Business Insurance is all about risk management; making sure you’re able to recover from a loss or protect yourself from liability if the unexpected occurs. But there are some things you should consider when taking out insurance to ensure you have the right cover in place.

Here are some important facts about business insurance every business owner ought to know.
  1. Insurance policies and costs can vary widely: Every business is different with  its own unique set of needs and insurance policies can vary widely from basic cover to comprehensive cover for more complex business needs. For this reason we recommend working with an experienced insurance broker to get insurance solutions that are tailored to your own unique circumstances.
  2. Many Kiwis under-insure their business: It’s not fun shelling out cash for something you hope you will never need. But it’s even less fun facing the consequences if you don’t. Having the right insurance protection in place could be the difference between business survival or not. Insurance is a necessary expense and can help protect everything you’ve worked hard for. With this in mind, it’s important to recognise that business insurance is not something to go cheap on. You get what you pay for and under-insuring your business could see you end up with the same result as not having  any insurance at all. So make sure you are fully covered.
  3. What you need depends on your business and your industry:  Beyond basic cover for business property, such as vehicles and equipment, there are three types of insurance that every business should seriously consider – General Liability insurance; Directors & Officers insurance; and Business Interruption Insurance. 

    General liability insurance covers damages your business may cause to others in the event of an accident. Directors & Officers insurance protects directors and senior management from being held liable for oversights, decisions or actions taken while carrying out their regular duties on behalf of their company. Business Interruption covers you for a physical event that damages your property and stops you carrying out business as usual – you can claim for profits you would have earned, for operating costs like wages, and for other expenses you’re still incurring while your business is out of operation.

    Some professions, such as financial advisory, accounting, law and insurance brokerage make it compulsory to have Professional Indemnity insurance as well. Chat to a trusted insurance broker for more information on what insurance solutions are best for your particular profession.

  4. There’s more than one way to purchase insurance. Business insurance is usually purchased through an intermediary like an insurance broker, or by going direct to an insurer. Some insurers now also transact online. We recommend the use of an intermediary who has access to different insurers and can recommend the best cover for you in a cost-effective way.
  5. Hundreds of claims every year are rejected. Hundreds of business owners each year find themselves in the unenviable position of having their claim rejected because they weren’t fully covered. To reduce the chance of this happening to you, it’s important to understand just what your policy covers you for. This is where an expert insurance broker can help you. Some insurance brokers will also manage your claims process for you to ensure you get the best possible outcome.



Grow NZ business has just signed a strategic alliance with award-winning local NZ insurance brokers, Rothbury Insurance Brokers.

As part of the alliance, all Grow NZ business members have access to Rothbury’s industry award-winning insurance broking expertise and claims advocacy services. Members will also benefit from receiving localised service from its 20 branches throughout the country.

We chose to enter into a strategic alliance with Rothbury to add additional value to Grow NZ’s 8,000 plus members.  Rothbury has exceptional client satisfaction scores, numerous industry awards and an extensive reach across New Zealand. We are confident Rothbury can offer unrivalled personal service and quality advice to help our members grow their business.

Working alongside Rothbury is a natural fit as our two companies share similar values and the same ultimate end goal; to support New Zealand businesses.

For more info, click here!