Insurance is one of those things that every business hopes never to need, but should always have … just in case. In these litigious times, when there are lawsuits over the smallest things, insurance may be the only thing between life as you know it and losing everything.
The NZSMA understands that it can be tough starting out when costs keep piling up. That’s why we’ve partnered with Gallagher formerly Crombie Lockwood and NZI to to make it possible for you to protect you and your business at affordable cost.
NZSMA can offer small businesses, self-employed and hobby soap makers who earn less than $50k annually access to a liability insurance package. The Insurance policy is decidedly cheaper than having to purchase liability insurance individually.
In short, you are insured for all sums that you become legally liable to pay arising from injury and/or damage that happens during the period of insurance, caused by an event in connection with your business.
The insurance term runs from 1 December to 1 December each year.
You can apply for cover at any time, but you will only be covered for this term, regardless of joining date. For example, if you join 25 of March, you will be covered for the remainder of the insurance year: 25 March until 1 December. There is no pro-rata rate or refund. This allows us to keep the fees affordable for everyone.
December 2023 – Due to changes in the Insurance Industry, we have been advised by our Broker that our Policy will be different from how it has previously been. In previous years the policy was issued to NZSMA and we were able to add members to the policy during the year.
From now on the policy will be issued to NZSMA but it will name the members who have purchased cover under our policy on it.
This means that we need to have all the proposal forms from our members who want to purchase Insurance prior to being able to get a quote for the coming year.
At renewal time only those who have provided a completed proposal form will be named on the Policy, anyone wanting to be added to the policy after it has been issued at renewal will be charged an additional endorsement fee by our broker.
There is a new proposal form which looks more like ones that other insurance companies who offer liability insurance have. There are parts of the form that will not apply to our members, there is a sample completed form available as a guide to which parts need to be completed.
The new proposal form, exclusions and FAQ’s have been updated.