By Claire Sutton
Executive Manager, Life Portfolio and New Business
If you own a business or farm, it’s likely that you’ve taken out some form of insurance to protect the physical assets and liabilities of your business.
But have you got the right cover in place if you, or a key staff member, can’t work?
General business insurers and life insurance companies like Asteron Life both offer types of business cover, but they do different things and it’s important to know that you’re covered for the biggest risks you face.
Are you protecting the physical or the personal?
Many business insurance policies offer cover for your expenses or loss of profits if a physical event disrupts your business – for example, if a fire or earthquake closes your premises.
But for many small businesses in New Zealand, personal issues – like key member of your team getting sick and needing several months off - can also have a big impact on your finances.
Personal business insurance products
Cover you in the event of death, sickness or injury to you or a key member of staff. Can include cover for things like:
- Supplementing lost business revenue
- Hiring a replacement contractor to perform the duties that you (or a key person) would do
- Covering operating costs – e.g. premises, services, equipment expenses, staff and other administration costs
General business insurance products
Cover you in the event of physical damage to your assets, assets of others or injury to others. Can include cover for things like:
- Repairing or replacing damaged vehicles, contents or premises
- Lost profits if a physical event disrupts your business operations
- Legal liability for any damage/injury your business operations cause to others
Make the right choices for protecting your business
Research shows that people and leadership are the top two factors influencing business success, so if you think that the illness, disability or death of you or one of your key personnel could have a significant impact on your revenue, Asteron Life’s business products might be right for you.
The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Asteron Life Limited and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.