Business interruption insurance is one of the most misunderstood and overlooked business insurance policies because many business owners think that other business insurance policies will take care of everything if something goes wrong or their operations are interrupted by events such as floods or fires.  While there are many different situations when business interruption insurance in NZ will take care of,   the two most common are fire and flood. No one wants that their business is affected or interrupted by floods or fire, and when they do, they often mistakenly expect other policies to cover all the loses.

Business interruption insurance covers for the loss of income that a business suffers after a disaster such as closing a business, or the time to rebuild after a disaster.  It is quite different from material damage insurance. Business material damage insurance covers the physical damage to the premises. On the other hand, business interruption insurance in NZ provides cover for a reduction in your business income as a result of damage to the property caused by an insured event. It is crafted to put your business in the same financial position it would have been if no loss had incurred. Business interruption insurance is added on to a material damage insurance and is not sold as a stand-alone cover.

If you are a sensible business owner, you should get in touch with a professional insurance broker to learn more about business interruption insurance in NZ.  The professional will also help you if you want any other type of business insurance including employers liability insurance in NZ.

As more and more employees get aware of their rights, the number of discrimination and harassment accusations against employers has also escalated. To protect themselves from these unjust lawsuits, many companies rely on employer’s liability insurance in NZ. Let’s take a look at how this works.

What does this insurance cover?

Employer’s liability insurance covers the compensation amount and legal costs if an employee claims compensation for an injury or illness which occurred in the course of their employment.

What does this insurance not cover?

Employer’s liability insurance doesn’t cover things such as emotional stress (unless it’s the direct result of a job-related injury), aging-related issues, non-traumatic hernias etc. 

How much does this insurance costs?

The nature of a business and the number of employees are amongst some factors that determine the premium amount. The riskier a business is, the more the premium will be.

Where to get this insurance from?

Companies can obtain an employer’s liability insurance through insurance brokers in New Zealand. Before issuing the policy, the insurer will evaluate if there are any pre-existing workplace liabilities. Based on the evaluation, the insurer will propose some mandatory changes to the company.

Accidents are uncertain. Anything can happen to anyone. 

This uncertainty is what makes acquiring an employer’s liability insurance in NZ crucial to business owners. In case of any unfortunate event, if an employee claims to be compensated for the damages inflicted upon them, genuinely or not, the insurance will protect the company’s reputation as well as save it from any financial loss. 

If you are a business that wants to keep working in a hassle-free manner, then it is important for you to think about buying statutory liability insurance in NZ. It is a kind of insurance that responds to unexpected and unintentional breaches of statute ending in prosecution.

There is a common question that many businesses keep asking experts working in the domain of business insurance in New Zealand. It is – what will statutory insurance pay out for? Any good statutory liability insurance cover will pay out for insurable fines, defence cost and any damages expenses that may arise.

In many scenarios, the legal costs and other related expenses will be greater than the fines you face.  If you are not protected by a right cover, it can be difficult to meet these costs. It may also lead to your company facing major financial difficulties. So getting the right cover to meet these expenses is important. Before buying statutory liability insurance in NZ, make sure you properly understand your policy document. Remember, every policy is different. So you need to explore nicely before making the final decision.

Many businesses are also confused whether they need statutory liability insurance in NZ or not. Any organization or company may need this cover.  You should get in touch with a professional business insurance broker if you need this insurance cover. They will make you understand every aspect of this policy and also tell you why you need this policy.