how business insurance can surprisingly help and safeguard your business, giving it the protection, it deserves.

1. It can protect your back pocket  

Those first few stages of setting up your business can feel like you’re forever reaching for your wallet to pay for this and that. There’s always that uncertainty about your business and its future, will it take off and will all this hard work be worth it?  

One thing that you don’t want to hang over your head is the headache if your business was involved with an accident or claim with a third-party like a client, supplier or member of the public. That’s where Public Liability insurance* can provide some peace of mind. 

It can happen in an instant, a customer experiencing a slip or trip at your business premises, or for you to accidentally damage their property, causing a claim. The impact of a claim can cause devastation not only to your bank account but to your business’ reputation too. 

Public Liability insurance in a nutshell is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured (and not covered by ACC)) or sustain property damage as a result of your negligent business activities.

2. Protect your business assets when you’re out and about  

If your business relies on business assets that you take with you when you’re doing business like tablets, special equipment and laptops, then you might like to consider Portable Equipment insurance*.  

Whether you’re a real estate agent, a tradie, a baker or hairdresser on the go, this type of cover provides protection for the things that help keep your business going. Can you imagine the drama if you were caught without your tools of trade? Those bricks aren’t going to lay themselves! 

Portable Equipment insurance covers you for loss and damage to your tools and equipment due to theft, fire and other perils listed in the wording, anywhere in New Zealand. 

3. It’s got your back for those disastrous times 

Disaster doesn’t only refer to fires or storms, it can be a variety of events that may cause disruption to your business. It can happen from a client claiming your business didn’t complete its agreed services to the standard they were expecting, experiencing the theft of expensive equipment to an unexpected fire ravaging through your business warehouse.  

Taking some time out to identify some of the kinds of risks your business may be faced with, can help you seek the appropriate types of business insurance that may be suitable for protecting our business. Every business is different, faced with various different exposures to risks.  

Having the coverages that are going to help your business for the long term will provide ease of mind knowing that you proactively protecting your business and your back pocket safe in the event of a claim.  

4. It can limit your down time 

As much as we don’t like to think about it, but if you had to cease business operations due to an insurable event, have you thought about how your business could still generate an income and keep going? 

The bills never stop, and if you have staff wages to pay you will need to factor this in too. As a small business owner dipping into your business or worse still personal savings to try and make ends meet is not likely something that you want to be doing. 

That’s where Business Interruption cover* can provide some relief. Business Interruption cover provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses. 

Please keep in mind that Business Interruption cover is an additional cover option which is usually available when you take out a Business Insurance policy*. 

Getting your business insurance sorted doesn’t need to be difficult.

Get a quote today at BizCover and get insurance for your business without the stress so you can get on with your day.  Rather chat to a Business Insurance Specialist? Call us on 0800 249 268 and get cover today.

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At BizCover we’re here to help you navigate the (sometimes confusing) world of business insurance. We’ve been in the business insurance game for 15 years (since 2008), providing customers a game-changing online platform to easily shop around and compare business insurance quotes from multiple NZ Insurer’s all in one place, and buy online in minutes, clickity click done! Saving you time and money.

Trusted by over 14,000 NZ small businesses, we’re here to help make the lives of small businesses hassle-free when it comes to all things business insurance.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2024 BizCover Limited.