New Zealand’s increasingly regulated environment means your business has more responsibilities.  So when it comes to managing your liability, it’s important you understand the risks your business may face so you can have the right insurance cover in place, even if your business is small.

Fines for breaches are increasing

The Health & Safety Act of 2016 has impacted on all New Zealand businesses and the Act has also influenced the norms in Statutory Liability insurance.  We are seeing more fines and penalties for breaching laws like:

• Health and Safety in Employment Act
• Consumer Guarantees Act
• Building Act
• Privacy Act
• Fair Trading Act.

What does Statutory Liability Insurance cover?

Statutory Liability insurance is there to protect you from a range of costs such as:

• Insurable fines and penalties
• Court imposed reparations

What does General Liability Insurance cover?

General Liability insurance is there to protect you if you make a mistake and cause harm to someone else or their property in the course of carrying out your business.

For further simple to understand information on General Liability view our General Liability Infographic.

Both insurances provide a good starting point to protecting both you and your business from unforeseen events.

In 2016, over $481 million was paid out in liability claims in New Zealand and we're expecting the soon to be released 2017 figures to be higher.  Claims arising from defective products or work were the most common causes of liability losses.

One of our brokers would be happy to talk to you about the types of liability that may affect your business, please feel free to get in touch.