Business insurance · New Zealand · Head-to-head
Builtin vs Vero Insurance
Two New Zealand business insurance options, compared side by side for New Zealand trades.
Which should you choose?
Builtin and Vero 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.
Builtin
Tier A · ListedTauranga-based insurance broker for builders and trades, with roots in 2002
Builtin Insurance Brokers Limited is a Tauranga-based broker for builders and trade businesses, holding a Class 2 financial advice provider licence (FSP28581) and belonging to the Steadfast broker network. It traces its history to 2002, when it began insuring Certified Builders Association members, and says it is family-owned, with Keryl and Ben Rickard as shareholders and directors. It places cover with insurers including Ando, IAG, Vero, QBE, Lloyd's, DUAL, UANZ and AIG, across liability, contract works, tools, commercial vehicles, professional indemnity, bonds and a Residential Completion Guarantee.
Pros
- + Broker specialising in construction and trades, with its own FAP licence
- + LBP professional indemnity for Licensed Building Practitioners
- + Instant online quotes for liability, tools and vehicles
- + Residential Completion Guarantee you can offer homeowners
Cons
- − No published prices; premiums quoted per business
- − Paid by insurer commission and may add advisory fees
- − Completion Guarantee has no post-completion defects cover
- − Steadfast network takes up to 1.5% of each policy from insurers
New Zealand note
Builtin offers LBP professional indemnity for Licensed Building Practitioners (errors in records of work and negligent supervision) and instant online quotes for liability, tools and vehicles. Its Residential Completion Guarantee covers a homeowner's lost deposit and non-completion up to 10% of the contract value, to a maximum of $100,000, with no post-completion defects cover. It is the named insurance partner for TANZ, NZCCA, Building Hub and PlaceMakers Plus members.
Vero Insurance
Tier A · ListedSuncorp-owned NZ insurer with a Tradies Insurance policy sold through brokers and advisers
Vero Insurance New Zealand is part of Suncorp New Zealand, which belongs to Australia's Suncorp Group, and sells through insurance brokers, advisers and partners rather than directly. Its Tradies Insurance policy can combine cover for vehicles, tools, stock and equipment, mobile devices, premises, public and product liability and business interruption.
Pros
- + Tradies Insurance bundles vehicles, tools, liability and business interruption in one policy
- + Optional licensed building practitioner and defective workmanship cover
- + Broker or adviser helps set cover for your trade
Cons
- − No direct online quote; you need a broker or adviser
- − No public prices
- − Excesses, limits and exclusions vary by policy and are set in the quote
New Zealand note
Bought through a New Zealand broker or adviser (Vero has a broker locator on its site), not quoted directly online. Optional extras include licensed building practitioner cover and defective workmanship cover.
More New Zealand options
See all New Zealand business insurance vendors and the rest of the New Zealand directory.