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Liability insurance
Business liability insurance
Business liability insurance covers you for legal costs and fines if you accidentally injure or damage other people or their property in the day-to-day operation of your business.
Any sized business can be on the receiving end of a claim made by a third party, or negligence or omission from a staff member.
Our brokers are here to help you assess and manage these kinds of risk, and ensure you are fully protected.
What is business liability insurance?
Liability insurance covers two key financial risks. One is the legal cost of defending a claim. The second is the compensation that you may be directed to pay the injured or wronged party, plus their legal costs, if a claim against you is upheld.
Though commercial insurance is optional in most cases, it is strongly recommended for businesses in all industries, as the likelihood of being sued for negligence is unpredictable and potentially very costly. In some industries, however, liability or professional indemnity insurance is mandatory before you can legally operate.
WE OFFER FIVE MAIN FORMS OF LIABILITY INSURANCE FOR BUSINESS
Public liability
Public liability insurance provides a safety net to protect your business in the event of an unforeseen incident. It covers you if a customer or member of the public suffers a loss, property damage or injury because of your business’s day-to-day activities.
Statutory liability
Statutory liability insurance covers legal defence costs and certain fines if you accidentally breach legislation. It protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of parliament resulting in prosecution.
Professional indemnity
Businesses that provide opinions, advice, design or specification run the risk of claims against them if the advice or design turns out to be unsatisfactory. This can happen to the most fastidious and capable of professionals.
Professional indemnity insurance covers the risk of making a professional mistake: an act, error, omission or through conduct or being misinterpreted.
Management liability
As a company director, you owe duties under both statute and common law and can be held personally liable not just for your own mistakes but also for the failings of people on whom you relied. If a manager or director conducts illegal or unethical practices that cause losses to individuals or businesses, management liability covers your assets and the business.
Management liability insurance has many levels of cover, including:
- Directors and officers liability
- Trustees liability
- Employment practices liability
- Fidelity
- Statutory liability
Talk to our insurance brokers about management liability options that are most suited to your business.
Product liability
Product liability insurance protects against claims of personal injury or property damage caused by products sold or supplied through your business.
Product liability insurance is usually included in your public liability policy and is essential if you sell, supply or deliver products to members of the public.
Custom liability insurance solutions for your business
At Crombie Lockwood, we work with corporates and small-medium businesses to develop tailored liability coverage that fits the unique requirements of each business.
Through working closely with our clients, Crombie Lockwood has developed two cost-effective business insurance packages to support your primary liability risks.
- PURPL is a 10-dimensional liability insurance package arranged by Crombie Lockwood and underwritten by QBE Insurance, one of New Zealand’s leading liability insurers.
- SMARTpak offers comprehensive cover for New Zealand’s small and medium businesses.
In addition we offer a range of specialist liability solutions as separate products and as extensions to other liability policies.
Whatever you need, our brokers can find the right insurance coverage for you and your business. In the event of a claim, they'll work on your behalf to get a fair resolution.