Are you ready to open up shop and start selling your product or service to customers?
No one wants to think about the things that can go wrong, but the fact of the matter is that things can blow up at the drop of a hat and accidents happen all the time. For new business owners, not having the right insurance to protect you could result in serious loss of money, or even the business.
Don't get caught uninsured or underinsured - check out these three types of important insurance that every small business needs to have in place before opening the doors to customers.
What types of insurance does your new business absolutely need?
1. General liability insurance
Businesses need to be prepared for anything that could happen to a third party - general liability insurance covers just that. No one is opening a business with the intention of hurting anyone, but if any third party property damage or injury occurs because of your product or employees, you'll be held legally liable. Because we live in a world where accidents happen, this type of insurance is an absolute must.
2. Business interruption insurance
New Zealand sees plenty of bad weather - Kiwis experience everything from earthquakes to flooding and fires. Any of these events could shut down your business, wrecking productivity and hurting your revenue. Business interruption insurance is a necessity for businesses in New Zealand as it will help your business stay afloat.
3. Directors liability insurance
In order to make a splash in the market, new business owners need to take risks. However, even the most experienced business owners can make a bad move and cost the company - this could be anything from reporting errors to failure to comply with regulations or laws. Directors and Officers Liability policies allow managers to take these risks with an umbrella of protection. If claims from their decisions and actions are taken within their regular duties, they will be protected by this insurance.
All that said, every business is different and has unique needs so the insurance that covers them you should be tailored just for you. At Rothbury Insurance Brokers we understand this and will assist in helping you find the insurance cover and solutions that are suitable for your new business. Contact us today to get started.
About the AuthorName: Kim Matthews
I’m the Leader Business Development & Sales for Rothbury’s Hawke’s Bay branch. I commenced my insurance career in 1980, have an insight in to how underwriters and assessors work and I’m a business owner myself - all great…
I’m the Leader Business Development & Sales for Rothbury’s Hawke’s Bay branch. I commenced my insurance career in 1980, have an insight in to how underwriters and assessors work and I’m a business owner myself - all great skills and experience that make me the broker I am.
I love dealing with people and I’m passionate about insurance!Close