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Business Risks

MAS offers insurance to help you manage the risks associated with owning and managing a business.

We also understand that having appropriate insurance protection is only one part of the total risk management solution for your business.  For health practices, MAS has an online business support service, HealthyPractice®. The service provides templates and information to help practices with risk management and compliance related to health, business and employment legislation.

 

To arrange website trial access and evaluate the HealthyPractice® service for your practice, please contact business@mas.co.nz or call our HealthyPractice® team on 0800 800 627.

 

Under a Business Risks policy, you have the following options:

 

Buildings cover

Contents cover

Legal liability cover

Business interruption cover

Employers liability cover

Statutory liability cover

Employment disputes cover

Employee dishonesty cover

Key person insurance

 

 

Buildings cover

 

This protects the buildings you own that are used for professional purposes. It includes walls, fences, gates and underground services within the property, as well as stolen keys, hidden gradual water damage and capital additions and alterations.

 

If your building is tenanted, MAS can also cover any fixed floor coverings, partitions, drapes and blinds which you own.

 

Cover is available on a replacement or market value basis.

 

 

Contents cover


This covers the tangible assets of your business, such as plant, furniture and furnishings and electrical equipment at the premises. We can also cover:

  • Portable contents
  • Stock in trade and money
  • Loss of records and data.

Contents are typically covered on a replacement cost basis.

 

 

Legal liability cover


This covers you against legal liability to pay for accidental bodily injury and/or accidental damage to property owned by other parties in connection with your business*. It includes cover for defence costs and cover for exemplary damages up to $100,000 per occurrence.

If you take out any of the covers under a Business Risks policy, legal liability cover will be automatically included.

 

*The cover does not include cover for malpractice events.

 

 

Business interruption cover

 

This protects your business against an insured event that causes disruption and results in a loss of revenue. You will be covered for consequential lost profits and increased costs, such as temporary premises. We can also cover:

  • Disruption to your business if a building you occupy as a tenant is damaged.
  • Prevention of access to your premises caused by various events.
  • Closure or prevention of access to your premises.
  • Interruption of the supply of goods, services or utilities to your premises.
  • Book debts that you cannot recover due to destroyed records.
  • Optional cover for natural disaster damage is also available. 

Many businesses struggle to maintain their turnover following a major event. Business Interruption insurance will help ensure that any losses you sustain as a result of a major event can be met. To determine the appropriate amount of business interruption cover, you can access our calculation guide to help you determine your anticipated future gross profit value - the automatically calculating form is available here. You may also print this form, complete it manually and send back to us at your convenience.

Employers liability cover

This protects you against legal liability to pay for accidental bodily injury to any of your employees in connection with your business. It includes cover for defence costs.
 
While ACC will cover most such events, there is the possibility that an event may occur which falls outside of the statutory cover. It includes cover for exemplary damages up to a total of $50,000 during a period of cover.
 

 

Statutory liability cover


Thus protects you against liability to pay fines if you are prosecuted for a strict liability offence under any Act of the New Zealand Parliament (including Statutory Regulations under them). It includes cover for defence costs.
 

 

Employment disputes cover


This provides cover for all damages you become legally liable to pay any employee for accidentally breaching an employment agreement, the Privacy Act 1993, or the Human Rights Act 1993. It includes cover for defence costs that may be incurred to defend an allegation that would be covered if proven.

 

For health practices, our online business support service, HealthyPractice®, provides templates and information required for employment compliance to assist with any application for employment disputes cover. To arrange website trial access and evaluate the HealthyPractice® service for your practice, please contact business@mas.co.nz or call our HealthyPractice® team on 0800 800 627.

 

 

Employee dishonesty cover


This provides cover for loss of money and other property belonging to you, or in your custody for which you are responsible, occurring as a direct result of any act of dishonesty or fraud committed by your employees.

 

 

Want to know more? Get in touch


MAS advisers are experienced in helping professionals make sure they have fully ensured their businesses. And if you want cover for something that’s not mentioned above, chances are we can accommodate that too. Contact us today to talk to an adviser about your situation and requirements.

 

 

Normal underwriting criteria apply. This website provides a summary of cover rather than a full statement of cover. Full terms and conditions and exclusions are contained in the policy documents which you can obtain by contacting MAS.

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