So i have been trying to find information on the legal requirements for business insurance and it would appear that there is none - can anyone confirm this for me?

From what i can gather after reading companies act etc there is no mandatory requirement for a business or otherwise to hold any form of insurance.

I am reducing my companies field of works to residential only so have no need for the comprehensive insurances that are required for commercial and industrial works - before i go to my broker just want to empower myself with the appropriate knowledge - i would like to think that you would receive a reduced rate if you were plumbing/gasfitting residential only but this may not be the case - do residential plumbers/gasfitters bother with insurances?

Not looking to get out of insurance so to speak just want to know what normal best practice is as a residential only plumber/gasfitter? Been a commercial/industrial/residential plumber my whole life so always carried very comprehensive insurance which also carries hefty premiums so just looking to minimise it all :-)

Any helpful advice appreciated!

Linkback: https://forum.plumbers.nz/plumbing/1/business-insurance/1973/