All businesses have a legal liability to their customers, suppliers and the general public. If you are a business owner, your form of ownership - especially a partnership or sole proprietorship - could put your personal finances at risk in the event of a business-related lawsuit, such as malpractice, injury or negligence. Liability Insurance covers both the legal costs and any legal payouts for which the insured would be responsible if found legally liable.
Public and Products' Liability Insurance
Public and Products' Liability Insurance provides protection to businesses against claims that their products or services have caused unintended injury or property damage. Product liability insurance protects y our business against claims arising from damage or injury caused to another business or person due to the failure of the products you manufactured, supply or sell.
The financial impact of a product liability claim can be significant, this can include claims for compensation that the business is legally liable to pay, plus any costs to defend the claim. So, it is important to have the right cover in place for your company.
Statutory Liability Insurance
Statutory Liability Insurance is specialist insurance that covers your company or employees from fines, penalties and legal costs that can result from an accidental breach of law. These may include occupational health and safety laws, environmental laws, employment laws, the Resource Management Act 1991 and the Building Act 2004. The policy does not cover employee contract claims, IRD proceedings, nor police proceedings.
Employers' Liability Insurance
Employers' Liability Insurance protects employers from major financial loss if a worker experiences a job-related injury or illness, that ACC does not cover. Employers' liability insurance can cover the costs of defending civil actions brought by the employees for sickness, injuries or suffering at work.
Employers' liability insurance protects you - the business owner - from the financial impact of such claims, by covering the costs associated with such personal injury claims as well as the cost of defending them.
Employment Practices Liability
Employees are becoming far more litigious and the number of employment tribunal cases is continuing to increase. If an employee leaves your company disgruntled, or you have to dismiss an employee due to their conduct, there is the possibility that the employee may seek legal action against your business. Employment Practices Liability Insurance covers the cost of personal grievances, actions and claims for unjustified dismissal. It provides comprehensive protection against errors and omissions in the management and administration of human resources. It has become increasingly important for businesses who employ staff to ensure they have specific insurance to cover costs of employment practices actions.
Crime / Fidelity Liability Insurance
Every company regardless of its size is a target for crime. The changing economic environment, advancements in technology and international expansions make the threat of loss more ominous than ever before.
Many employers don't realise how vulnerable they are to financial loss due to fraudulent acts by employees.
Protection against theft of property or money is absolutely vital for business owners.
Crime / Fidelity Liability Insurance protects you against loss to the business caused by fraudulent or dishonest acts by employees.
Directors' and Officers' Liability Insurance
If your business is incorporated, including private corporations, incorporated associations, public corporations and cooperatives, then you should consider Directors' and Officers' Insurance.
Legislation such as the Companies Act, The Commerce Act and the Fair Trading Act, means that Company Directors and Officers may find themselves accountable to shareholders, creditors, competitors, employees and members of the public.
This insurance covers Directors and Officers for wrongful acts committed within their capacity as Director and or Officer. The insurance covers the amount the Director is legally obliged to pay, including the cost of defending any claims. It also protects the Directors and Officers of an organisation against the legal liability they may incur personally as a result of their involvement in the organisation.
The policy also reimburses the company for the cost of meeting its obligations under the Directors' indemnity provision in the company's constitution.
Associations' Liability Insurance
This is cover for those associations that fall outside the Companies' Act. This policy includes both professional indemnity and trustees' liability cover. It covers not only the organisation itself but trustees, directors, officers, committee members, employees and any volunteers acting on its behalf. These are just some of the liability insurances we offer. We can create management packages to suit your business needs, as we have access to large national and international insurers, along with specialist insurers for those hard to place insurance covers. Please contact one of our Abraham Insurance brokers for further information.