Business Insurance Health Check Part 2

Things can get pretty hectic when you run your own small business, so our quick and easy to follow guide is here to help you navigate your business insurance. In part two of our series, we look at how you can ask a few questions and give your policies a business insurance health check. 

Catch part one of our two-part series here to get all the tips and hints from part of our business insurance health check series. 

Has my business grown? 

Wind back the clock to when you originally arranged your business insurance policies. There’s a good chance that things may have changed since those early days. One thing which might take you by surprise is how much your small business has actually grown. 

Signs of growth include things like: 

• You may be taking on bigger client projects, producing more products or working on more business sites 
• Your business turnover has increased 

• You have employed more staff 
• You have purchased more stock for your business 
• You have more business contents 

These things are worth noting and updating your business insurance with. Ensuring that your policies are sufficient and providing adequate cover is something that could be added to your to-do list at renewal time of your policies. 

Have my business activities changed? 

Like many businesses, you may have looked at diversifying your business offerings by introducing a new service or changing the way your business operates. This is something that you may need to talk to your business insurer about.  

When you take out a business insurance policy, the type of business and the activities you perform are noted and the policy is specifically for the type of business listed. If there is a change in the type of business activities, you may need to check that you are still insured for these activities with the type of coverage and type of business activities your policy is in place for.  

Has your business premises changed? 

If you have a Building insurance* policy in place and have made alterations, increased security features etc, you may need to update your existing policy with these changes. If you haven’t assessed the value that you have noted on your policy for your business premises, it might be worth double checking this too to ensure you have enough cover in place in the event that you might need to make a claim.  

   What kind of insurances are available? 

There are different kinds of business insurances out in the marketplace, this a quick overview of some of the ones available: 

Public Liability insurance*: Public Liability insurance 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 the Accident Compensation Commission (ACC)) or sustain property damage as a result of your negligent business activities. 

Professional Indemnity insurance*: Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. 

Business Insurance*: Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your Portable Equipment, and loss of revenue due to Business Interruption in specified circumstances. 

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. 

Cyber Liability insurance*: Covers you for losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. 

Things can get busy when you run your own business, so leave your small business insurance shopping around to us at BizCover. We believe in making the process to get your cover sorted easy and simple, with no-dramas!  

Whether it is Professional Indemnity insurance for your accounting business or Portable Equipment insurance for your tools of trade, we offer business insurance options to help you protect your business. 

Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you’d prefer to pick up the phone and chat, you can find us at 0800 249 268. 

*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.