Obsidian Insurance Limited

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Obsidian Insurance Limited

(07) 570 6450

Obsidian Insurance Limited is a Member Broker of Insurance Advisernet, one of New Zealand’s largest General Insurance Brokers.

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About

Obsidian Insurance is driven by Peter and Olivia Stone, a husband and wife team with over 20 years insurance market experience and powered by the strong belief ‘we can do better’. All too often, they had seen clients be seen as numbers and income, solutions be compromised by corporate limitations and insurer bias which went against every core value they hold close. And hence, Obsidian Insurance was born.

Obsidian Insurance is a locally owned company based in the Tauranga, Bay of Plenty but has the ambition and technology to service all regions throughout New Zealand. They place a lot of value in person-to-person relationships, from new business to claim settlement, one team for a seamless, transparent experience the whole way along. They make it their business to get to know yours.

Olivia Stone PRINCIPAL

Peter Stone PRINCIPAL

FSP No: 212026
P: (07) 570 6450
M: 027 776 7706
SEND EMAIL

As your appointed General Insurance Broker, we will:

Conduct an analysis of your risk/needs and recommend the most appropriate covers to protect your assets and liabilities
Provide alternatives on your risk retention through various excess options
Allow you to pay premiums in monthly instalments
Recommend the appropriate insurer to match the risk
Provide prompt and timely servicing of your general insurance needs to ensure you are adequately informed of issues that may affect your business.
Only recommend financially secure and stable insurers

Visit Us

17b, Unit 6 Minden Road, Te Puna, Tauranga, 3176

Why Choose Insurance Advisernet

Why Choose Insurance Advisernet?

Business Insurance Products

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.

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

Property Insurance

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Property Insurance

What is Property Insurance?

When you are a business owner, you will have assets and physical property, which is essential for you to trade. Because your property is an integral part of your business, you should have protection where a multitude of risks or perils could threaten, cause damage or cause complete destruction to your business. Property Insurance covers you for loss or damage to your physical business assets, such as building, plant and equipment and stock, in the event of an incident occurring.

Why is Property Insurance Important?

Property insurance (also known as Material Damage) is a name for a policy that provides insurance protection and coverage for business owners and property owners. In the event of damage to property caused by a number of risks such as fire, flood, natural disasters or crime (theft, burglary, or vandalism). Property insurance can reimburse the costs needed to replace the property.

What does Property Insurance Cover?

Property insurance can include a number of risk exposures like the following:

Fire
Lightening
Explosion
Weather-related losses such as windstorms, hail, snow, ice
Burglary/theft
Flood
Natural disasters, such as Earthquake tsunamis, volcanic activity, hydrothermal activity, geothermal activity or subterranean fire

The insurance company will assess the risks associated with owning property in a specific area, neighbourhood, or business district. They conduct a comprehensive analysis of the perils and risks that your property is exposed to.

If you think your property insurance policy does not cover the specific risk that your property is exposed to, your Financial Adviser is able to canvass the insurance market for a provider that may consider extending your policy for that specific coverage.

Most Property insurance policies have exclusions that you need to be aware of, for example, widescale extreme events like war and other acts of terrorism.

At Insurance Advisernet, we can provide property insurance coverage for SMEs. Talk to our expert insurance brokers today and get the best policy that will protect you from major financial loss following an event like damage to or destruction of your property.

Frequently Asked Questions

Which insurance is best for a property?
Property insurance comes in many forms and can be tailored to a business owner's individual needs. This means depending on the cost, coverage, and preferred insurance provider. Your policy can be different from the policy of another business owner or property owner. Generally, your insurance plan will take into account factors like location, the value of property and assets (actual, repair, and replacement costs), and risks associated with having property or operating a business in that area.

What is the importance of property insurance?
SMEs in New Zealand can benefit from the protection that property insurance provides. Property insurance can cover a range of insurable risks and perils for business owners that have a property like a factory, retail store, warehouse, plant and equipment in cases where fire, storm, flood, crime or natural disaster events cause damage and/or destruction to their property.

What is the difference between homeowners insurance and property insurance in New Zealand?
Property insurance (also known as Material Damage) is a term used for business insurance covering the physical assets and physical property of a business. Homeowners insurance is a type of property insurance that is designed for owners of private residential properties.

What is not covered by property insurance in New Zealand?
Insurance Policies contain exclusions. These are loss types that are not insured under an insurance contract. Common exclusions that appear in a typical property insurance policy can include intentional damage, neglect of property, rust, rot, mould, general wear and tear or extreme events like nuclear explosions, wars, and other forms of terrorism. To be sure you have the right cover in place, check with your insurance adviser or provider about the specific exclusions in your policy.

What are the basic types of coverage needed?
Generally, property insurance shields you and your business from the effects of a broad range of insurable events like fire, lightning, explosions, weather-related losses such as windstorms, hail, snow, ice, flood, burglary or theft, vandalism and natural disasters.

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Business Interruption Insurance

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Business Interruption Insurance

What is Business Interruption Insurance?

For business owners, one of the greatest risks is when business operations are affected by loss, damage or a disaster. A temporary cessation of business trading can affect you financially. If the business interruption is caused by insured events, which lead to loss, damage or destruction of property, you will be unable to trade and earn an income. Business Interruption insurance is designed to protect you from financial loss caused by an insured event or incident that halts the business operations. Business interruption insurance helps return your business to the same financial position it was in prior to the event or incident.

Why is Business Interruption Insurance Important?

Owning a business is a risky undertaking. Purchasing business interruption insurance can save you from the debilitating costs of recurring payables if your business has to temporarily stop producing goods or is unable to trade. It ensures that your business has a reliable financial stream of income when you have to pay expenses like rent, payroll, overhead costs, and contractual obligations with suppliers and vendors. Business interruption assists to place you back in the same position you were in prior to the event or incident.

What does Business Interruption Insurance Cover?

An interruption to your business can be caused by a number of insured risks or perils. Examples of this are when your business is affected by the devastating effects of flooding, earthquake, fire, burglary or theft and weather-related losses.

Interruption to your business operations leads to lost income and profits. Business Interruption Insurance covers you for loss of profits or loss of rental income if you own a commercial building. It covers additional increased operating expenses that are incurred during a period of disruption, such as moving to new premises to continue trading. It also provides cover for professional expenses incurred, such as an accountant fee to prepare and present a claim evidencing loss of income to your insurance company.

Make sure that you have a dependable insurance solutions provider that will help you in case of an unexpected business interruption. Schedule an appointment with us at Insurance Advisernet!

Frequently Asked Questions

What is included in business interruption insurance?
Business interruption insurance can provide coverage against costs as a result of the disruption to business operations, like:

Loss of gross profit
Loss or gross revenue
Loss of gross rental income
Wages / Payroll
Additional increased costs incurred during a disruption
Claims preparation costs

Business Interruption policies can also extend to provide limited cover for other events, such as interruption or interference to the business resulting from the closure of transport routes or closure by an authorised body, preventing access to the premises. Or where your key supplier or customer suffers interruption or interference.

