Business Insurance Policies to Protect You
Chances are you’ve insured your business against property loss, damage or breakdown, but what about your most valuable business assets: yourself, your business partners and/or your key staff members?
The loss, or temporary loss, of a sole trader, a key employee, an owner, business partner or a key person can have a dramatic impact on any business. Profits can fall, loans may have to be repaid at short notice or, at worst, the future viability of the business can come under threat.
Fortunately, there are business insurance options on the market designed specifically for you. From key person insurance and income replacement strategies to a business continuity plan, your Adelphi insurance broker can help you find the best comprehensive cover that will give you peace of mind.
Protecting your Key People
Every business has key people who play a vital role, from those involved in the day to day operations to those that determine strategic direction. If you were to lose a key person from your business, the reality is that it could impact your gross profit, your ability to pay expenses, your relationships with external suppliers and customers, and your whole business suffers. A key person is someone in the business responsible for generating business income – for example a sole trader and small business owners, a key salesperson or a technical expert, as well as company directors and executives. It may also apply to an individual whose loss has a significant operational impact on business income, e.g. CEO, Financial Controller.
Key Person Cover
A well structured key people protection package will firstly identify who are the key people in your business, what roles and functions they perform and identify the potential loss sustained to the business should they be unable to fulfil their role in the company due to death, suffer a serious illness or serious injury, or be out of action for several weeks or months.
An Adelphi adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s Personalised Business Protection Plan to determine the ideal level of Key Person cover you need for your business’s unique circumstances and needs. Better yet, in the event of an accident or unforeseen events, our brokers can help you navigate the claim preparation process to ensure your business insurance is living up to its claim.
Shareholder Protection Insurance
Having a key person like an owner, director or major shareholder fall seriously ill, be seriously injured or die can have a devastating effect and cause far-reaching consequences to a small to medium-sized business especially where one or two people may be key revenue generators.
A key part of any business plan is having an effective succession or exit plan. However, when a director, major shareholder, or owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business.
Proper planning through a Personalised Adelphi Business Protection Plan, incorporating a properly worded Buy/Sell Agreement provides a very effective succession plan in the event a business owner, co-owner or key person dies or is unable to continue in his or her role and helps avoid many of the problems associated with succession and the transfer of ownership.
Debt Protection Insurance Cover
Many business borrowings are personally guaranteed by or secured over personal property (e.g. a home) of a working shareholder or director, although the borrowed money is used in the business deriving assessable income.
Sole traders and every partner in a partnership (jointly with other partners) are liable for business debt incurred while they are a partner or sole trader–leading to a significant legal liability in the event of business downturn or poor performance.
Business Debt Protection Insurance can be put in place for the repayment of debt to mitigate the risk of personal assets being placed at risk or the business being put at financial risk.
An Adelphi Business Insurance Adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s personalised Business Protection Plan to determine the ideal Debt Protection cover you need for your business’s unique circumstances and insurance needs.
Business Expenses Cover and Business Interruption Insurance
If your organisation is like many small to medium-sized businesses, its success will be largely dependent upon the contribution of you and your business partners. Where that contribution is no longer there, because the owners of the business are unable to work, your business can be stretched both financially and operationally. The bills will still keep coming in even if you’re unable to work.
Business Expenses Cover helps protect the contribution that you make to your business if an unexpected illness or injury were to occur. If you are a sole trader, small business owner or are in a partnership, Business Expenses Cover allows you to claim for the costs associated with the running of your business including the cost of a replacement, if you are unable to work due to illness or injury over a two year period.
An Adelphi Adviser can sit down with you and your business partners, in the comfort of your office or home, and develop your business’s Personalised Business Protection Plan to determine the ideal level of Business Expenses cover you need for your business’s unique circumstances and needs.
Additional Business Insurance NZ Needs
Whether you want to protect your key people, need support navigating through professional indemnity policies, or want to ensure you’re not overpaying for existing business insurance premiums, our expert brokers can help find the right insurance for you. A proud supporter of Kiwi businesses, we can help streamline your policies, claim preparation costs and processes, and ensure your policy meets your exact business needs.
