Insurance cover for New Zealand businesses
Whether your business is small, medium or large, we can work with you to gain an understanding of the specific requirements and challenges your business faces. We can then tailor your insurance to meet your unique business needs.
Business Insurance policies can provide cover for a range of needs from protecting against property you own, to liability insurance, and even cover for losses from employee fraud.
Because no two businesses are alike, completing a review of your specific requirements will allows us to put in place the most appropriate covers which are flexibility. So whether it’s insurance for your income, stock, plant, machinery, buildings, vehicles or liability, we can cover it!
We can also help your business’s cash flow by offering you premium payment options of monthly, quarterly or six monthly.
- Material Damage
- Business Interruption
- Commercial Motor
- Liability Insurance
- Employers Liability
- Statutory Liability
- Defective Workmanship Liability
- Machinery Breakdown
- Employee Fraud
Covers your insured property for burglary and damage. Cover is available for your buildings, plant, machinery and stock, and automatically includes cover for money on the premises, glass and property in transit (including burglary from your vehicle).
Portable equipment such as mobile phones and laptops are covered anywhere in the world (and in transit) and are covered for full replacement value if they are less than two years old.
Additional features include:
- Cover up to $100,000 for any additions or alterations to your property during the insurance period.
- Computer software up to $50,000.
- Your employees’ uninsured personal effects, up to $5,000.
- If the NZ Fire Service charges you for any hazardous substance emergency at your premises, we will cover these charges, up to $10,000.
- We will cover you for up to $100,000 for any costs you reasonably incur in controlling any potential loss or threat to the property insured.
An optional benefit, available on application, is:
- Cover for spoilage of refrigerated or frozen foods up to $2,000 per cabinet, to a maximum of $5,000 in any one insurance period.
Covers the income or profit of your business, following insured loss or damage.
Businesses that suffer damage to their assets rely on their material damage insurance to cover the repair costs, but what about the associated loss of business profit?
How many months would it take you to get your profit back to pre-damage levels? It could take a week, a month, a year, (or even longer) to bring your business and customers back to pre-damage levels.
People in business often take their supply of electricity, water or gas for granted. Imagine you own a restaurant and the gas supply to your area is interrupted due to a damaged gas main. How can you continue to run your restaurant when your staff can’t use the gas stove, oven and other appliances?
Under the Utilities and Services additional benefit, you are automatically covered for lost profit to your business as a result of the damage to utilities such as gas works, electricity stations / power lines, waterworks, sewerage works and telecommunication lines. Your business does not have to suffer any actual physical damage to its assets.
We frequently deal with claims from retailers and manufacturers who are prevented from making sales or meeting orders due to fire or flood damage. Business interruption insurance can be the crucial element that helps your business survive if disaster strikes.
Additional features include:
- Cover for any additional premises you use or acquire.
- If your premises are in a retail shopping complex and there is damage to a major tenant who attracts customers to your business, we will cover you for your loss of profit for a period of up to 30 days.
- If a Public Authority orders closure of your premises, you are covered for up to 10% of your sum insured, for your loss of profit resulting from this interruption.
- Where any transport route or airport or port building, wharf, warehouse or railway is damaged or closed by order of a Public Authority, we’ll cover your resulting loss up to $1,000,000 or 10% of your sum insured, whichever is the lesser.
- Loss of rent – if the building you own is damaged, depending on the amount of damage, the tenant may not be required to pay you the full rent or any rent at all.
Covers your business vehicles comprehensively, for third party or for third party fire and theft cover.
AMP offers superior claims service and repairs via its nationwide network of approved repairers. These repairers have a code of conduct certificate, which means they work with us as partners to deliver professional, hassle free service to you as our Business and Commercial customers.
We guarantee any work done on your vehicle by the Approved Repairer Network for the lifetime that the vehicle is owned by the insured.
Additional features, applicable to comprehensive cover only, include:
- Broken windscreens – no excess is payable and your no claims bonus will not be affected.
- Additional vehicles you purchase during the insurance period, are covered up to $100,000.
- Emergency accommodation and travel costs up to $5,000 following an insured accident.
- Cover up to $5,000 for goods in transit in your vehicle.
- Up to $5,000 for modifying your vehicle to allow for the driver’s disability following an insured accident.
