What is business insurance?

By MAS Team | 17 October 2022

Every business is different, and as it grows and changes, your insurance needs will evolve too. Business risk insurance protects against financial loss in case of an unforeseen event. 

Do I need business insurance?

Managing a business is a lot of responsibility, which is why it's a great feeling knowing you can rely on your MAS Business Risk Adviser if you need help protecting what you have worked so hard for.

Having the right type of insurance is an important part of handling some of the risks that come with owning a business. Even if you're just starting out, it's handy to be covered for the basics.

As your business grows, it's a good idea to review your insurance needs at least once a year. For example, if you are making more profit this year than the previous year, it can be risky to let a policy roll over without reevaluating your needs.

businessman holding umbrella for protection

What types of business insurance cover does MAS offer?

MAS Business Risk Insurance aims to protect different aspects of your business, from the building you own or work in, to employment disputes. It can help make sure you're not left out of pocket or unable to run your own business due to an unforeseen event such as an interruption due to a fire at your work or your supplier's place of work, damage to equipment, or damage to another person's property for which you are held responsible. 

If you're a business owner, it's sensible to make sure your business is covered for all eventualities, so speak to a MAS Business Risk Adviser about what kind of covers or products might suit you and your business. 

Due to COVID-19, a lot of my employees are temporarily working from home. Will this have an impact on my business insurance?

COVID-19 has changed the way we work. Since the beginning of the pandemic, many employees work from home, and businesses are a lot more flexible with hours and locations of work. 

Items like laptops or computer monitors are often taken from the workplace to be used temporarily at home. When circumstances change and your staff and business belongings are not in the same building, you may wonder if your business insurance will still cover you.

Under MAS' Business Risk Insurance policy, you are covered for non-portable items which have temporarily been moved to another location within the country. These are items such as desks, chairs, computer monitors, or monitor arms which you normally wouldn't move from the office. 

This policy also covers accidental loss to portable contents which include items such as laptops, tablets and mobile phones. These items are covered anywhere in New Zealand, Australia, or the South Pacific, so you'll still be covered if you or your employees travel for work. The standard cover for these portable items is $10,000. 

If you or your staff are now working from home permanently, or if you want to talk about extending your cover for portable items, you'll need to speak to a MAS Business Risk Insurance Adviser to talk about how your cover can be extended to cover this. 

woman working on computer from home

Does my business need cybercrime insurance?

Kiwi businesses have seen disastrous impacts from cybercrime like hacking, phishing and security breaches. To help protect your business from the potentially significant costs associated with a cyber security breach, it's important that you take steps to secure your business, but it's also sensible to look into whether you need cyber insurance.

This could help you manage the fallout from a cyber security breach, covering things like public relations advice, or the cost of paying data experts to examine, analyse and secure your computer network.

Find out more about MAS Business Risk Insurance


This article provides general information only, and is not intended to constitute financial advice. Before taking out any insurance product, you should carefully consider the terms and specific policy wording. Underwriting criteria will apply. 

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