Insurances for small business & contractors

Protecting your business from the many risks it faces each day is a crucial role for every business owner. Small Business Insurances are complex area we frequently see people paying too much and have incorrect cover. It is important to us that our clients get this crucial element of their business right and the risks are simple too great for not doing things correctly from the outset. Learn more how we can help you get this sorted.

The last thing any small business owner or contractor needs, is having to worry about whether they a) have the right insurances in place and that they b) have the right amount of cover if the worst were to happen.

Having things sorted in this specialist area has to be fundamental to any business or self-employed worker. As accountants we can explain the mathematics and accounting behind why you need to have the right cover in place but we don’t specialise in advising clients what is the correct protection for their unique situation. Small Business Insurances are a complex area that you should only deal with an expert that specialises in this field. We can help you by introducing you to our preferred Small Business Insurances expert who has helped hugely most of out clients.

Why should I be insured?

Being self-employed, we cannot stress enough the importance of having suitable business insurance in place at all times – specifically professional indemnity, public liability and employers’ liability. The majority of businesses now require contractors to hold the appropriate insurance cover. If your actions lead to something being damaged or someone being injured, or possibly any advice you provide or work you complete ends up in a client losing money, a claim could be made against you. Having the correct insurance cover in place could be what keeps you in business.

If for any reason you are not 100% certain that you have the correct insurances in place, we would suggest you speak with our preferred small business insurance specialist to get a no-obligation free quote on getting it right. Get in touch and ask us for a referral to our preferred insurance specialist.

I didn’t know I had to pay ACC levies?

Yes. If you are self-employed or a business owner, one of the costs that a lot of clients initially aren’t aware of is that you’re required to pay for your own ACC levies. When it comes to ACC levies, our preferred insurance expert has a successful track record and has saved our clients thousands of dollars over the years. It’s not about however lowering the cost of insurance. It’s more about getting better value and more appropriate cover for your business or occupation. If you would like to be referred to our preferred insurance expert, they can advise you on ACC levies, the difference codes and ensure you are paying the most appropriate rate for your situation.

Yes, I would like to learn how to make sure I have the right ACC levies and appropriate cover – contact us and ask for a referral.

It pays to shop around

Talk only to an insurance broker who is experienced in small business and contractors’ insurance that can compare the market for you once they have established exactly what kind of cover is required for your situation. Experience has shown us multiple times that an ‘off-the-cuff’ attitude to getting any old business insurance cover can lead to significant financial burden. Don’t make this mistake yourself – make sure you get ‘personalised advice’.

Lowest price is best?

Price is always important, but small business insurances are not something that you should cut corners with by selecting the cheapest. Simply comparing online providers and making a decision based on cost is only slightly better than not taking out any protection in the first place. You would never knowingly take out insufficient insurance cover on your family home – the same principle applies to your business insurance.

It has taken a number of years but we have found a business insurance expert that we are really impressed with. He now looks after all our own business insurances and we continue to refer our clients to him because of the positive feedback and savings our clients receive. Contact us today if you would like to be referred to our preferred business insurances expert.

Just some of the types of small business insurances that you should know about and how they effect you:

Professional Indemnity insurance
or Professional Liability insurance
If you are providing advice or other professional services then Professional Indemnity insurance cover is important in a situation where the incorrect advice, or services are delivered.
ACC – Income Protection for those self employed As a self-employed person you need to pay your own ACC levies so that you can be covered. It is beneficial in some cases to lower your ACC levies and use the money saved to purchase better performing private insurance which can get you more value from your money.
Public Liability insurance If your business activities include working at your clients’ premises you will often require proof of Public Liability insurance.
Construction Contracts insurance If you are involved in property being built or altered this insurance covers the loss or damages that can occur if things go wrong.
Key Person insurance What happens in the event of injury, sickness or death of people who are integral to the day to day running of your business.

In summary, it is a simple a case of protecting you, your employees, your family and the prosperity of your business. In the short term, having the right insurance in place allows you to protect your cashflow by providing you with a cash injection so you can pay your ongoing costs. Over the longer term, having the right cover in place simply gives you options and control over the future of your business.

Contact us today if you would like to be referred to our preferred business insurances expert.

Want more information on insurance?

Download the general guide to small business insurance