- New replacement vehicle – if your vehicle is a total loss within 12 months of first registration or purchase date, and has travelled less than 20,000km, we will replace it with a new vehicle (applies to cars, stationwagons, vans and utes only).
Additional features, applicable to comprehensive, third party and third party fire & theft cover:
- Third party liability – cover up to $10,000,000.
- Your reasonable defence costs up to $2,000, following a fatal insured accident, eg: a charge of careless driving causing death.
Optional benefits, available on application, include:
- Rental vehicles – where you don’t accept the vehicle owner’s offer of insurance, we will provide cover for the rental vehicle as if it was an insured vehicle.
- Loss of use – the cost of hiring a substitute vehicle while yours is being repaired.
Covers your legal liability to pay compensation to third parties for personal injury or damage to their property.
E.g: A tradesman failed to install ceiling screws correctly. These screws fell out into a newspaper-printing press, damaging the drum and shutting down the machine for four days. The tradesman could be liable for the cost of repairs and lost production for the four days totalling nearly $500,000.
Additional features include:
- Defence costs, additional to the specified liability sum insured.
- Mechanical plant – covers your liability arising from the use of a tool of trade or item of mechanically propelled plant whilst being operated for its intended use.
- Compensation for your time appearing in court, at a rate of $250 per day, up to a maximum of $7,500.
- Tenant’s liability – damage you cause to premises rented by you but not owned by you.
- Landlord’s liability – damage caused to a third party or their property as a result of any property you own, but don’t occupy.
- Property under your care, custody or control up to $250,000, provided you are not receiving a reward (eg: money) for this storage.
- Your liability under the Forest and Rural Fires Act for costs incurred by any fire authority and for costs claimed by any other party in protecting their property, up to $250,000.
Why do you need employer’s liability insurance?
This section covers claims against employers made by employees, for injuries or illness suffered in the course of
their employment, that are not covered by the Accident Compensation Legislation (ACC).
E.g: Mental injury, nervous shock, fright or stress.
We will pay the defence costs and all sums that you become legally liable for, up to a selected limit, as a result of a claim for damages made against you.
We will also pay the cost of investigating and defending any claim or prosecution.
Covers you for fines and defence costs imposed on you for inadvertent offences under Acts of Parliament. The most common breaches affecting New Zealand businesses occur against the Health and Safety (orders for reparations and defence costs only), Fair Trading Act, Building Act and Resource Management Act.
E.g: Your processing plant accidentally leaks toxic substances into a nearby stream, even though your plant is constructed to the required standards. You could be held responsible and fined for pollution under the Resource Management Act.
NB: Not all Acts can be insured against.
What are the penalties if I don’t comply?
Under the Resource Management Act, fines can be up to $200,000 for an offence and $10,000 per day for each day the offence continues.
Under the Fair Trading Act, an individual can be fined up to $60,000 and a company up to $200,000.
Building Act fines range from $5,000 to $200,000.
At present, the Liability wording from our insurers provides you with cover for resultant damage that follows on from defective workmanship. The wording excludes the cost of correcting or completing this defective workmanship.
Determining where resultant damage starts can be a challenge for many trades and occupations.
The new Broadform Liability Optional Extension provides cover for the damage caused by defective workmanship and the standard wording will continue to insure resultant damage.
In circumstances where there is damage under defective workmanship and resultant damage, only one excess will apply. The amount of the excess will be the higher excess that applies to any area of cover.
The standard annual, aggregate indemnity limit will be $100,000. If an alternative limit is required, we will provide quotations on a case by case basis.
The cost of this Optional Extension and the excess applicable will depend on the occupation of the Insured.
Our insurers will not offer the Defective Workmanship Optional Extension to roofing and waterproofing contractors.
These scenarios are intended to clarify how cover under this Optional Extension applies, as interpretation can be subtle.
As this can be fairly complicated, we invite you to contact us to discuss your specific situation.
Covers you for repair or replacement of your machinery as a result of mechanical or electrical breakdown (excluding wear and tear).
Additional features include:
- Costs up to $2,000 that are incurred for delivery of parts by express freight.
- Overtime costs incurred to expedite the repairs.
Covers loss of money or goods due to the dishonesty of an employee.
We will also provide cover where your loss is discovered within 30 days of your employee’s employment being terminated with you.