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Protecting your business from illness or injury

By David Drillien
Executive Manager, Life Products

30 October 2018

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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.

Asteron Life offers a range of cover for more personal issues – death, illness, injury or disability for you or your employees.

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.

With so many insurance products to choose from, it can be hard to decide what the biggest or most important risks facing your business are. So if you’re still not sure, it’s a great idea to talk to an insurance broker or adviser.

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