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Gold Star Insurance

Business insurance

Business insurance, clearly mapped.

This overview covers four business insurance areas: Material Damage (Business assets insurance), Business Interruption, Liability and Commercial Motor. Each section explains what the cover is designed to address and the information worth preparing before advice.

Illustrative scene of two people working together in a small workshop.
Illustrative scene. The people and workshop shown are not Gold Star clients, staff or premises.

Cover map

Map the business risks that matter.

Start with the assets, interruption, liability or vehicles that concern you. Product names and policy comparisons come after the business picture is clear.

Business assets and continuity

Protect the assets and cash flow the business depends on.

Material Damage and Business Interruption address related but different risks. One begins with insured physical assets and damage; the other considers the financial effect if insured damage reduces or stops trading.

01

Material Damage (Business assets insurance)

Material damage cover may respond when insured physical business assets are damaged by events listed in the policy, which can include fire, storm or flood. Buildings, stock, fit-out, plant and equipment need accurate values and locations. Depending on the wording, extensions may also address employee effects, capital additions, or stock and contents temporarily elsewhere in New Zealand.

Questions to clarify

  • Which buildings, stock, fit-out, plant, equipment or property held for others need to be insured?
  • Are replacement values, stock peaks and every operating or storage location recorded?
  • Which insured events, limits, excesses and extensions apply to the current policy?

02

Business Interruption

Business interruption cover may respond when insured physical damage causes the business to reduce or stop trading. It can be structured around lost gross profit or revenue, continuing expenses, additional costs of working, claim preparation costs and, for an owner of an insured building, loss of rent. The declared figures and indemnity period should reflect a realistic repair, replacement and customer-recovery timeline.

Questions to clarify

  • Which income, payroll, rent and continuing costs need protection?
  • How long could repair, replacement and customer recovery realistically take?
  • Are gross profit or revenue figures, increased working costs, loss of rent and claim preparation costs correctly declared?

Liability and commercial motor

Address legal exposure and the vehicles used for work.

Liability and Commercial Motor cover separate exposures. The right discussion depends on the work performed, products supplied, contracts accepted, people involved, and how each business vehicle is owned and used.

01

Liability

Liability cover can address insured legal liability, defence costs and damages arising from claims or specified statutory events. Depending on business activities and policy wording, the discussion may include Broadform public and products liability, statutory liability, employers liability, directors and officers liability, professional indemnity and other specialist covers. Each responds to different allegations, parties, limits, excesses and exclusions.

Questions to clarify

  • Which work, products, contracts and people create third-party or statutory exposure?
  • Which liability types and limits are required by customer, supplier, lease or other contracts?
  • Who needs to be insured, and how are defence costs, damages, excesses and exclusions treated?

02

Commercial Motor

Commercial motor cover is designed for vehicles used in business rather than ordinary private use. Depending on the policy, options may include comprehensive, third party fire and theft, or third party cover. Vehicle classes, drivers and use need accurate disclosure. Fitted equipment such as cranes or specialist machinery, and stock, tools or other property carried in the vehicle, may need separate limits or cover.

Questions to clarify

  • Which vehicles, drivers and commercial uses need to be declared?
  • What level of cover, insured value and excess should apply to each vehicle?
  • Which fitted equipment, tools, stock or goods carried need separate protection?

Insurer access

Business insurance market context.

These insurers are included as general market context for discussions about business assets, interruption, liability and commercial vehicles. A relevant insurer and policy wording depend on the business, declared risk information and each insurer's underwriting decision.

This list does not guarantee that every insurer or product is available for every business. James will confirm which markets and products can be considered for your circumstances before making a recommendation.

  1. AMP business insurance

    AMP states that its business insurance, excluding travel, is underwritten by Vero Insurance New Zealand Limited.

    Official insurer information

  2. Vero BusinessPlan

    Vero publishes BusinessPlan cover for commercial property, interruption, vehicles, liability and other business risks.

    Official insurer information

  3. NZI

    NZI publishes commercial property, business interruption, liability and other business cover through intermediaries.

    Official insurer information

  4. QBE

    QBE publishes commercial motor, property, liability, cyber and specialist business insurance in New Zealand.

    Official insurer information

  5. Ando

    Ando publishes broker-distributed cover for a range of New Zealand business sectors and risk types.

    Official insurer information

  6. Lumley

    Lumley is a business division of IAG New Zealand Limited and publishes commercial liability policy material.

    Official insurer information

From business picture to advice

Map the assets, income, liability and vehicles.

Start with asset schedules and replacement values; accounts, gross profit or revenue figures and a realistic recovery period; contracts, business activities and liability requirements; and vehicle schedules, drivers, use and fitted equipment. Existing policies help identify current limits, excesses and gaps. Valuation, accounting or legal questions may need input from the appropriate specialist alongside insurance advice.

See how the advice process works

Begin with the risks your business cannot carry alone.

Bring current policies, asset schedules and values, recent accounts, important contracts, a vehicle schedule, and details of drivers and commercial use. James can then confirm the advice scope for your conversation and explain the next step.

Call 021 687 518 Email James Li