What are the benefits of business interruption insurance?
The primary benefit of business interruption insurance is to protect the business from financial loss caused by an insured event or incident that halts the business operation. Business interruption insurance helps return your business to the same financial position it was in prior to the event or incident. A business interruption policy provides temporary financial relief while the business is rehabilitating itself.

What are the most common causes of business interruption?
A business interruption claim can be triggered by a number of insured perils that cause disruption to business operations, including, but not limited to:

Natural disasters / Acts of God
Damage to property (e.g., fire or explosion)
Burglary and vandalism
Flood
and other weather-related losses

How is business interruption calculated?
A business interruption loss calculation is a formula based and best actioned by an accountant to establish the financial loss from a claimable event. It considers the financial impact and loss of revenue that would have been earned but for the loss occurring. This is determined from the financial records and previous trends of the business.

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Motor Insurance / Commercial / Heavy Motor Insurance

One of the more common types of business covers, motor insurance provides coverage for physical loss, damage or theft to your vehicle(s).

Motor Insurance / Commercial / Heavy Motor Insurance

What is Motor Insurance?

Motor Insurance provides cover for physical loss, damage or theft of your vehicle and damages you do to other vehicles and/or property. In New Zealand, it is not compulsory to purchase motor or vehicle insurance. Nevertheless, most people are cautious about the possibility of being in a road accident which can result in physical injuries, damage to their own vehicle, and third-party damage to other vehicles and/or property. There are various types of cover available for motor vehicle insurance, from Comprehensive cover, third-party fire and theft or third party only cover.

Comprehensive cover provides protection for your vehicle and damages you do to other vehicles and/or property. Third-party fire and theft cover provides protection for your vehicle from fire and theft-related losses and for damage you do to other vehicles and/or property. The third-party-only cover protects you against damage you do to other vehicles but does not provide any cover for your vehicle.

Why is Motor Insurance Important?

Motor insurance is important as it can protect you against physical loss, damage or theft of your vehicle and damage you do to other vehicles, depending on the type of motor vehicle insurance you purchased. In the event of a claim, the insurance company can either pay your vehicle market value, which is what the vehicle is worth prior to the loss or damage, or the vehicle agreed value, which is the vehicle value you agree with the insurance company at the start of the contract and at each renewal.

What does Motor Insurance Cover?

There are three different types of vehicle insurance. Comprehensive, third-party fire and theft and a third-party only cover.

Comprehensive vehicle insurance cover offers protection for your vehicle and damage you do to other vehicles and/or property.
Third-party fire and theft cover provides protection for your vehicle from fire and theft-related losses and for damage you do to other vehicles and/or property.
Third-party vehicle insurance only covers damage you do to other vehicles and/or property but does not provide any cover for your vehicle.

Protect your vehicle and yourself. Our authorised representatives at Insurance Advisernet will work with you to find the best insurance package for your needs. Schedule an appointment with us, and we’ll gladly answer your questions and concerns.

Frequently Asked Questions

What is the meaning of motor insurance?
Motor insurance (or auto insurance) is a type of insurance that provides cover for physical loss, damage or theft of your vehicle and damage you do to other vehicles and/or property.

What is the cheapest kind of auto insurance in New Zealand?
The cost of auto insurance in New Zealand differs among insurers and the cover option selected. The premium is determined by a number of factors, including the make, model of the vehicle, the year manufactured, your age, and other criteria. It’s always best to look for an insurance cover that covers your needs and risk exposures at the price you can afford.

Which are the three types of motor insurance?

The types of motor insurance are:

Private Vehicle Insurance
Commercial Vehicle Insurance
Motorcycle Insurance

Why do I need motor insurance?
Motor insurance can protect you from the financial costs needed to pay for a replacement vehicle and compensation for third-party damage to vehicles and/or property when your vehicle is involved in an accident with another motorist.

One of the more common types of business covers, motor insurance provides coverage for physical loss, damage or theft to your vehicle(s).

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance protects you against claims for personal injury or damage to a third party.

Liability Insurance

What is Liability Insurance?

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance protects you against claims for personal injury or damage to a third party. Liability insurance is a broad term for several insurance types that cover your business when someone reports a claim against your company. Unlike other insurance, liability insurance compensates the third party and not the policyholder.

Liability insurance has subtypes depending on industries. Examples include:

General Liability - protects you against costs associated with lawsuits or claims for bodily harm, injury, or damages sustained within the insured premises.
Product Liability - designed to protect manufacturers of consumer goods and products.
Professional Liability - designed for professionals rendering specialised and often regulated advice or consultancy services, such as accountants, doctors, engineers, architects, lawyers, etc.
Management Liability – a packaged insurance policy designed to protect the leadership of a company against lawsuits or claims as a result of the manager’s actions and decision-making.

Why is Liability Insurance Important?

Public Liability Insurance is important as it provides cover for a business against the cost of legal action and compensation claims made against your business if a third party is injured or their property suffers damage whilst at your business premises or when you are working in their home, office, or business.

What does Liability Insurance Cover?

Liability insurance with adequate coverage can shield SMEs from financial difficulties caused by events such as:

Accidents (property damage or bodily injury) within the premises
Defective product that caused harm
Negligence
Damage to third-party property

Choosing the right insurance plan that will cover your risk exposures is key to being fully prepared in case those risks materialise into issues.

At Insurance Advisernet, we can formulate a liability policy that covers your needs at a premium rate you can afford. Our expert brokers can work with you to identify your needs. Contact us today and let us know how best we can help you!

Frequently Asked Questions

What is an example of liability insurance?

There are four types of liability insurance:

General Liability Insurance - covers costs incurred for injuries or physical damage to third parties or caused by your product or service
Professional Liability Insurance - covers professionals rendering specialised and often regulated advice or consultancy services.
Product Liability Insurance - protects manufacturers of consumer goods
Director & Officers Insurance - protects senior members of management from legal charges while performing their duties as leaders of an organisation

What is covered by liability insurance in New Zealand?

The typical coverage of liability insurance includes the following:

Fines, penalties, and court judgements under a range of New Zealand legislation
Defence costs
Settlements to third parties

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance protects you against claims for personal injury or damage to a third party.

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Cyber Insurance

What is Cyber Insurance?

With technology being so deeply entwined in businesses, one of the greatest fears of businesses that store and process sensitive customer data is to experience a malicious cyber-attack. Cybercrimes, and threats, keep evolving, and organisations need to be vigilant and continually review and tighten their cyber security management policy and leave no stone unturned when it comes to protecting their digital assets from external threats.

Cyber insurance is a type of insurance that protects your business against financial losses arising from malicious cybercrime, which can include data breaches, theft, system hacking, ransomware extortion payments and denial of service.

Why is Cyber Insurance important?

