aib Business Insurance

Business Insurance

For aibGROUP Insurance "Certainty through Adversity" comes from its extensive range of commercial protection options assisting risk remove for business owners, managers and operators. Anyone responsible for business performance and outcomes should review all their business risk exposures with an expert. For further information, clarification or if you want to protect your business then please contact one of our aibGROUP Commercial Brokers.

Business Assets

If you or your company operates from a fixed location or has assets susceptible to risk then this policy provides for full replacement and repair to that commercial property and assets. An example, if assets are stolen or damaged by accidental cause then the Business Assets Policy will apply. aibGROUP offers full support in customising a Business Assets Policy that provides full asset protection.

Business Interruption

Maintaining normal business trading is an imperative. The Business Interruption options are designed to provide cover for a loss of income while enabling the coverage of fixed costs following loss to insured assets or business sites. aibGROUP can provide comprehensive, flexible protection tailored to your specific needs. Cover protects against loss of revenue and profit or rents affected by damage to an insured property.

Machinery Breakdown

The loss of a critical machine through a breakdown can have significant downstream negative impacts for a business. Machinery Breakdown Insurance provides protection should such an event occur. For anything from small electric motors to a refrigeration plant or a gas turbine, breakdown protection other than normal wear and tear is available. Cover is usually on an annual basis for permanent fixed machinery housed at a permanent location.

Machinery Breakdown insurance policy extensions are available covering:

  • Deterioration of Stock where stock is kept under controlled conditions and then spoiled by a breakdown of a refrigeration unit.
  • Loss of Profits following an insured breakdown.
  • Increased Cost of Working assists in keeping the business operating and meeting unforeseen costs such as overtime, outsourcing to a third party, increased advertising or rental of temporary premises.

Tools of Trade and Mobile Plant

If your business is mobile, this insurance will cover your plant and equipment wherever you are. This policy protects the insured property against accidental loss that happens anywhere in New Zealand.

Contract Works

Where construction work is being undertaken then a Contract Works Policy will need to be in place. Contract conditions will stipulate who is to arrange the insurance - the contractor or the principal, and who is to be named as 'Insured'. aibGROUP has the expertise to advise across this critical area backed by appropriate and relevant policies to provide protection to all parties.

Motor Vehicle

Should a company vehicle be involved in an accident the key is to get it back on the road with minimal delay. This policy covers repairs or market value settlements for the vehicle following an accident.

Public Liability

Who is responsible for what and when, Public Liability requires careful consideration whether it be a company, not-for-profit, sporting or any other organisation involving people. Let aibGROUP advise you to ensure the right protection against claims for compensation is in place. Public Liability Policies provide protection against the unexpected and unintended personal injury or property damage for which, as a result of its activities, the organisation may be legally liable.

Statutory Liability

The ramifications of legal action against a company or its directors can be a daunting and expensive exercise potentially impacting significantly on trading. Again aibGROUP has expert advisors to assist in providing protection for such situations. Statutory Liability Policy provides protection to businesses for:

  • Defence costs associated with alleged breaches of the Building Act, Consumer Guarantees Act, Fair Trading Act, Privacy Act and most other statutes affecting commercial activities. Notable exceptions are police prosecutions and taxation legislation
  • The costs of representation at an investigation or inquiry
  • Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes, except under the Health and Safety in Employment Act

Employers Liability

The Employers Liability Policy provides protection to employers for:

  • Settlements or damages payable (including exemplary damages) in respect of claims for personal injury to employees suffered in the course of their employment and not covered by accident compensation
  • The costs incurred in defending or settling these claims, including any prosecution, inquiry or investigation
  • The costs incurred in defending allegations of a breach of the Health and Safety in Employment Act 1992
  • Reparation awards made by a Court following a prosecution under the Health and Safety in Employment Act 1992 and amendments

Directors and Officers Liability

Directors and Officers Liability and Company Reimbursement Insurance, together, provide protection to directors and senior management. They cover aspects such as wrongful acts committed as directors or managers of the company. In respect of Directors and Officers Liability Insurance this is typically arranged by the company on behalf of its board. Coverage is provided for:

  • The costs of personal legal representation incurred by individual directors and officers in the defence of any civil or criminal proceedings
  • Settlements by or judgments, including claimants costs awarded against directors and officers where no indemnity is given by the company

Employment Disputes

Employment Dispute Insurance provides protection to employers for personal grievance actions taken by employees and prospective employees as a result of unjustified dismissal, discrimination or other disadvantage. Coverage is provided for:

  • Compensation for intangible loss, such as humiliation or loss of future prospects of employment (but not remuneration)
  • Compensation for most breaches of an employment contract, and also certain breaches of the Privacy Act 1993 and Human Rights Act 1993
  • The costs incurred in defending injunctions or orders restraining employers from initiating dismissal or other disciplinary procedures
  • Defence costs, fines and penalties arising out of breach of certain compliance provisions of the Employment Relations Act 2000

Fidelity

The unthinkable unfortunately does occur such as financial loss as a consequence of fraudulent or dishonest acts by an employee. aibGROUP can provide suggestions to protect against such an occurrence.

Professional Indemnity

No more prudent example of the aibGROUP's "Certainty through Adversity" is where a company or professional can be legally challenged over business practice or conduct. Professional Indemnity Insurance provides legal liability protection for businesses and professional people, such people need to discuss this with the experienced aibGROUP Advisors to ensure the right cover is in place.

Specifically coverage is available for:

  • Settlements by or judgements against the business or professional person arising out negligent advice or services
  • Legal costs and expenses associated with the defence of legal action

Extensions to the basic coverage is also provided for:

  • Defamation
  • Liability arising from a previous business or occupation
  • Loss of Documents
  • Breach of Confidentiality
  • Automatic Reinstatement of Policy Limits
  • Liability or loss through dishonesty by employees

Internet Liability

Policies have been designed to protect a business or individuals against claims arising from the use of the internet or email. Discuss with an aibGROUP Advisor:

  • Coverage under an Internet Liability Policy
  • Alleged Breach of copyright arising from using information on a website
  • Employees misuse of email or unintentional forwarding of a computer virus to another party

Cyber Protection

Increasing reliance on and the use of data transfer across electronic platforms is a fact of business life. Internet loss or the inappropriate use of electronic mail does put a company at risk. Protecting and assisting businesses from the consequences of data breaches, the loss of sensitive company data and the consequences to a business from losing such information, in today's commercial world should be top of mind. aibGroup says the Key Aspects to Cyber Risk Policies are:

  • Personal & Corporate Data Liability
  • Outsourcing
  • Data Security - resulting from any breach of duty
  • Defence Costs

Coverage is provided to the:

  • First and Third Party Loss (Loss to the insured plus liability for losses to 3rd Parties)
  • Legal costs and Investigation costs
  • Fines and penalties
  • Notification and monitoring costs
  • Repair of the Company's and Individuals Reputation