When you own your own business, there are countless things to think about.

While you’re juggling customer needs, managing staff, and protecting the future of your company, you might have overlooked one important thing.

Do you have any insurance in place for yourself?

While most of us are comfortable insuring things like our work vehicles and stock, and maybe even taking out other types of business protection, many New Zealanders leave themselves financially exposed.

Why does it matter?

Research frequently shows that New Zealanders are much more likely to insure their things than they are to have coverage for themselves.

However, whether you are employed by someone else or in business for yourself, your ability to earn is likely to be one of the biggest financial assets that you have.

If you are a business owner, protecting yourself may be even more important, because if you’re not there then your business income may stop completely.

What kind of cover might help?

There are several types of personal insurance protection available.

Your SHARE adviser can help you to work out which might be suitable for you.

Income protection: Income protection policies can be a way to keep some income coming in, even if you are unable to earn through your business because of sickness or injury.

This may be extra important for self-employed people who do not have employer-provided sick leave to fall back on.

Some insurance policies will cover you if you are unable to work in your own occupation. For example, if you are an electrician and cannot do your job, the policy does not require you to return to work in any role you could still perform, even if it is not your usual occupation.

Other policy types provide cover if you cannot return to work in any “suited occupation,” such as a lower-impact version of your role. Your SHARE adviser can help you to work out what might be the appropriate solution for you.

We can also help you work out how long you would need your policy to pay any potential claim.

Some people choose just a few years, while others want to be able to receive payments until they are eligible for NZ Super. We can also discuss a suitable waiting period before the claim is paid. A longer waiting period may reduce your premiums but it relies on you having access to funds to get through until the end of your waiting period.

Trauma: Trauma cover pays out a specified amount if you suffer one of a number of serious health conditions, including things like cancers, strokes, paralysis, and serious heart attacks. This money is paid in a lump sum, which you can use for whatever purpose you need – business or personal – while you recover.

Health cover: Health insurance can be helpful for self-employed people who need to have medical conditions dealt with promptly.

While the public system is available for acute needs, people sometimes find themselves on waiting lists for conditions that do not need immediate attention. That can have an impact on your quality of life and your ability to run a business. With health insurance, you may be able to access treatment more quickly in the private system. We can help you to determine whether this is a suitable option for you.

There are also business-specific insurance options that could be appropriate, depending on your circumstances, such as key person cover, business continuity insurance and shareholder protection.

Like to chat?

If you are keen to look at the ways insurance can help you keep your business and personal financial life on track, contact your SHARE adviser today. We are insurance experts and we can help you put cover in place that should give you peace of mind that you have protection if the unexpected happens.

We can also check whether your existing cover remains appropriate.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.