The worst consequence of a cyber-attack is complete interruption of business operations and, furthermore, damage to your business reputation, which can in turn, erode customer trust. Cyber insurance is a necessity to provide coverage for financial loss providing cover for costs associated with investigation, damages and recovery after a cyber incident. A cyber policy with adequate coverage will save you from potential loss and expense to remedy an attack and pay fees, penalties, and settlements to external parties affected.

What does Cyber Insurance Cover?

Coverage of cyber insurance is in two sections. First-party coverage and third-party coverage.

First-party liability coverage provides financial assistance to minimise and or mitigate the resultant impact of a data breach or cyber-attack on your business, protecting your data and digital networks. Costs related to a cyber can include cover for:

Incident response costs
Business income loss
Data restoration
Breach response costs
Notification costs
Legal defence costs
Cyber extortion
Regulatory fines and penalties
Payment Card Industry (PCI) fines, penalties and assessments
Cyber reputational harm

Third-party cyber liability coverage provides liability coverage for businesses that provide professional services to other businesses for a client's online security that can be compromised by cyber attacks. Covering costs such as:

Payments and settlement costs to consumers affected by the breach
Losses related to defamation
Litigation costs and responding to regulatory inquiries
Government fines and penalties

Insurance Advisernet can provide cyber risk insurance solutions through our network of insurance brokers who can tailor cover suitable to your needs. Contact an Insurance Advisernet representative today to discuss Cyber insurance.

Frequently Asked Questions

What is not covered by cyber insurance?

Some typical exclusions for a cyber insurance claim are the following:

A pre-existing breach prior to obtaining the policy
Cyber-attacks ministered by insiders
Poor infrastructure that exposes the firm to cybersecurity incidents
Cost of enhancing the tech system

Is cyber insurance required in New Zealand?

The Insurance Council of New Zealand (ICNZ) urges businesses to purchase some form of cyber insurance protection in response to the spate of high-profile cyber incidents in recent years. The council emphasised that a Cyber insurance policy should be the last line of defence after due diligence and maintaining stringent cyber security risk management systems.

Does cyber insurance cover data loss?

Cyber insurance protects businesses and assists with the recovery from a cyber incident which can include data breaches, theft, system hacking, ransomware extortion payments, denial of service and loss of data.

What are the benefits of cyber insurance?

Cyber insurance is an absolute necessity to provide coverage for financial loss providing cover for costs associated with investigation, damages and recovery after a cyber incident. The benefits of having a Cyber policy in place with adequate coverage will protect you from potential loss and expense to remedy an attack and pay fees, penalties, and possible settlements to external parties affected.

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Professional Indemnity Insurance

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered.

Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered. And in any business, mistakes happen. As a business providing advice or consultancy services, you should have PI Insurance protection.

Professional indemnity insurance is commonly taken out by professionals who provide advice or offer consulting services, such as, law firms, architectural firms, valuers, and engineering firms. PI insurance protects you and your business against the financial strain of defending lawsuits. It also provides financial cover for settlements, fines, or penalties when a court judge rules in favour of the plaintiff.

Why is Professional Indemnity Insurance important?

Even if a business is confident with the level of service they provide, it’s inevitable that mistakes can happen. It is important to have PI insurance to shield the business from the financial strain of litigation and costs to defend circumstances resulting from poor counsel, negligence and inadequate service provided to clients. Without it, the business could l be liable for an astounding amount of legal fees and compensation payments. PI insurance is a reliable safety net when the unexpected happens.

What does Professional Indemnity Insurance cover?

Anyone or any business that provides paid professional advice or consultancy services will benefit from having professional indemnity insurance. Some professions that need PI insurance include:

Management and business consultants
IT professionals
Lawyers
Architects
Teachers and tutors
Fitness professionals
Designers

Protect your business and talk to one of our authorised representatives and find out the best insurance package your business needs to cover your exposures.

Frequently Asked Questions

Who needs professional indemnity insurance?

Professionals who provide advice or consultancy services to a client can apply for professional indemnity insurance. Any professional can get sued for reasons such as negligence, poor advisory, or inadequate service and needs PI insurance.

What is another name for professional indemnity insurance?

Professional indemnity insurance is also known as professional liability insurance and Errors and Omissions (E&O) insurance. They provide financial protection to professionals and businesses from charges of loss, injury, or damages arising from a breach of professional duty or negligence in the performance of professional services.

What is the minimum professional indemnity insurance?

Professions vary in degrees of risks and complexity as to advice and services provided, so each policy needs to take into consideration several factors. It’s recommended to consult your insurance broker to advise on the right PI insurance cover needed to ensure you are correctly covered.

Is it a legal requirement to have professional indemnity insurance in New Zealand?

It’s not mandatory to have professional indemnity insurance in New Zealand, but not having PI Insurance exposes you and your business to costs to defend yourself in court or pay potential penalties or compensation to a third party.

Directors & Officers/Management Liability Insurance

Many small and medium-sized business owners think they don’t need Directors & Officers (D&O) Insurance as it’s only relevant to large multi-national companies. However, D&O insurance is just as important to SME’s as any other business.

Directors & Officers/Management Liability Insurance

What is Directors and Officers/ Management Liability Insurance?

Within a business, senior management and executives may make honourable decisions and actions. However, mistakes can still happen. Directors and officers (D&O) Insurance is an insurance policy designed to protect business owners and senior members of management involved in decision-making, action or inaction within an organisation while they perform their duties as leaders of a company.

Management Liability Insurance is a packaged policy and is designed specifically for SMEs to protect individual directors and officers, as well as the company, in relation to the exposures of managing a company.
The key elements of ML cover include:

Directors & Officers Liability
Company Reimbursement
Employment Practices Liability
Crime
Statutory Liability
Trustees Liability
Internet Liability
Kidnap, Ransom & Extortion

Why is D&O important?

D&O insurance is important as it protects the interests of senior management, executives and directors where they have acted improperly or made an error in judgement, business failings, oversight, or omission. Director's and officer's insurance protects the personal assets of business owners and managers, as they are personally liable for any decision, action or inaction they make within the business.

What does D&O cover?

D&O insurance provides peace of mind for senior management, executives and directors, knowing they’re insured against legal costs as well as any penalties or damages that may result from a claim or investigation. The insurance reimburses the costs of lawsuits, settlements, penalties and judgments arising from the following events:

Wrongful dismissal/ Illegal termination
Unfair treatment, work environment, and work practices
Harassment
Misrepresentation
Inaccurate reporting
Non-compliance, violation of regulatory requirements
Not honouring contractual obligations to shareholders, creditors, liquidators, etc.

Insurance Advisernet is here to provide protection and comfort for the leaders of the company. We can advise you of the best insurance solutions to manage any financial and legal burden out of claims made against the directors and officers Our authorised representatives can help tailor-fit a policy that will cover those risks. Schedule a call today!

Frequently Asked Questions

What type of D&O insurance Should I Buy in New Zealand?

