Education to Improve Small Business Insurance Cover

April 2015

The Insurance Council is developing education resources targeting small to medium sized enterprises as 1 in 4 New Zealand businesses don’t have insurance.

In announcing the renewal of its partnership with financial capability education experts Young Enterprise Trust, the Insurance Council says one focus of the 2015 work will be on developing insurance resources aimed at small businesses.

“Small to medium-sized enterprises are the engine room of the New Zealand economy yet only 1 in 4 businesses are adequately insured,’ says Insurance Council of New Zealand Chief Executive Tim Grafton. “This could pose a significant risk to the economy’.

“The value of business insurance proved itself in helping the Canterbury economy through the aftermath of the earthquakes in 2010-11 as over $1 billion was paid out in business interruption insurance after the quakes, providing stimulus to the local economy, keeping jobs open and pay packets full,’ he says.

“But across New Zealand, 28% of business owners don’t have business insurance,’ says Grafton.

“We’re delighted to extend our relationship with the Insurance Council of New Zealand to be able to raise this knowledge and awareness for people of all ages,’ says Shubkin.