Keeping your business on top of Covid-19 – what you need to know

Keeping your business on top of Covid-19 – what you need to know

There’s a wealth of tools to access to help businesses through the Level 2 period and beyond. Here’s a few key points that may be handy over the coming weeks:

The Government’s small business cash scheme (SBCS) is open until Friday 12 June. It’s been set up to 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.

The maximum amount loaned is $10,000 plus $1,800 per FTE. For more information, check out the IRD’s dedicated SBCS page.
The threshold for provisional tax has been lifted to allow small businesses to defer their tax payments. This can reduce cashflow pressure and compliance costs. Talk to the IRD about how you can get some tax relief.
With New Zealand still in Level 2, contact tracing remains a requirement. And while things may be more relaxed when we reach Level 1, it’s good practice to keep this up. There’s a lot of helpful info out there to make these processes as easy as possible for businesses.

Contact tracing means finding those who you or your clients may have been in contact with that much easier. All non-retail businesses must record details of all people’s movement on their premises. This includes all employees, visitors and customers. You must also keep people one metre apart, where practical.

Contact tracing may be just as important when the Transtasman bubble opens up, which could happen as early as July.

There are different ways you can set up a contact tracing register – including a paper register or using an app. If you have an existing booking system, you may be able to use that to meet the record-keeping requirements, saving everyone time and inconvenience.

If you do use a paper register, get one of your team to fill it in for visitors or workers, so only one person is touching the pen and paper. The other option is to sanitise the pen after every use and ask people to sanitise their hands before and after writing down their details.

Security of people’s details is important too. This and many more tools include a printable contact tracing form for non-retail businesses can be found here.
Remember too that it’s completely normal to feel anxious or stressed about Covid-19. Your emotional and mental wellbeing is important. There are lots of things you can do to feel better – check out some useful tips here.

For the all latest business info and details on what you may be eligible for, head to the Government’s information for businesses pages – it’s a one-stop shop for all the key updates.

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.