All organisations are vulnerable to D&O claims. If you have to obtain one, choose a policy that addresses the most common risks your leadership is exposed to. You can also consider the business model, industry, and budget allocated for paying the premium.

Do I need D&O Insurance?

D&O Insurance is not required in New Zealand but is strongly advised to have. In the past decade, one in four surveyed companies has experienced a D&O claim. Regardless of if you’re a private or public company, all the more if you’re an SME or a non-profit organisation, buying D&O insurance provides an added layer of security against potential legal issues that may arise in the future.

Is D&O Insurance the same as Professional Liability?

D&O Insurance provides protection for management roles within the organisation. On the other hand, a professional liability provides coverage for professionals rendering specialised services within the company, irrespective of rank.

Marine & Hull Insurance

Do you operate a marine business and/or transport goods? Marine Insurance is designed to provide peace of mind when you have a ship or vessel that requires insurance, or you are moving cargo across sea, land or air.

Marine & Hull Insurance

What is Marine & Hull Insurance?

If your business operates in the marine industry, whether it builds vessels or transports cargo or people, you need an insurance policy that protects you from the overly costly financial impact of risks associated with operating within our waters.

Marine Cargo Insurance is designed for those engaged in the business of transporting goods across New Zealand and overseas, regardless of mode (land, sea, air). The policy covers cargo while it is in transit from point A to point B.

Commercial Hull Insurance is designed for businesses that own and operate commercial vessels like charter vessels, barges, ferries, etc. This policy covers the costs of damage to the vessel as well as the machinery and equipment inside it.

Marine Liability insurance covers the business's legal liability to third parties where negligence has occurred related to the operation of the vessel and/or actions of the crew.

Why is Marine & Hull Insurance important?

A mishap on the water can cause loss or damage to your commercial vessel, which can impact the ability of your business to operate, resulting in lost revenue and other expenses. Marine Hull insurance covers the cost of repairs and/or replacement of the vessel in the event of loss and/or damage.

Marine Liability insurance protects businesses from legal liability to third parties. This can include business operations such as Marina operators, Stevedores, terminal operators, shipbuilders and ship repairers, docking facilities, piers and pier facilities

Marine cargo insurance is important as it insures the value of your goods against loss and/or damage caused whilst in transit by any method of transport.

What does Marine & Hull Insurance cover?

Marine hull insurance covers all types of commercial vessels engaged in maritime activities operating in seas, oceans, lakes, and rivers. They include:

Bulk carriers
Barges
Fishing boats
Tankers
Ships
Yachts

Insurance Advisernet can source competitive terms for your Marine-related risks. Talk to one of our authorised representatives today and start removing obstacles to the growth of your business.

Frequently Asked Questions

What is the meaning of marine hull insurance?

What is the difference between marine cargo and marine hull insurance?

Marine cargo insurance provides protection for consumer goods while they are being transported from one place to another, irrespective of means (land, sea, air). On the other hand, marine hull insurance insures vessels that are used for commercial purposes and includes coverage for machinery and equipment used in the vessel.

Which type of risk is covered by hull insurance?

Marine hull insurance should provide adequate coverage for the following:

Physical loss of vessel and equipment
Damage to a ship’s hull, machinery, and equipment

Rural Insurance

Rural insurance is recommended for anyone who is running a business in agriculture or horticulture.

Rural Insurance

What is Rural Insurance?

As with any business, you need to safeguard your essential assets and protect yourself against legal liabilities. Rural insurance is designed to cover you and protect your rural assets like farm buildings, contents, farm machinery, and vehicles, as well as the many other assets required in your day-to-day rural operations. In addition, rural insurance can insure for loss of turnover and increased operational costs from an interruption to your business, as well as your legal liability for property damage and personal injury.

Why is Rural Insurance important?

Rural insurance is recommended for anyone who is running a business in farming, agriculture or horticulture. Rural insurance provides coverage against damage to your property (farm buildings, farm machinery, tools, and vehicles. It can also include losses due to business interruption and legal liabilities as a result of claims for property damage or personal injury. Furthermore, rural insurance protects the farming business it eases the life of farmers, as well as their families, covering risks that threaten their livelihood.

What does Rural Insurance cover?

Rural insurance provides coverage against damage to your property. (farm buildings, farm machinery, tools, and vehicles). It can also include losses due to business interruption, and legal liabilities

Rural vehicles - protection for farm vehicles and mobile implements
Rural assets - protection for farm/rural assets such as buildings, machinery, plant, tools, and equipment in cases of damage.
Machinery Breakdown - protection against accidental breakdown of machinery such as pumps, boilers, pressure valves, etc. It excludes coverage for normal wear and tear
Rural Business Interruption - protection against any event that causes temporary suspension of rural business operations
Livestock insurance - protection against accidental death due to disease or illness, theft, and escape of high-value livestock (includes dogs and horses)

Who needs Rural Insurance?

Rural insurance is designed to meet the needs of people who live and work in rural areas. This can include farmers, ranchers, and other agricultural producers, as well as people who own rural homes or properties.

Here are some specific examples of people who may need rural insurance:

Farmers and ranchers: These individuals typically require insurance coverage for their crops, livestock, and equipment. They may also need liability coverage for accidents or injuries that occur on their property.
Rural homeowners: People who live in rural areas may need insurance coverage for their homes, outbuildings, and personal property. They may also need liability coverage for accidents or injuries that occur on their property.
Small business owners: Rural areas often have a strong small business community, and these entrepreneurs may need insurance coverage for their property, equipment, and liability.
Outdoor enthusiasts: People who enjoy hunting, fishing, and other outdoor activities may need insurance coverage for their equipment and liability.
Non-profit organisations: Rural communities often have active non-profit organisations, such as churches, schools, and community centres. These organisations may need insurance coverage for their property, liability, and volunteers.

Insurance Advisernet understands the challenges of rural businesses and communities. Our network of expert insurance brokers will take the time with you to an insurance package for you. Contact us today!

Rural insurance is recommended for anyone who is running a business in agriculture or horticulture.

Home Insurance

For most New Zealanders the family home is the largest asset they’ll ever own. This means it’s essential to protect it now with the right insurance cover. After all, no one wants to discover they’re inadequately insured when it’s too late.

Home Insurance

What is Home Insurance?

For most New Zealanders, the family home is one of our most prized possessions and the largest asset most people will ever own, so it’s worth protecting with the right insurance cover.

Home insurance covers physical loss and/or damage to your house from events such as fire, lightning, explosion, destruction or damage caused by aerial devices, as well as weather-related loss such as storms, floods, cyclones, wind, hail and snow, and natural disaster events like earthquake and Tsunami.

Why is Home Insurance Important?

There’s a multitude of reasons why buying home insurance is important. The primary reason is that home insurance provides financial protection if your house sustains loss and/or damage or destruction. Insurance will cover the cost of repair or rebuild. Home insurance is often required by banks and lending institutions when taking out a mortgage. The insurance serves as security for the mortgage lender, protecting their financial interest in the property.

