Business insurance policies explained: Understanding how key person, buy & sell, and group insurance empower your business

Behind every successful business, are the people that drive its operations and vision. In a world of uncertainties, it’s critical to ensure continuity and stability in your business. As trusted insurance advisers, NZ Insurances is here to help you navigate and connect with the right business insurance solutions tailored to your needs.

Here’s an introduction to the three main types of business insurance we help people with.

Key person insurance: Safeguarding your business operations

A business's success often hinges on its key people. Losing an important person due to illness, disability, or death can make operations difficult, or even impossible.

We understand your risks. As experienced insurance advisers, NZ Insurances will connect you with key person insurance providers that offer lump-sum payments to cover the costs of recruiting and training a replacement, compensating for lost revenue, and managing other expenses related to their absence.

With the right protection in place, your business can continue to operate effectively, even when circumstances get challenging.

Buy & sell cover: Retaining business control and continuity

When a co-owner is incapacitated or dies unexpectedly, this can seriously disrupt the smooth functioning of a business. This is where buy & sell cover, also known as buyout insurance, can prove invaluable.

At NZ Insurances, we can help you find buy & sell cover providers that offer a lump sum to the remaining co-owners, allowing them to buy out the shares of the deceased or disabled owner. This means business operations can continue seamlessly and that control remains with the surviving owners, fostering smooth transition and uninterrupted growth.

Group policies: Collective coverage for enhanced protection

Group policies provide comprehensive insurance coverage to a group of individuals, such as employees of a company, at often lower premiums than individual plans.

These policies can be a lifeline for those who might otherwise struggle to qualify for other insurance coverage, especially since they are usually not underwritten and cover pre-existing conditions.

At NZ Insurances, we connect businesses with group policy providers that offer life, health, and disability insurance.

These policies can contribute to employee satisfaction, loyalty, and overall protection. They are also a smart management tool – a way of proactively protecting your business against potential risks and helping your team get back to work faster when health issues strike.

Let NZ Insurances, as your dedicated insurance advisers, help you find and negotiate the right insurance solutions, so you can focus on your core business with peace of mind.