Connect with our team today to review the broad range of policies we can secure for you.
Don’t take our word for it
here’s what our clients say
Andy has been very helpful, we couldn't have filled out the paperwork without him. He is friendly and courteous and a pleasure to deal with.
“My wife and I are so very thankful for the sincere and professional support we have received from Chris Goddard over the last year as we have worked through a very rough time. We would have never made a claim without his support and advice. He has offered valuable advice every step along the way, offering to do things above and beyond, showing his sincerity. We were just talking yesterday about how lucky we are that we signed up all those years ago when we got our mortgage for the extra protection - mortgage and income protection. Because of this, I am now receiving extremely expert and expensive help from medical professionals that I would otherwise not have access to. I have advised several friends and family members recently of the services provided and will continue to do so!".
Great to deal with. All the options were easily explained and pointed out the ‘pros and cons’ thoroughly. Exceptional service.
"Thank you very much for all the work you have put in on sorting our family Health Insurance. Over the past 20 years we have been with various Health Insurers / Brokers, by far you are the best Broker / adviser we have ever had.
I would have no hesitation in highly recommending you to anyone."
"During our first meeting Nina was friendly and efficient, setting us at ease while establishing our occupations, financial restrictions, health history and insurance requirements.
Nina prepared our insurance packages, emailed them to us then we met again to the discuss the options she had clearly illustrated. Due to changing circumstances Nina requoted our options three times during which she travelled a long distance to meet with us and discuss anything we did not understand in a knowledgeable and concise manner.
My husband and I are happy to recommend Nina as a Financial Advice Provider to any prospective clients."
"Omg I am crying right now. Thank you so much. I cannot believe it, this money would come at a perfect time you have no idea. We are a 1 income family & things have been very tight. You are amazing !! Your customer service is top notch".
“My husband had been admitted to hospital on 17th December 2021 with a collapsed lung. Ian was so amazing. He looked after everything for me. He even stayed in touch to make sure my husband was okay. Then in the new year he came to see us and helped with the paper work so we could lodge our claim. He is great”.
“Can I please take this opportunity to say how much I have appreciated your kindness and support throughout this entire journey I have been on and with such a great outcome. You were there for me right from the start and just talking to you, having you listen to me at my lowest and also helping me through all the paperwork, that, I am very grateful for .
Your company is very lucky to have you. Once again Ryan you are the best .”
"Top class advice, great service, good regular feedback. Thank you, Foster"
“Michael who was the friendliest most professional person to help us choose the right plan for us moving forward. Excellent communication made the process very easy and stress free. Michael was available to answer any questions at any time. Highly recommend Michael and Adelphi for all your insurance needs”.
"Honest advice from Chris based on his experience with clients and insurers. He went out of his way to schedule times which suited our family".
“We have been guided to a very successful insurance package that fits our needs and seemed to go quite painlessly. Thank you for answering my questions and making a journey I didn't really want to go on as easy as it was.”
"Nina was very knowledgeable and presented an informative and balanced description of the various products. I felt that she had the best outcome for our situation front and centre, rather than trying to push products that we didnt need."
“Ryan has been helping me with my claims for the last few months. I have ongoing health issues which can be very stressful at times, however, Ryan has been nothing short of amazing in helping me with the NIB processes. His thorough attention to detail, reliability, friendly support and kind ear has really taken the load and stress off my shoulders. He gets back to be very quickly and has things sorted within days. He explains the NIB processes in a way I understand and makes me feel valued. He has provided me with remarkable service and I cannot fault his work!!”
“I recently dealt with Andrew to help with my KiwiSaver hardship withdrawal. In what was a stressful time Andrew was very professional, he understood my needs and made the process simple and easy. Would definitely recommend Andrew for anything KiwiSaver."
"Nina is an amazing professional. Besides having a lot of knowledge on what she sells, she was able to explain me in a language I could understand. She is patient, compromised, and really helped find the best option for me. She was everything I needed in such a hard time for me. I can recommend her services with my eyes closed."