What does Home Insurance Cover?

A comprehensive home insurance policy protects you against a number of insured risks, such as:

Fire
Explosion
Flood, storm, lightening and other weather events
Natural disasters such as Earthquake and Tsunami
Theft, Burglary, and Vandalism

Some of the key things to consider when taking out Home Insurance include:

What level of cover is being provided by the insurer? Are the sums insured adequate to cover a total loss?
What is the occupancy of the premises?

At Insurance Advisernet, we can source the market and provide an affordable home insurance package that will protect your most cherished asset. Talk to an authorised representative today.

Frequently Asked Questions

How much is home insurance in New Zealand?

The cost of home insurance depends on multiple factors like type, size and age of the dwelling, construction, its features, location, occupancy and the extent of coverage required, and previous claims history.

How do I know how much homeowner’s insurance I need?

When taking out a home insurance policy, you need to know the details of the home to ensure you have the right replacement value sum insured to rebuild your home in the event of loss, damage, or total destruction. There are several ways a replacement value sum insured can be calculated for your home. This can be provided by either a valuation from a registered valuer or by an estimate using specific industry calculators. It is important to have the right sum insured calculated to ensure you have adequate cover to rebuild or repair your home to the size and quality it was. The sum insured should factor in other costs such as materials, demolition, labour consents and fees that are required with rebuilding.

Mobile Plant & Equipment Insurance

Plant & Equipment Insurance is important for a wide variety of businesses that rely on mobile plant and equipment to continue their business activities. It protects the equipment itself, but also the liabilities associated with its use, from portable tools and the smallest of earthmoving machines, to forklifts and the largest of cranes.

Mobile Plant & Equipment Insurance

What is Plant & Equipment Insurance?

Many industries operate remotely and rely on mobile plant and equipment to operate their business. Mobile plant and equipment insurance provide protection for the equipment itself from loss or damage, breakdown and the associated liabilities from its use. Mobile plant and equipment insurance can cover items such as portable tools, mobile machinery, forklifts and cranes.

Why is Plant & Equipment Insurance important?

Mobile Plant & equipment insurance ensures business continuity in the event that your assets sustain loss, damage or breakdown. It provides repair or replacement options for damaged plant and equipment and can provide cover for the liabilities associated with its use.

What does Plant & Equipment Insurance cover?

Plant & equipment insurance allows the policyholder to insure plant and equipment that the owner deems critical for business operations. Mobile plant and equipment insurance can be an insurance solution for many industries that operate remotely and use mobile machinery as part of their business operations. Items that can be generally covered by a Mobile plant and equipment policy include.

Bobcats
Bulldozers
Asphalting machines
Dumpers
Earthmoving equipment
Forklifts
Mining equipment
Roading equipment
Lifting equipment

Insurance Advisernet can offer you comprehensive insurance solutions for your mobile plant and equipment. Talk to an Insurance Advisernet Broker to assess your needs today.

Frequently Asked Questions

What kind of insurance do I need for equipment?
Plant and equipment insurance can provide protection for the equipment itself from loss or damage, breakdown and the liabilities associated with its use. This includes equipment such as portable assets, tools, and mobile plant and equipment,

What is machinery insurance in New Zealand?
Machinery insurance, commonly known as plant & equipment insurance, provides coverage for all plant and equipment of every kind and description against loss and/or damage and the liabilities associated with its use.

What kind of insurance do you need for an excavator?
Heavy mobile machinery like an excavator can be covered by a mobile plant and equipment insurance policy. The policy can provide cover for loss or damage, breakdown and the associated liabilities from its use.

Contract Works Insurance

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Contract Works Insurance

What is Contract Works Insurance?

Contract Works Insurance is a type of insurance designed for businesses undertaking construction and/or property development projects. It provides protection against physical damage or third-party liabilities in the course of construction.

Why is Contract Works Insurance important?

Whether it’s an alteration, extension, or renovation project, you need to obtain contract works insurance to protect you from risks associated with developing a property. Also known as builder risk insurance, contract works insurance serves as a cover to ensure your construction project is protected from the start through to completion, protecting the policyholder from sudden, unforeseen physical loss or damage during the construction period.

What does Contract Works Insurance cover?

Contract works insurance can provide protection against the following perils:

Fire
Burglary and theft
Accidental damage
Storm, Flood Damage and other weather-related losses
Vandalism
Natural disasters

The above perils are typically covered in most contract works insurance. Contact your insurance broker to see which insured events are covered in your policy.

Contract works policies can also be extended to include people who are party to the contract, such as the owner, main contractors and sub-contractors.

Contract works insurance can also be extended to include existing structures being worked on as part of the construction.

Conversely, there are some risks that are not covered, such as:

War and other acts of terrorism
Gradual deterioration, Wear and tear
Rot, mildew, rust and corrosion
Damages due to faulty design or specification
Faulty materials and workmanship

Undertaking a construction project comes with risk. Therefore, it’s imperative that you select or tailor a policy that has appropriate coverage and meets your requirements. At Insurance Advisernet, we’ll help you identify your risk exposures and recommend a policy suitable to your needs. Talk to your financial advisor.

Frequently Asked Questions

What is Builder’s Risk Insurance?

Also known as contract works insurance, builders' risk is a type of insurance designed for construction and/or property development projects. It provides protection against physical damage to the construction project. The policy can also be extended to cover third-party liabilities. Builders' risk or contract works insurance is typically designed for property developers or SMEs engaged in the construction business. But also available for any business that is undergoing development.

What is Public Liability insurance?

Public Liability insurance cushions you from the financial impact of third-party claims for death, bodily injuries, and damage to someone else’s property. It often works together with a builder’s risk insurance as it protects you from costs associated with damages done to your property in the course of the works.

Does a builder in New Zealand need Contract Works insurance?

Depending on the type and scale of work being performed, it may be covered under an existing property policy up to a certain sublimity. If your project falls under cosmetic renovation, contract works insurance may not be required. Cosmetic renovations work like painting, installing new carpet, replacing bathroom fixtures, and generally small construction works that do not require structural alterations. For any construction project you undertake, you should discuss insurance requirements with your Insurance Advisernet Broker.

How much does Contract Works insurance cost?

The cost depends on the value and the type of construction project being undertaken and the risks associated with that. Also taken into consideration is the duration of the project.

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Body Corporate Insurance

Body Corporates are obliged to take out Body corporate Insurance to cover the building, common property and common area contents of a strata scheme. Insurance is available for both residential and commercial body corporate properties.

Body Corporate Insurance

What is Body Corporate Insurance?

A body corporate is a legal entity that is created when land is subdivided and registered under the Land Title Act to establish a community title scheme. The Body Corporate is made up of all owners within a unit titled property. Body Corporates are obliged to take out insurance to cover the building, common property and common area contents wherever a property is owned by a Body Corporate. Insurance is available for both residential and commercial body corporate properties.

In a Body Corporate, when you become an owner of a unit, you become a member of your property’s body corporate. This excludes tenants who only pay rent to the owner of a unit.

