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Author Topic: business insurance  (Read 1344 times)

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Offline integrated

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business insurance
« on: April 10, 2016, 09:51:40 PM »
So i have been trying to find information on the legal requirements for business insurance and it would appear that there is none - can anyone confirm this for me?

From what i can gather after reading companies act etc there is no mandatory requirement for a business or otherwise to hold any form of insurance.

I am reducing my companies field of works to residential only so have no need for the comprehensive insurances that are required for commercial and industrial works - before i go to my broker just want to empower myself with the appropriate knowledge - i would like to think that you would receive a reduced rate if you were plumbing/gasfitting residential only but this may not be the case - do residential plumbers/gasfitters bother with insurances?

Not looking to get out of insurance so to speak just want to know what normal best practice is as a residential only plumber/gasfitter? Been a commercial/industrial/residential plumber my whole life so always carried very comprehensive insurance which also carries hefty premiums so just looking to minimise it all :-)

Any helpful advice appreciated!

Linkback: https://www.plumbers.nz/plumbing/1/business-insurance/1973/

Offline Enn

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Re: business insurance
« Reply #1 on: April 13, 2016, 02:29:32 PM »
Hi integrated,
 I always carried public liability and indemnity  combined with my vehicle insurance for around $1800 per year. i forget the actual amount of cover a couple of million i think.
Something you hope you never need but it is a no brainer really, almost all of my work was residential however i had an option if required that i could raise my cover for a specific job but from memory that had to continue for my time of responsibility if that makes sense.
I imagine you will have to be quite clear with your broker the type of work you are going to be doing.
''Never have so many been fooled by so few''
Plumbing is not a career it is a disease....

Offline integrated

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Re: business insurance
« Reply #2 on: April 13, 2016, 10:18:40 PM »
Hi Enn, thanks for the response - that's not much less than what I am paying now but sounds like there may be some saving


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