Business insurance · New Zealand · Head-to-head

BizCover (NZ) vs NZI Insurance

Two New Zealand business insurance options, compared side by side for New Zealand trades.

Which should you choose?

BizCover (NZ) and NZI Insurance are both Tier A, which every business insurance entry without a reputation warning receives, so the tier does not separate them. Weigh the pros, cons, pricing and New Zealand-specific notes below against your trade and region.

BizCover (NZ)

Tier A · Listed

Online business insurance for NZ tradies, with cover from AIG, Ando, DUAL and BHSI

BizCover is an online business insurance platform, trading in New Zealand as BizCover Limited, that sells cover from four insurers (AIG, Ando, DUAL New Zealand and Berkshire Hathaway Specialty Insurance) and acts as the insurer's agent, not the customer's. It was founded in Sydney in 2008, is listed as one of AUB Group's business areas, and its NZ homepage says more than 18,000 NZ small businesses use it. It says it covers 900+ occupations, including builders, plumbers, electricians, painters and other trades.

Pros

+ Quote and buy online, with policy documents emailed straight away
+ Public liability limits from $1M to $20M
+ Publishes average monthly costs as a guide
+ Pay monthly or annually

Cons

− Acts as the insurer's agent, not yours
− BizCover fee of $20-$150 + GST per policy on top of the premium
− Paying monthly adds $8 + GST a month
− Commission and fees kept if you cancel

New Zealand note

For tradies BizCover sells public liability at six limits from $1M to $20M, tool and portable equipment cover, professional indemnity and other covers online, with policy documents emailed on purchase. On its tradie page it gives expected averages of $32 a month for public liability and $80 a month for tool cover (July 2023 to June 2024 customer average, a guide only). It adds a fee of $20 to $150 + GST per policy and keeps its commission and fees if you cancel.

Typical New Zealand pricing: Premium quoted per business; BizCover's tradie page gives expected averages of $32/month for public liability and $80/month for tool cover (July 2023-June 2024 customer average, guide only). Plus a BizCover fee of $20-$150 + GST per policy, and $8 + GST/month if paying by instalments

Full review → Visit →

NZI Insurance

Tier A · Listed

IAG New Zealand's business insurance brand, sold through insurance brokers

NZI is the business and commercial insurance brand of IAG New Zealand, part of Insurance Australia Group (IAG), whose other NZ brands include AMI, State and Lumley. IAG says NZI provides business, rural and personal insurance through brokers, so trade businesses buy NZI cover through an insurance broker rather than directly.

Pros

+ Backed by IAG New Zealand, part of Insurance Australia Group
+ Broker distribution means advice on cover for your trade
+ Business, rural and personal cover available through one broker

Cons

− No direct online quote; you need a broker
− No public prices
− Product details for trades are set per broker quote

New Zealand note

Sold through New Zealand insurance brokers; there is no direct online quote. Cover, limits and premiums for a trade business are set in the broker's quote.

Typical New Zealand pricing: Quote-based through insurance brokers; no public prices

Full review → Visit →

More New Zealand options

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