Keeping your business on top of Covid-19 – Financial Relief

Keeping your business on top of Covid-19 – Financial Relief

These are tough times for everyone as we find ourselves in lockdown again. There is continuing help available for business, so we’ve put together a quick guide to the four key areas of financial support that could provide you with some relief:

Resurgence wage subsidy – a two-week payment open from 21 August to 3 September for all businesses who meet the criteria and aren’t receiving the wage subsidy or wage subsidy extension.
Wage subsidy extension and leave support – this is available to help employers who are still significantly impacted by Covid-19 after the wage subsidy ends. Businesses must have experienced a minimum of 40% decline in revenue over a 30 day period within 40 days prior to applying for the extension, compared to the closest period last year. Applications close 1 September. The Leave support scheme provides payment to businesses to pay their workers who can’t work due to public health guidance or who can’t work from home.
Small business cash flow loan scheme support businesses that are doing it tough because of loss of actual or predicated revenue as a result of Covid-19. If you have 50 or fewer full-time equivalent employees, you could be entitled to a one-off loan. Applications have been extended until 31 December 2020.
Business debt hibernation helps companies, trusts, and other business entities affected by Covid-19 to manage their debts. Use the decision tool to find out if it’s a good option for your business.

For the all latest business info and details on what you may be eligible for, check out this one stop shop from the government.

For a confidential conversation about your insurance program, contact one of our members today.

General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

SME Business Insurance Pack

Business Insurance is used by many businesses, but it’s best suited to SME-type operators.

SME Business Insurance Pack

What is SME Business Insurance?

Having adequate business insurance cover is one of the most important considerations when in business to ensure protection should loss or damage occur. Business insurance policies allow you to select relevant sections of cover based on your individual needs and group them together as a package.

Businesses in New Zealand, particularly SMEs, can benefit from business insurance solutions that will cushion them from financially disastrous events which cause damage to property, loss of profits and third-party liabilities.

Every SME needs business insurance that considers their overall risk profile and addresses their needs. Depending on the business, industry, and the inherent risks associated with operating within that industry, an organisation can obtain an SME business insurance package that is tailored to meet their individual insurance needs.

Business insurance can include but is not limited to:

Material Damage - provides protection against property damage to physical assets owned by the business, such as buildings, contents, stock and customers goods, in the event of an insured incident.
Business Interruption - protects you from financial loss caused by an insured event or incident that halts business operations. Business interruption insurance helps return your business to the same financial position it was in prior to the event or incident.
Burglary/Theft - covers theft of goods and property within the business
Plant & Equipment - insures tools, equipment, and machinery that are critical to business operation.
Motor – provides cover for physical loss, damage or theft of vehicles used for business.
Liability – provides protection against legal liability for property damage and personal injury to a third party.
Property anywhere in New Zealand – covers portable assets and property that you take away from your premises

At Insurance Advisernet, we offer a broad range of insurance solutions at a price you can afford. Our authorised insurance representatives will work with you to understand your business and your specific insurance needs. We can provide you with a recommendation based on a thorough analysis of your business risks and liability exposures.

For more than 15 years, Insurance Advisernet has been at the helm of the insurance brokerage industry in New Zealand, providing coverage to business customers.

Protect your business today! Schedule an appointment with our expert brokers, and we’ll be happy to customise an SME business insurance policy that’s right for you and your business.

Frequently Asked Questions

What is SME Insurance?

Business Insurance protects small to medium-sized enterprises from major financial losses as a result of property damage, loss of profits and third-party liability claims. Business insurance can be packaged to include a range of policies like motor, property, plant & equipment, cybersecurity, business interruption, and professional indemnity, among many others.

How can insurance help small businesses in New Zealand?

Having adequate business insurance is one of the most important considerations when in business to ensure protection should loss or damage occur. Business insurance policies allow you to select relevant sections of cover based on individual business needs and group them together as a package tailored to meet the requirements of the business.

What does SME stand for?

Small and medium-sized enterprises (SMEs) are independent businesses that maintain revenue and business assets and employ a certain number of employees below a threshold. The threshold for designating an SME differs across countries and industries.

How can insurance help small entrepreneurs or SMEs, or how it relates to risk management?

Buying insurance is a wise risk control strategy for SMEs. Having adequate business insurance is one of the most important considerations when in business to ensure protection should loss or damage occur. Insurance provides cover for business assets, profits and liabilities, reducing financial uncertainty should the business suffer loss or damage.

Why is insurance important for business owners?

Having adequate business insurance cover is one of the most important considerations when in business to ensure protection should loss or damage occur. Insurance provides cover for business assets, profits and liabilities, reducing financial uncertainty should the business suffer loss or damage.
Insurance that provides appropriate cover for your business needs is a critical component of business risk management strategy. Unforeseen events and accidents happen, that’s why having appropriate insurance cover in place can help business owners deal with and minimise the financial impact of such events.