COMMERCIAL INSURANCE
Material Damage, it covers buildings, contents, stock, equipment/machinery, tools, plant against accidental losses or damage occurring anywhere in New Zealand. The most common losses and damage we have seen are caused by weather-related storms and flooding, burglary. This insurance is essential to all business owners, including but not limited to commercial property owners, corporate owners, schools, sole traders. As long as business activities happen, financial risks exist.
Business Interruption, it covers the losses of revenue, profits, rent, payroll, and additional expenses when your premises are out of action. The very practical benefits of this insurance are to keep business survive when an unpredictable event happens, to maintain the income stream, to pay for your employees, to retain customers, and to keep your relationships with your business partners and stakeholders. You also can choose to add natural disaster damage as the optional policy extensions,which can give your business an armour to stand up to every accidental event.
General Liability, also known as public liability. It covers accidental damage to someone’s property or injury caused by you, your employees in connection to your day-to-day business activities. The most common claims are like, damaging clients’ property during delivery or working. Product liability is included as well. It is essential for the owner whose business involving selling, supplying, manufacturing, or distributing products.
Statutory Liability, it covers legal defense costs, fines, or penalties if the organization, owner, director, officer, trustee, manager, or secretary accidentally breach laws. This insurance can also provide you specialist legal assistance and expert advice. For all businesses in New Zealand, Statutory insurance is necessary and essential. Normally, the legal costs and other expenses will cost you more than the fines, which may lead to your company facing financial difficulties.
Employer Liability, it covers damages and defence costs if one of your employees makes a claim against you due to their injuries in the course of your employment, not covered by ACC. According to our experience, employers can face various claims, such as injury caused by stress, depression, anxiety, and diseases caused by workplace or mental problems. Depends on your business activities, our broker will recommend the solutions to protect you and your business.
Management Liability, it covers mistakes or deliverate actions, including fraud, which caused by directors, officers or employeess. The cost of investigating, defending and settling claims by a third party, as well as paying compensation the business is liable for is covered.
It is important for all businesses, no matter is small or big companies. It can help protect against unpredictable and potentially large liability claims.
Professional Indemnity, it covers the compensation and defence costs of a claim against professional advice, opinions, or design provided by the company. This insurance is not essential for all types of business, but it is necessary if your business involves providing advice, such as Lawyers, accountants, engineers, architects, consultants, project managers, medical providers, brokers, or valuers. It can protect your assets and reputation as well.
Commercial Motor Vehicle, it covers any vehicles used for business purposes. The common causes are damage to other property caused by your company vehicles; damage to your company vehicles, vehicle or accessories theft, damage to the trailer, etc. It provides insurance for all business vehicle classes, such as cars, vans, trucks, buses, trailers, and forklifts. You also can choose the roadside assistant cover for mechanical breakdown or even incorrect refueling.
For those companies whose vehicles are share used by staff, it is perfect and necessary as well.
Contract Works Insurance, it covers sudden and accidental physical loss or damage on-site, full replacement value, professional fees, demolition, removal debris, increased costs, transit, and off-site storage as well. For builders, other tradesmen, or house owners, this insurance is necessary. First, the bank needs an insurance certificate before it will release any funds. Second, the project must be insured for the full replacement value including materials or goods you are supplying.
Third, you may face additional costs to repair the damage or to compensate for a third party. Fourth, for the consequential loss, everyone needs to be paid.