Public & Products Liability Insurance
Even if you don’t have visitors to your office or home, you could still suffer a public liability claim against your business, for example, if you accidentally damage a client’s property in their office. Anyone working for you could trigger a public liability claim against your business if their actions at work cause damage to other property. Many companies and organisations will insist that their suppliers need to have a certain level of public liability insurance cover in place before they are allowed on site.
This insurance can cover the compensation payment plus defence costs. Even when you do everything right there is still the chance of an accident happening. You could be responsible for the products you sell, import or install for a long time after the work is undertaken, so you need to have the peace of mind that your insurance protection is with a reputable insurer that will be there when you need them.
Statutory Liability Insurance
Statutory liability insurance is a specialist insurance policy that covers your company and employees for allegations of wrongful breaches of key legislation during the course of business operations. In fact, the company and/or it’s directors, partners and employees may incur a fine for the unauthorised or irresponsible actions of its contractors, agents or other directors or employees.
Statutory liability insurance can help protect you and your business from fines or penalties imposed by the courts, and the costs of defending yourself for unintentional breaches of most laws in New Zealand.
It can also cover reparations sentences imposed by the courts following a conviction under the Health and Safety at Work Act. These amounts are paid to the victim or their family for emotional harm; property damage; or consequential losses.
A statutory liability policy can be triggered by prosecutions under many laws, including:
- Health and Safety at Work Act 2015
- Resource Management Act 1991
- Building Act 2004
Employers Liability Insurance
For anyone that has employees, this insurance is essential. Have you thought about what you would do if an employee was injured or fell sick as a result of their employment in your business. Employers liability insurance can pay for the cost of defending civil actions brought by employees for sickness or injury at work, outside the scope of ACC. For example, mental injury, nervous shock, fright or stress. An employee could take actions, alleging recklessness on the part of the business and its directors leading to the injury, and most of these actions seek a lump sum payment based on pain, suffering, and loss of enjoyment of life. Employers liability insurance protects you - the business owner - from the financial impact of such claims.
Employment Practices Liability
Today employees are becoming more litigious than ever and the number of employment tribunal cases are continuing to increase each year with even more being unrecorded due to out of court settlements. If there is an employee who leaves a company upset, or if you have to dismiss an employee due to their conduct there is the possibility of that employee seeking legal action against your business.
Employment practices insurance is a type of liability insurance which covers the cost of personal grievances or wrongful acts arising from the employment process. It provides comprehensive protection against errors and omissions in the management and administration of human resources. The most frequent types of claims covered under employment practices liability policies include: wrongful termination, discrimination, sexual harassment, and retaliation. This is the reason why it is increasingly important for businesses who employ staff to ensure they have specific insurance to cover the potential costs of employment practices actions.
As you grow, so too can the risks. With employing staff comes the risk of employee dishonesty. Protection against theft of money or property resulting from employee dishonesty is an absolute must for business owners with employees. Many employers do not realise how vulnerable they are to financial losses caused by the fraudulent acts of their employees.
Every year, millions of dollars from businesses in New Zealand are lost due to employee dishonesty. In some cases, businesses can suffer severe financial damage which can be caused by long-term, ongoing schemes that can be hidden for years. In a number of cases, employee dishonesty can even end up in bankruptcy.
This is where crime/fidelity liability insurance can protect your business. We can provide you with protection for:
- Money – currency, coins, bank notes, traveller's checks and money orders held for sale to the public.
- Securities – negotiable and non-negotiable instruments or contracts representing either “money” or other property including tokens, tickets and evidences of debt issued in connection with credit cards.
- Property – such as computer equipment.
Directors & Officers Liability
Businesses should consider directors and officers insurance if you sit on, or your business is incorporated, including private corporations, incorporated associations, public corporations and co-operatives. Directors’ and officers’ liability insurance can cover the cost of defending these proceedings, as well as any compensation costs that arise from an unsuccessful defence. Directors' and officers liability insurance covers these directors and officers for wrongful acts committed within their capacity as a director and/or an officer.
Directors' and officers' insurance 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. Directors' and officers' liabliity insurance can offer protection for claims arising from:
- Shareholders (such as neglect or misleading statements).
- Employees (such as claims for wrongful dismissal or harassment).
- Statutory bodies (such as actions brought by the Australian Securities and Investments Commission involving alleged breaches of fiduciary duties).
- Competitors (such as allegations of conduct involving anti-competitive behaviour).
- The organisation itself (such as actions brought by a liquidator on behalf of the organisation alleging insolvent trading).
This is the recommended insurance for community associations and charitable trusts, as these are often the organisations 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.
How We Can Help
These are only some of the liability insurances we are able to offer insurance solutions for. We can create management packages to suit your business activities, so please contact us to enquire about your unique liability needs and we will create a tailored insurance package for you. We have access to large insurers and specialist insurers for those hard to place insurance covers. Freeing up your capital by offering and arranging premium funding options is one of the ways that Moynahans Insurance can add value to you and your business and help free up your cash-flow for other aspects of your business.