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SMARTpak: business insurance for SMEs

Insurance is something most business owners know is necessary, but don’t have time to turn their full attention to. Crombie Lockwood designed its SMARTpak cover specifically with the needs of New Zealand SMEs in mind.

SMARTpak is exclusive to Crombie Lockwood. It is a market-leading insurance solution available for SMEs in New Zealand, with over 30,000 businesses covered.

"In essence, SMARTpak is an insurance package that encompasses the insurances most SMEs need to cover costs if things go wrong, at a competitive price.

"There are a lot of additional features that really makes SMARTpak a great problem solver for SMEs", says Crombie Lockwood Chief Broking Officer, Mark Jones.

Four pillars of insurance

“Primarily with SMARTpak, we looked at four pillars of insurance that are important to the majority of SMEs. These are: material damage, business interruption, liability and commercial motor vehicle cover,” explains Mark.

“Our years of experience working with SMEs really shaped how we structure SMARTpak and we've built in important benefits to ensure appropriate coverage that clients may have not otherwise considered.”

As an example, within the material damage policy benefits and with basic conditions met, a business can claim up to $1 million if that business is unintentionally underinsured. The premiums however are based on the declared sums insured, not the $1 million limit. This offers a lot of peace of mind and SMARTpak is the only package to offer this type of cover.

The $1 million cover is across the business interruption policy benefits as well. Again, with certain criteria met, a business can claim up to $1 million if unintentionally underinsured. This includes Additional Increased Costs of Working cover up to $100,000 and Claims Preparation Costs up to $50,000. This means SMEs can operate with a sense of comfort knowing they can be adequately covered without needing to think about the policy constantly as their business evolves throughout the year.

Auckland city fire with Sky Tower in background

Business interruption and material damage cover are important for the majority of small to medium-sized businesses.

Peace of mind for tradespeople

Within the public liability policy, SMARTpak’s Defective Workmanship cover is also considered market-leading. Defective Workmanship cover is particularly relevant for tradepeople and is automatically included with SMARTpak. Similarly, Property Being Worked On cover protects in the event of damage to any property the tradesperson is or has been working on. These covers are available up to a $100,000 limit.

Unlike many other commercial motor policies, SMARTpak has no Inexperienced Driver Excess clause. This means there is no additional excess applied to drivers under the age of 25 who have been licensed for less than 12 months. This gives peace of mind for businesses that need to send apprentices or junior staff on essential errands regularly, allowing senior staff to keep focused on critical business tasks.

Powerful safety net

In the challenging business environment, alleviating worry for SME’s has been amplified within the Crombie Lockwood business, continues Mark.

“We are passionate about SMEs and their success. After all, they are what New Zealand’s business community is founded upon. Putting clients' interests first is among our values and SMARTpak is very closely aligned to that value.

“SMARTpak has proven itself to be a powerful safety net for clients, with the $1 million cover component being utilised for many businesses that might not otherwise have been fully covered.

“Given the uncertainty some businesses have faced in the last 18 months, there is a great sense of pride within Crombie Lockwood that we can exclusively offer the benefits of SMARTpak to the businesses that need it most” he concludes.

With that ethos at the forefront, Crombie Lockwood has introduced a special SMARTpak introductory offer until the end of November 2021, which means eligible SMEs who are not currently insured with SMARTpak can save 20% on SMARTpak insurance.

Published July 2021