Understanding your exposure to liability is essential to managing your business.
What different types of liability insurance are available?
Public Liability
The most basic form of Liability Insurance is Public Liability. It provides legal liability protection from damage to third party property or bodily injury. This type of cover is important for anybody who occupies or leases property in connection with their business, and/or provides a service away from their premises, such as a decorator, painter, motor mechanic, electrician, plumber.
Products Liability
Products Liability covers you from claims you might be liable for as a result of products you supply. It is important for any business supplying products such as a retailer, importer/exporter or manufacturer. Products Liability cover includes defence costs which are usually in addition to the limit of indemnity.
Statutory Liability
Statutory Liability insurance provides legal defence protection and cover for fines for some breaches of Statute such as the Resource Management Act, Financial Reporting Act and Building Act. Occupational Health and Safety legislation prevents parties from insuring for Occupational Safety and Health fines. This cover includes defence costs.
Changes made to the Health and Safety Act in April 2016 have made up to date Statutory Liability cover essential for all businesses. Certus can provide you with advice on whether your Statutory Liability cover is adequate.
Employers' Liability
Employers Liability insurance covers employers for costs relating to personal injury to any employee of the insured. This includes any obligation for which the insured may be held liable under the Injury Prevention, Rehabilitation and Compensation Act 2001, or any similar or amending legislation. Employers Liability cover includes defence costs.