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Vero Voice

Protecting your ability to trade

By Campbell Mitchell
Executive General Manager, Customer Experience

28 June, 2017

Earlier this year, we published New Zealand's first SME Insurance Index, and we found that one of the biggest concerns for small to medium enterprises is being unable to trade for a long period of time.

Only 28% of the businesses we surveyed believed they had business interruption cover in place. But some of them weren’t aware of business interruption cover, and didn’t know for sure whether they had it or not.

"If I'm not working then I get no money, so that's a major concern actually" - Direct buyer, electrician

The basics of business interruption insurance

If one of the things that keeps you awake at night is being able to trade in the event of a disaster, business interruption insurance could be for you. 

It usually covers you if something happens to your premises – for example damage from a fire, flood or earthquake – that means you are unable to trade. There are also options to cover the wages of your employees if you need to close your doors for a while.

Under our Tradies insurance option, you can also arrange cover for increased cost of working.

An insurance broker or adviser can work with you to understand your requirements, identify your risks and recommend cover that works for you at a competitive price.

How a broker or adviser can help

If you own a business, arranging insurance can be time consuming and complicated, and you may not be going much beyond purchasing the basics, or cover you're aware of.

One of the areas that a broker can help is identifying what risks you might face, and finding insurance products that fit your needs.

In the constant battle to be making a profit, keeping your customers happy and keeping your cashflow steady, one thing you shouldn’t have to worry about is a disaster disrupting your business and preventing you from trading.

Want more information?

If you'd like to learn more about business interruption cover, or other ways insurance could help protect your business, read about Vero's Business Insurance options here. Or if you're ready for expert insurance advice, contact a broker or adviser.

Find a broker

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Vero Voice • 29 May 2017

As your business grows, protecting it can become more complex. There can be real value in getting expert insurance help from a broker or adviser.

By Campbell Mitchell
Executive General Manager, Customer Experience