The Body Corporate management company and/or body corporate committee take care of compliance, legislative, and overall governance of the property, including management of finances, essential services, repair and maintenance of the shared spaces, and facilitation of body corporate insurance.

Why is Body Corporate Insurance important?

Living in a body corporate complex comes with shared risks, such as common property and shared spaces. Therefore it is important to have the right cover in place to ensure you are covered correctly. Body corporate insurance caters for those risks specific to body corporates.

What does Body Corporate Insurance cover?

Body Corporate Insurance provides cover for the building as well as common areas and shared property. The common areas typically covered by body corporate insurance can include:

Floors, walls and ceilings,
Balconies,
Lifts,
Car parks,
Driveway
Courtyard
Garden
Gym
Laundry area
Pool, spa
Playground
Tennis courts

The Body Corporate members share the costs of the Body Corporate insurance policy.

Body Corporate Insurance also gives you the option to include Public Liability, providing cover against third-party damage or injuries that may occur on your premises
Our brokers can walk you through the intricacies of body corporate insurance. Book an appointment with us at Insurance Advisernet today, and we’ll be happy to tailor-fit a policy based on your needs.

Is Body Corporate compulsory in New Zealand?

Where a property is registered as a Body Corporate, the body corporate must insure and keep insured all buildings and other improvements on the base land to their full insurable value. The Body Corporate must also take out any other insurance it is required to by law. If the unit you own is part of a Body Corporate, you’re automatically part of the Body Corporate.

Surety Bonding Insurance

Surety Bonding is the provision of bonds or guarantees to protect a principal in a contract from contractor non-performance.

Surety Bonding Insurance

What is Surety Bond Insurance?

Surety Bonding is the provision of bonds or guarantees to protect a principal in a contract from contractor non-performance. If the contractor fails to meet their obligations or fails to complete the contract adequately.

A surety bond is an agreement that ensures compliance, payment, or fulfilment of an obligation to a principle. The three parties to a surety bond are:

the contractor, (the bond principal), who is the party that buys the bond and is required to perform an act as promised,
the surety, either the insurance firm or surety company that guarantees the performance of the obligation, and who will be contractually liable in case the principal violates the terms of the agreement, and
the client (beneficiary or obligee) who benefits from the surety bond.

The bond money can be used to reimburse the principal for extra costs they have to incur. Surety Bonding is an essential part of many industries, such as commercial construction, civil construction & engineering process machinery supply/maintenance.

Why is Surety Bond Insurance important?

Surety bonds are often taken out by businesses or professionals who render services to consumers. The goal of a surety bond is to protect the parties to a contract by guaranteeing performance and/or obligations of the contract and to provision for any additional costs that may be incurred through the non-performance.

The principal who purchases a surety bond transfers the financial risk of not being able to perform the tasks and obligations stipulated in the bond, which instead makes the surety company liable for the unfulfilled obligations. Conversely, it also protects the client as it can collect compensation in the event of the principal defaulting on the agreement.

How does Surety Bond Insurance work?

In the event of a claim, the surety typically lodges an investigation. If the claim is proven valid, the surety will provide payment to the client, whatever is due to the latter.

The surety will seek repayment for the amount paid from the principal. If the principal claims the default is caused by a different party. The surety can act on behalf of the principal to collect payment and recover their losses.

Insurance Advisernet is the leading insurance policy provider in New Zealand. Our expert insurance brokers can help you make the best decision in purchasing insurance that’s right for your needs.

Frequently Asked Questions

Is the surety bond refundable?
Surety bonds are often non-refundable. Once it is signed and issued, the premium you pay cannot be returned. Surety companies typically do not prorate premium refunds in the event of a policy cancellation.

What does surety mean in insurance?
Surety increases the confidence of both parties entering into a contract by guaranteeing the performance and/or obligations of the principal and guaranteeing compensation for the client in the event of the principal’s non-performance of his obligations as stipulated in the contract.

What’s the difference between insured and bonded?
Being insured means having an insurance contract that protects you financially from loss and/or damage and legal liabilities. Being bonded means having a surety bond in place that guarantees compensation in the event of a contractor not meeting their contractual obligations.

Surety Bonding is the provision of bonds or guarantees to protect a principal in a contract from contractor non-performance.

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peter@obsidianinsurance.co.nz

(07) 570 6450

Obsidian Insurance Limited

412

-37.6971611, 176.073811

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?

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

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?

How can insurance help small businesses in New Zealand?

What does SME stand for?

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

Why is insurance important for business owners?

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

Property Insurance

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Property Insurance

What is Property Insurance?

Why is Property Insurance Important?

What does Property Insurance Cover?

Property insurance can include a number of risk exposures like the following:

Fire
Lightening
Explosion
Weather-related losses such as windstorms, hail, snow, ice
Burglary/theft
Flood
Natural disasters, such as Earthquake tsunamis, volcanic activity, hydrothermal activity, geothermal activity or subterranean fire

Most Property insurance policies have exclusions that you need to be aware of, for example, widescale extreme events like war and other acts of terrorism.

Frequently Asked Questions

Cover for loss or damage to your physical business assets in the event of an incident occurring.

Business Interruption Insurance

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Business Interruption Insurance

What is Business Interruption Insurance?

Why is Business Interruption Insurance Important?

What does Business Interruption Insurance Cover?

Make sure that you have a dependable insurance solutions provider that will help you in case of an unexpected business interruption. Schedule an appointment with us at Insurance Advisernet!

Frequently Asked Questions

What is included in business interruption insurance?
Business interruption insurance can provide coverage against costs as a result of the disruption to business operations, like:

Loss of gross profit
Loss or gross revenue
Loss of gross rental income
Wages / Payroll
Additional increased costs incurred during a disruption
Claims preparation costs

Natural disasters / Acts of God
Damage to property (e.g., fire or explosion)
Burglary and vandalism
Flood
and other weather-related losses

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Motor Insurance / Commercial / Heavy Motor Insurance

One of the more common types of business covers, motor insurance provides coverage for physical loss, damage or theft to your vehicle(s).

Motor Insurance / Commercial / Heavy Motor Insurance

What is Motor Insurance?

Why is Motor Insurance Important?

What does Motor Insurance Cover?

There are three different types of vehicle insurance. Comprehensive, third-party fire and theft and a third-party only cover.

Comprehensive vehicle insurance cover offers protection for your vehicle and damage you do to other vehicles and/or property.
Third-party fire and theft cover provides protection for your vehicle from fire and theft-related losses and for damage you do to other vehicles and/or property.
Third-party vehicle insurance only covers damage you do to other vehicles and/or property but does not provide any cover for your vehicle.

Frequently Asked Questions

Which are the three types of motor insurance?

The types of motor insurance are:

Private Vehicle Insurance
Commercial Vehicle Insurance
Motorcycle Insurance

One of the more common types of business covers, motor insurance provides coverage for physical loss, damage or theft to your vehicle(s).

