What is Commercial Insurance?
[dropcap type=”simple”]W[/dropcap]hether you are starting a business from home or are already a business owner, insurance can be one of your most important financial decisions you can make. Commercial insurance protects you against losses that you may incur during the day-to-day trading of your business and help alleviate disruption to your cash flow should a disaster happen.
Because New Zealand has so many small- to medium-sized businesses (SMEs), the policies offered by companies and commercial brokers vary. The most common forms of protection include:
- Vehicle fleet insurance
- Commercial truck insurance
- General liability insurance
- Small business liability cover
- Home business insurance
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Does Every Business Need Business Insurance
The objective of commercial insurance is to protect you against common business loss, such as commercial property damage, theft, liability and business interruptions. Business insurance is a contract between you and the insurance provider. You agree to pay a premium and the insurance company agrees to pay for predetermined terms specified in your insurance policy.
Limited liability insurance is another popular policy typically covered under a business policy. Business owners purchase liability insurance to protect them against losses they have caused to other parties. In some businesses or occupations, the risk is so high that limited liability insurance is standard. As mentioned earlier, the cost for commercial insurance varies depending on the level of cover required and your industry.
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Isreal is passionate about finance, online marketing, travel and helping others increase their knowledge. My Insurance Guide was started over five years ago is one of the first insurance resources available online, free for all Kiwis to access.