Educating small businesses a focus of Insurance Council-Young Enterprise Trust partnership

Photo: Young Enterprise Trust CEO Terry Shubkin (left) and Insurance Council CEO Tim Grafton.

The Insurance Council is developing education resources targetting small-to-medium sized enterprises as 1 in 4 New Zealand businesses don’t have insurance.

In announcing the renewal of its partnership with financial capability education experts Young Enterprise Trust, the Insurance Council says one focus of the 2015 work will be on developing insurance resources aimed at small businesses.

“SMEs are the engine room of the New Zealand economy yet only 1 in 4 businesses are adequately insured,” says Insurance Council of New Zealand Chief Executive Tim Grafton.  “This could pose a significant risk to the economy”.
“The value of business insurance proved itself in helping the Canterbury economy through the aftermath of the earthquakes in 2010-11 as over $1 billion was paid out in business interruption insurance after the quakes, providing stimulus to the local economy, keeping jobs open and pay packets full,” he says.
“But across New Zealand, 28% of business owners don't have business insurance,” says Grafton.
As part of its 3-year financial literacy strategy, the Insurance Council is partnering with Young Enterprise for a second year to develop further risk and insurance-related educational resources
Young Enterprise Chief Executive Terry Shubkin says: “We see that part of being financially capable is having the skills and knowledge to make the right decision for your own personal situation. Understanding the risks we face daily and being aware of the role insurance plays is a key part of this capability.”
“We’re delighted to extend our relationship with the Insurance Council of New Zealand to be able to raise this knowledge and awareness for people of all ages,” says Shubkin.
The 2015 Young Enterprise partnership will also result in education resources on home and contents insurance, activities during Money Week in September 2015, support for the public education insurance website Covered and ongoing promotion of resources developed in 2014.
Last year, Young Enterprise produced educational resources targetting secondary school students, including four Unit Standard Packages with a focus on insurance and risk.  The resources cover Financial Management Unit Standards at Levels 2 & 3 including a Student Workbook, Student Assessment, Assessor Guidelines and Teaching PowerPoints for each unit standard.  Young Enterprise also developed an Introduction to Insurance booklet entitled: "Are you covered? Protect what is important to you" that is available online and in all secondary schools throughout New Zealand.