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance protects you against claims for personal injury or damage to a third party.

Liability Insurance

What is Liability Insurance?

Liability insurance has subtypes depending on industries. Examples include:

General Liability - protects you against costs associated with lawsuits or claims for bodily harm, injury, or damages sustained within the insured premises.
Product Liability - designed to protect manufacturers of consumer goods and products.
Professional Liability - designed for professionals rendering specialised and often regulated advice or consultancy services, such as accountants, doctors, engineers, architects, lawyers, etc.
Management Liability – a packaged insurance policy designed to protect the leadership of a company against lawsuits or claims as a result of the manager’s actions and decision-making.

Why is Liability Insurance Important?

What does Liability Insurance Cover?

Liability insurance with adequate coverage can shield SMEs from financial difficulties caused by events such as:

Accidents (property damage or bodily injury) within the premises
Defective product that caused harm
Negligence
Damage to third-party property

Choosing the right insurance plan that will cover your risk exposures is key to being fully prepared in case those risks materialise into issues.

Frequently Asked Questions

What is an example of liability insurance?

There are four types of liability insurance:

General Liability Insurance - covers costs incurred for injuries or physical damage to third parties or caused by your product or service
Professional Liability Insurance - covers professionals rendering specialised and often regulated advice or consultancy services.
Product Liability Insurance - protects manufacturers of consumer goods
Director & Officers Insurance - protects senior members of management from legal charges while performing their duties as leaders of an organisation

What is covered by liability insurance in New Zealand?

The typical coverage of liability insurance includes the following:

Fines, penalties, and court judgements under a range of New Zealand legislation
Defence costs
Settlements to third parties

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance protects you against claims for personal injury or damage to a third party.

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Cyber Insurance

What is Cyber Insurance?

Why is Cyber Insurance important?

What does Cyber Insurance Cover?

Coverage of cyber insurance is in two sections. First-party coverage and third-party coverage.

Incident response costs
Business income loss
Data restoration
Breach response costs
Notification costs
Legal defence costs
Cyber extortion
Regulatory fines and penalties
Payment Card Industry (PCI) fines, penalties and assessments
Cyber reputational harm

Payments and settlement costs to consumers affected by the breach
Losses related to defamation
Litigation costs and responding to regulatory inquiries
Government fines and penalties

Frequently Asked Questions

What is not covered by cyber insurance?

Some typical exclusions for a cyber insurance claim are the following:

A pre-existing breach prior to obtaining the policy
Cyber-attacks ministered by insiders
Poor infrastructure that exposes the firm to cybersecurity incidents
Cost of enhancing the tech system

Is cyber insurance required in New Zealand?

Does cyber insurance cover data loss?

What are the benefits of cyber insurance?

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Why is Professional Indemnity Insurance important?

What does Professional Indemnity Insurance cover?

Anyone or any business that provides paid professional advice or consultancy services will benefit from having professional indemnity insurance. Some professions that need PI insurance include:

Management and business consultants
IT professionals
Lawyers
Architects
Teachers and tutors
Fitness professionals
Designers

Protect your business and talk to one of our authorised representatives and find out the best insurance package your business needs to cover your exposures.

Frequently Asked Questions

Who needs professional indemnity insurance?

What is another name for professional indemnity insurance?

What is the minimum professional indemnity insurance?

Is it a legal requirement to have professional indemnity insurance in New Zealand?

Directors & Officers/Management Liability Insurance

What is Directors and Officers/ Management Liability Insurance?

Directors & Officers Liability
Company Reimbursement
Employment Practices Liability
Crime
Statutory Liability
Trustees Liability
Internet Liability
Kidnap, Ransom & Extortion

Why is D&O important?

What does D&O cover?

Wrongful dismissal/ Illegal termination
Unfair treatment, work environment, and work practices
Harassment
Misrepresentation
Inaccurate reporting
Non-compliance, violation of regulatory requirements
Not honouring contractual obligations to shareholders, creditors, liquidators, etc.

Frequently Asked Questions

What type of D&O insurance Should I Buy in New Zealand?

Do I need D&O Insurance?

Is D&O Insurance the same as Professional Liability?

Marine & Hull Insurance

What is Marine & Hull Insurance?

Marine Liability insurance covers the business's legal liability to third parties where negligence has occurred related to the operation of the vessel and/or actions of the crew.

Why is Marine & Hull Insurance important?

Marine cargo insurance is important as it insures the value of your goods against loss and/or damage caused whilst in transit by any method of transport.

What does Marine & Hull Insurance cover?

Marine hull insurance covers all types of commercial vessels engaged in maritime activities operating in seas, oceans, lakes, and rivers. They include:

Bulk carriers
Barges
Fishing boats
Tankers
Ships
Yachts

Insurance Advisernet can source competitive terms for your Marine-related risks. Talk to one of our authorised representatives today and start removing obstacles to the growth of your business.

Frequently Asked Questions

What is the meaning of marine hull insurance?

What is the difference between marine cargo and marine hull insurance?

Which type of risk is covered by hull insurance?

Marine hull insurance should provide adequate coverage for the following:

Physical loss of vessel and equipment
Damage to a ship’s hull, machinery, and equipment

Rural Insurance

Rural insurance is recommended for anyone who is running a business in agriculture or horticulture.

Rural Insurance

What is Rural Insurance?

Why is Rural Insurance important?

What does Rural Insurance cover?

Rural vehicles - protection for farm vehicles and mobile implements
Rural assets - protection for farm/rural assets such as buildings, machinery, plant, tools, and equipment in cases of damage.
Machinery Breakdown - protection against accidental breakdown of machinery such as pumps, boilers, pressure valves, etc. It excludes coverage for normal wear and tear
Rural Business Interruption - protection against any event that causes temporary suspension of rural business operations
Livestock insurance - protection against accidental death due to disease or illness, theft, and escape of high-value livestock (includes dogs and horses)

Who needs Rural Insurance?

Here are some specific examples of people who may need rural insurance:

Farmers and ranchers: These individuals typically require insurance coverage for their crops, livestock, and equipment. They may also need liability coverage for accidents or injuries that occur on their property.
Rural homeowners: People who live in rural areas may need insurance coverage for their homes, outbuildings, and personal property. They may also need liability coverage for accidents or injuries that occur on their property.
Small business owners: Rural areas often have a strong small business community, and these entrepreneurs may need insurance coverage for their property, equipment, and liability.
Outdoor enthusiasts: People who enjoy hunting, fishing, and other outdoor activities may need insurance coverage for their equipment and liability.
Non-profit organisations: Rural communities often have active non-profit organisations, such as churches, schools, and community centres. These organisations may need insurance coverage for their property, liability, and volunteers.

Rural insurance is recommended for anyone who is running a business in agriculture or horticulture.

Home Insurance

What is Home Insurance?

For most New Zealanders, the family home is one of our most prized possessions and the largest asset most people will ever own, so it’s worth protecting with the right insurance cover.

