Protecting your business with insurance

If you have your own business, it’s often difficult to know what sort of business insurance you need and how much of it to buy – particularly when you’re starting out.


What sort of cover do you need?

There are different types of business insurance. The particular cover that suits your needs depends on the nature of your business and the way it is structured. Cover can broadly fall into two areas:

  • Protection from damage, liability and disruption
    Protects the things you need to conduct your business, i.e. premises, vehicles, tools, machinery and stock. Also covers public liability and keeps your business in operation if disrupted. 
  • Business Life and Disability
    Protects you from the financial impact following the death, illness or disability of a business owner or other key person essential to the continuity of the business.


Protection from damage, liability and disruption

Would you be able to keep working if your tools were stolen, or if your stock was damaged by a fire? Do you and your employees need liability protection? Protection from the financial impact of damage, liability and disruption potentially enables you to recover and keep operating should the unexpected happen. Without it, your business may be put under significant financial stress. We can cover your business for the following, in three key areas:

Your company vehicles

  • Loss or damage to vehicles caused by accident or theft.
  • Legal liability for accidental damage to someone else, or their vehicle or property.

Your plant, assets and premises

  • Loss or damage to buildings, plant, contents, machinery, and stock.
  • Loss of income/increased operating costs following damage to your premises.
  • Mechanical or electrical breakdown.

Your legal liability, including employer's and statutory liability

Your legal liability if you, or one of your employees accidentally cause:

  • Bodily injury to another person.
  • Damage to someone else's property.

When buying business insurance, it’s important to have adequate cover for your assets and plant. Often ordinary but essential things, like office furniture and facilities can be overlooked. Being under-insured could mean that if you need to claim, the cost of replacing vital items may not be met.


Insuring you and your people

The death, illness or disability of you, or one of your business’s other key people, could have a major impact on both your business and your family. These, often unexpected, events can cause loss of income, interruption to cash-flow, disruptions to loan repayment and changes in shareholder control.

When considering your needs, you may need to think about the following three areas:

Business loan protection

With perhaps your own personal assets, such as the family home securing your business, it’s essential for your family’s financial security that you plan how these debts would be paid off, if you were to die or suffer a serious illness. Business life and disability protection can help provide a payment to settle any outstanding debts or personal guarantees ensuring that assets such as the family home are secure.

Key person protection

Have you ever thought what might happen to your business if injury or illness made it impossible for you or one of your key people to work?

Key people are vitally important for the success of a business. A ‘key person’ is someone who’s fundamental to a business, in order to ensure its continued operation. These are people that you may wish to consider protecting, just as much as your other business assets.

Ownership protection

For any business with multiple owners, it’s crucial that you have a plan on how individual business shares will be distributed, in the event of the death or serious illness of one of the partners/shareholders – and where the funds to purchase the shares will come from.

Without a plan, that share may be left to beneficiaries who may not have the skills to continue with the business and who may not be compatible with the surviving business partners.

In conjunction with your lawyer, we can help ensure you have the right insurances in place to protect you, your business and your family.

We can offer you a wide range of insurance solutions, to suit the size and nature of your business; from newly self-employed to specialist products for the rural sector.


Consider both business and personal insurance

When it comes to protecting you, your family and your business, a combination of business and personal insurance could offer you the best all-round cover. For example, in addition to any business protection you take out, you could also start a personal protection policy such as Family Protection. This can provide you and your loved ones a regular monthly payment to help pay for essential things like groceries, rent, or your mortgage if you die.

Your ability to recover after an illness or injury may be faster if you aren’t worried about your finances. Insurance can help ease your financial concerns, so that you can relax and concentrate on getting better and getting back to work.

Talk to an expert

Having both personal and business insurance could be your best protection ­– an ASB Insurance Manager can help you tailor the combination that best suits your needs.

Get business insurance now

Protect your business from damage, liability and disruption

Call us to arrange cover for the things you need to conduct your business and protect it against business disruption.

0800 200 252

Protect your business if something happens to you

Need to protect your business against illness, disability or death? Find your local ASB Insurance Manager or call us and we’ll arrange an appointment with one.

Find an expert 0800 200 252

Other helpful guides

ASB general insurances are underwritten by IAG New Zealand Limited (IAG). For full details, refer to the relevant insurance policy document which is also available on request from any ASB branch or by calling 0800 200 252. The availability of insurance cover is subject to your application being approved. Exclusions apply. See further information regarding IAG's Financial Strength Rating. A minimum premium applies for all policies. Even if your policy qualifies for one or more discounts the total of these discounts cannot cause your premium to be less than the required minimum.

ASB life, health and disability insurances are underwritten by Sovereign Assurance Company Limited (“Sovereign”). For full details refer to the relevant policy document which is available on request from any ASB branch or by calling 0800 200 252. The availability of insurance cover is subject to your application being approved. Special conditions, exclusions or premium loadings may apply. See further information about Sovereign.

Business insurance Protecting your business with insurance