Welcome to Vive's Business Insurance Advice

We help business owners sort their peace-of-mind through smart, efficient business insurance advice. We ensure business owners have the Three C's in their business - Cash, Control and Certainty. This means the right amount of cash, going to the right hands, at the right time, with the right purpose.

Here are risks business owners should think about.

Business Risks

Reducing / Eliminating debt (reduce interest, frees up cash flow, takes pressure off)
Covering the cost of replacing a Key-Person who directly affects the business's cashflow
Funding the buy-out of shares, so that shareholders don't end up in business with unknown parties

Owners Risk

A business continuity plan if a shareholder passes away prematurely or is permanently disabled:

Having correct policy ownership and/ or having benefits nominated for another person/ entity;
Having a formal share-holder agreement / "buy-sell" agreement/ shareholder insurance trust. These methods will ensure that funds will be received by the right people/ entity intended.

Family Risks

Family / Personal Risks sits separately to business and owners risks:

Using insurance to overcome business and owners risks will assist the business and surviving shareholders - however insurance protection is important for deceased/ disabled shareholders family.
This is your standard Life, Trauma, Health, Income and Permanent Disablement insurances.

And we advice on how to protect against the above with covers below.

Key Person(s) Cover

Key person cover is a type of business insurance that provides financial protection for a business in the event that a key person becomes seriously ill or passes away. A key person is typically defined as an individual who plays a crucial role in the success of the business, such as the owner, CEO, or a key employee with specialised skills or knowledge.

If a key person becomes unable to work or passes away, key person cover can provide a lump sum payment to the business, which can be used to cover expenses such as hiring and training a replacement, paying off debts, or compensating for lost profits. The amount of coverage required will depend on the size of the business and the role of the key person.

Key person cover is an important type of insurance for businesses in New Zealand, as it can provide a safety net in the event of a serious illness or unexpected death of a key employee. It can help businesses manage the financial impact of such an event and continue operating smoothly without disruption.

Business Income Protection Cover

Business Income Protection cover is a type of insurance that helps protect businesses in New Zealand from the financial impact of unexpected events that can impact their ability to generate income. It provides a regular income stream to the business if it experiences a reduction in revenue due to an insured event, such as fire, flood, or a natural disaster. With Business Income Protection cover, the insurer pays out a percentage of the business's pre-loss revenue for a specified period of time, allowing the business to continue paying bills and meeting financial obligations during the recovery period. This coverage can also be extended to include ongoing expenses such as wages and rent.

Business Income Protection cover is particularly important for small businesses in New Zealand, which may not have the financial resources to survive a prolonged period of lost revenue. It can help these businesses stay afloat during difficult times and avoid bankruptcy or closure. It's important to note that Business Income Protection cover typically has a waiting period before benefits are paid out, which can range from a few days to several weeks. The coverage also has a limit on the total amount that can be paid out, which is determined by the level of coverage selected by the business owner.

Business Debt Protection Cover

Business Debt Protection cover is a type of insurance that helps protect businesses in New Zealand from the financial impact of unexpected events that can impact their ability to service their debts. It provides a lump sum payment to the business to help pay off debts if a key person becomes seriously ill, injured or dies. Business Debt Protection cover can provide peace of mind for business owners by ensuring that their debts are covered in the event of an unexpected event. The lump sum payment can be used to pay off any outstanding debts or loans, reducing the financial burden on the business and its owners.

This type of insurance is particularly important for businesses that have a significant amount of debt, as it can help prevent financial strain or bankruptcy in the event of an unforeseen circumstance. It can also provide protection for lenders, who may be more willing to provide financing to a business that has Business Debt Protection cover in place. It's important to note that Business Debt Protection cover typically has a waiting period before benefits are paid out, which can range from a few days to several weeks. The coverage also has a limit on the total amount that can be paid out, which is determined by the level of coverage selected by the business owner.

Shareholder Protection Cover

Shareholder Protection cover is a type of insurance that provides financial protection for shareholders in a business in New Zealand in the event that a shareholder becomes seriously ill, injured or dies. It can help ensure that the ownership of the business remains stable and secure, and that the business can continue operating smoothly even if a shareholder experiences an unexpected event. Shareholder Protection cover typically provides a lump sum payment to the remaining shareholders or the business itself, which can be used to purchase the shares of the affected shareholder. This can help ensure that the affected shareholder's family or estate receives fair value for their shares, while also allowing the remaining shareholders to maintain control of the business.

Shareholder Protection cover is particularly important for businesses with multiple shareholders, as it can help prevent disputes and disagreements over the ownership and control of the business in the event of an unexpected event. It can also provide protection for the families of shareholders, who may otherwise be left without financial support or a clear path forward in the event of a shareholder's unexpected absence. It's important to note that Shareholder Protection cover typically has a waiting period before benefits are paid out, which can range from a few days to several weeks. The coverage also has a limit on the total amount that can be paid out, which is determined by the level of coverage selected by the business owner.