Why is Home Insurance Important?

What does Home Insurance Cover?

A comprehensive home insurance policy protects you against a number of insured risks, such as:

Fire
Explosion
Flood, storm, lightening and other weather events
Natural disasters such as Earthquake and Tsunami
Theft, Burglary, and Vandalism

Some of the key things to consider when taking out Home Insurance include:

What level of cover is being provided by the insurer? Are the sums insured adequate to cover a total loss?
What is the occupancy of the premises?

At Insurance Advisernet, we can source the market and provide an affordable home insurance package that will protect your most cherished asset. Talk to an authorised representative today.

Frequently Asked Questions

How much is home insurance in New Zealand?

How do I know how much homeowner’s insurance I need?

Mobile Plant & Equipment Insurance

What is Plant & Equipment Insurance?

Why is Plant & Equipment Insurance important?

What does Plant & Equipment Insurance cover?

Bobcats
Bulldozers
Asphalting machines
Dumpers
Earthmoving equipment
Forklifts
Mining equipment
Roading equipment
Lifting equipment

Insurance Advisernet can offer you comprehensive insurance solutions for your mobile plant and equipment. Talk to an Insurance Advisernet Broker to assess your needs today.

Frequently Asked Questions

Contract Works Insurance

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Contract Works Insurance

What is Contract Works Insurance?

Why is Contract Works Insurance important?

What does Contract Works Insurance cover?

Contract works insurance can provide protection against the following perils:

Fire
Burglary and theft
Accidental damage
Storm, Flood Damage and other weather-related losses
Vandalism
Natural disasters

The above perils are typically covered in most contract works insurance. Contact your insurance broker to see which insured events are covered in your policy.

Contract works policies can also be extended to include people who are party to the contract, such as the owner, main contractors and sub-contractors.

Contract works insurance can also be extended to include existing structures being worked on as part of the construction.

Conversely, there are some risks that are not covered, such as:

War and other acts of terrorism
Gradual deterioration, Wear and tear
Rot, mildew, rust and corrosion
Damages due to faulty design or specification
Faulty materials and workmanship

Frequently Asked Questions

What is Builder’s Risk Insurance?

What is Public Liability insurance?

Does a builder in New Zealand need Contract Works insurance?

How much does Contract Works insurance cost?

The cost depends on the value and the type of construction project being undertaken and the risks associated with that. Also taken into consideration is the duration of the project.

Contract Works Insurance provides cover for any physical damage of works or third party liabilities during construction stages of a project.

Body Corporate Insurance

What is Body Corporate Insurance?

In a Body Corporate, when you become an owner of a unit, you become a member of your property’s body corporate. This excludes tenants who only pay rent to the owner of a unit.

Why is Body Corporate Insurance important?

What does Body Corporate Insurance cover?

Body Corporate Insurance provides cover for the building as well as common areas and shared property. The common areas typically covered by body corporate insurance can include:

Floors, walls and ceilings,
Balconies,
Lifts,
Car parks,
Driveway
Courtyard
Garden
Gym
Laundry area
Pool, spa
Playground
Tennis courts

The Body Corporate members share the costs of the Body Corporate insurance policy.

Is Body Corporate compulsory in New Zealand?

Surety Bonding Insurance

Surety Bonding is the provision of bonds or guarantees to protect a principal in a contract from contractor non-performance.

Surety Bonding Insurance

What is Surety Bond Insurance?

A surety bond is an agreement that ensures compliance, payment, or fulfilment of an obligation to a principle. The three parties to a surety bond are:

the contractor, (the bond principal), who is the party that buys the bond and is required to perform an act as promised,
the surety, either the insurance firm or surety company that guarantees the performance of the obligation, and who will be contractually liable in case the principal violates the terms of the agreement, and
the client (beneficiary or obligee) who benefits from the surety bond.

Why is Surety Bond Insurance important?

How does Surety Bond Insurance work?

In the event of a claim, the surety typically lodges an investigation. If the claim is proven valid, the surety will provide payment to the client, whatever is due to the latter.

Insurance Advisernet is the leading insurance policy provider in New Zealand. Our expert insurance brokers can help you make the best decision in purchasing insurance that’s right for your needs.

Frequently Asked Questions

Surety Bonding is the provision of bonds or guarantees to protect a principal in a contract from contractor non-performance.

f85fce460824ef31d465892f88d85286

Olivia Stone PRINCIPAL

Peter Stone PRINCIPAL

FSP No: 212026
P: (07) 570 6450
M: 027 776 7706
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17b, Unit 6 Minden Road, Tauranga, 3176

17b, Unit 6 Minden Road,
Te Puna,
Tauranga,
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As your appointed General Insurance Broker, we will:

Conduct an analysis of your risk/needs and recommend the most appropriate covers to protect your assets and liabilities
Provide alternatives on your risk retention through various excess options
Allow you to pay premiums in monthly instalments
Recommend the appropriate insurer to match the risk
Provide prompt and timely servicing of your general insurance needs to ensure you are adequately informed of issues that may affect your business.
Only recommend financially secure and stable insurers

Having adequate general insurance cover is one of the most fundamental parts of being in business, as it provides invaluable protection against a range of risk events – from equipment and assets to legal liability – reducing financial uncertainty and protecting your livelihood and that of your workforce. Insurance companies provide a wide variety of general business insurance policies so it’s essential to get the right one for your needs.

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Our Commitment

As your appointed General Insurance Broker, we will:

Conduct an analysis of your risk/needs and recommend the most appropriate covers to protect your assets and liabilities
Provide alternatives on your risk retention through various excess options
Allow you to pay premiums in monthly installments
Recommend the appropriate insurer to match the risk
Provide prompt and timely servicing of your general insurance needs to ensure you are adequately informed of issues that may affect your business.
Only recommend financially secure and stable insurers

In the event of a claim we will:

Provide you with the Insurer’s Claim Form
Arrange for the Loss Assessor to be appointed if applicable
Advise you on the completion of the Claim Form
Submit the Claim Form to the Insurer on your behalf
Provide advice to ensure you have received your full entitlements

Emergency Claims - 1300 831 094

Click Here to Make a Claim

Obsidian Insurance Limited is proud to be an Authorised Representative of Insurance Advisernet, a network of more than 210 insurance advice practices across Australia and New Zealand. Insurance Advisernet is a principal member of the National Insurance Brokers Association and the largest member of the publicly-listed AUB Group – one of the leading general insurance broking groups in Australasia with over 450,000 clients. This relationship gives PRACTICE_NAME access to unrivalled financial strength, business efficiencies and buying power that spans every major insurer in Australia and New Zealand, and access to major overseas insurers when required. To find out more about the many benefits simply visit insuranceadviser.net

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https://obsidianinsurance.co.nz/

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Peter Stone

Obsidian Insurance Limited

Complete Form to Receive A Quote

Obsidian Insurance Limited

Complete Form to Receive A Quote