Blog Post

9 Reasons To Have Insurance If You're In Business

  • By Design Team
  • •
  • 19 Mar, 2017
  • •

Succeeding in business is challenging enough

without having to worry about the consequences of illness, injury or death. Loss of a key person – permanently or temporarily – could have a dramatic effect on your business. Insurance is your back-up plan

You’re the boss and the buck stops with you

What happens to your business if you’re left ill or disabled and unable to work? There are several types of insurance cover that could help your business to survive.

  1. Unexpected death or disablement of a partner or key shareholder can put the business at risk. The right kind of life insurance can provide the money for surviving partners to purchase the insured’s share of the business.
  2. Loans don’t go away when a tragedy occurs. Life Cover or Total Permanent Disablement cover can enable repayment of business debts, protecting assets that might otherwise have to be sold.
  3. Key people hold the success of your business in their hands. A key person is an employee or contractor whose skills and expertise are essential to the function and profitability of your business. By insuring your key people, the company owns the policy and receives claim money that can compensate for the loss of a key person.
  4. At some point, there’s a good chance that you or a key person will be too sick to work for an extended period of time. Two out of five people will be unable to work for six months or more because of sickness or an accident. Various types of insurance, including Locum Cover, can help to keep the business running smoothly.
  5. Sickness is more likely to leave you with a long-term disability. Of disabilities lasting six months or more, only one in 20 are related to accidental causes. Insurance can help to keep your business running while you recover.
  6. Many people die before the age of 65. Most of us think we’ll live to a ripe old age, but one in six males and one in nine females over the age of 30 will die before they reach 65. Life Cover pays a lump sum if the insured person dies.
  7. Recovery is faster without financial stress. Worrying about your business doesn’t help recovery after an illness or accident. Insurance eases your concerns, so that you can relax and get better.
  8. Of cancer patients, 52% of males and 59% of females will still be alive five years later. Treatment for cancer often makes it hard or impossible for people to work. Insurance can provide financial resources to help your business survive.
  9. If a key person has a stroke, survival could mean ongoing disability. A study of the Auckland population reveals that while the number of deaths after stroke has declined, there has been a significant increase in the number of people with an impaired level of consciousness and mobility following stroke. A lump-sum Total Permanent Disablement payment could be invaluable to your business if this happens.

1. ACC BERL Report, November, 1996
2. Statistics New Zealand, 2001
3. NZ Life Tables, 2000-02 
4. South Australian Cancer Registry, 2003
5. The George Institute for International Health, in collaboration with Auckland City Hospital

Want to know more?

If you would like to review your personal insurance protection, talk to your adviser or call Quadrant Today on 

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And its importance goes well beyond money itself. It can be the foundation upon which key skill sets are built, such as ethics, empathy, organisation, time and risk management. Of course, the style and approach is personal to every parent, but if you’re not sure where to start, check out these handy tips.

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When life throws a curve ball or two and you need to claim on your insurance, having the knowledge, expertise and guidance of your insurance adviser makes all the difference.

It’s your adviser’s job to guide you through the process; to help you understand what you can claim; to represent your interests with the insurance company; to make sense of the various forms and process. Ultimately, they’re there to make claim time as stress-free as possible and to help you receive your pay-out in a timely manner.

How Far Does Your Cover Go?

By Design Team • 19 Mar, 2017
However, if you have only basic life cover, you are leaving yourself uninsured for other events that could be just as devastating to your family financially. 

For example, what if you were to suffer a stroke, heart attack or cancer, and survive - but not be able to work ever again?

Quadrant has a whole range of insurance products designed to alleviate the financial stress on you and your family. We all need to reconsider our insurance needs from time to time, especially at pivotal times in our lives, such as marriage, starting a family, buying a house or becoming self-employed.

It's also important to take account of the escalating costs of medical treatment and rehabilitation, and the amount you might realistically need to properly recover from serious illness or injury, and provide for your family.

Consider the following types of insurance cover available to you:

Protecting Your Business From The Effects Of Illness And Disability

By Design Team • 19 Mar, 2017
Most businesses take steps to protect the obvious, such as plant and office equipment, but the productivity of your people is the most valuable asset of all. We can help you to look after your business when illness and disability cause disruptions.

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By Design Team • 19 Mar, 2017
If you had an accident or illness that affected your ability to earn, what would happen to your partner, children, home and lifestyle?

Life Cover Personal & Business

By John Miller • 11 Dec, 2016
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People insure their car, furniture, luggage and even their pets - but often neglect to insure their hard-earned lifestyle. Left uninsured, which would be the greatest loss?

Purse strings may be tight today, but you'll still want to keep your long-term financial goals on track. We all like to think “it’s never going to happen to me”, but accidents and illness can happen. And some of us die too soon. Life can be unpredictable, which is why many of us decide to protect ourselves with some form of life insurance and disability.

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