New Zealand’s increasingly regulated environment means running a business can get quite complicated. So when it comes to managing your liability as a business, it’s important you have the right insurance in place to make sure you’re fully protected, no matter what your size.
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, and we’re seeing more fines and penalties for breaching laws like the Health and Safety in Employment Act; Consumer Guarantees Act; Building Act; Privacy Act; and the Fair Trading Act.
While Statutory Liability insurance is there to protect you from a range of costs including insurable fines, penalties and court imposed reparations, for any unintentional breaches of most laws; 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.
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 the soon to be released 2017 figures are likely to be higher. Costs rising from defective products or work were the most common causes of liability losses, accounting for 23 percent of global claims.
Rothbury Insurance Brokers is releasing a series of Liability https://www.rothbury.co.nz/general-liability-insurance Infographics to help simplify Liability insurance for small to medium sized businesses. The first in this series takes a look into General Liability insurance and why it’s so important. You can download a printable copy from our website https://www.rothbury.co.nz/general-liability-insurance
If you’d like to find out more about the different types of Liability insurances and talk about a plan to protect your business, call one of the team at Rothbury. Phone 099149800 or email: email@example.com.