Insurance Glossary

What types of cover are available?

What are the main types of cover available through BizCover?

BizCover offers a range of insurance solutions for small businesses from New Zealand’s leading insurers to help cover your business from financial uncertainty resulting from unexpected events or circumstances.
The products available include Professional Indemnity, Public Liability, Business Insurance, Cyber Liability, Employers Liability, and Statutory Liability.

What is Professional Indemnity Insurance?

Professional Indemnity Insurance provides cover for losses sustained by third parties as a result of a breach of your professional duty. This is commonly referred to as Professional Liability.

Policies typically cover:

• Misleading and Deceptive conduct;
• Defamation;
• Breach of Intellectual Property Rights;
• Damages arising from Fraud/Dishonesty of employees;
• Defence Costs associated with covered claims.

Extension of cover can also be negotiated for the following:

• Findings and Awards by Dispute Resolution Bodies/ Investigations Costs;
• Lost Documents – for damaged or lost documents that are part of providing professional
• Previous Business – for when the entity or persons now providing professional services
on behalf of the entity were with another organization;
• Continuous cover – provides cover in certain situations for known circumstances arising prior to the period of insurance, as long as the insured was continuously insured with the same insurer and was insured at the time they first became aware of the known circumstance.

What is Public Liability Insurance?

Public Liability Insurance protects businesses against damages arising from a claim for third party personal injury or property damage that occur as a result of business related activities, either at the workplace or at another location.

Policies typically cover:

• Compensation for personal injury and/or property damage to a customer or member of the public
• Legal and defence costs

What is Business Insurance?

Business Insurance protects a business for material damage losses suffered from an unexpected event like fire, theft, storm and accidental damage. It can also provide cover for a reduction in revenue if your business is interrupted due to an insured event.

Policies typically cover:

Material damage loss
• Damage or theft of contents or stock;
• Damaged buildings;
• Portable valuables;
• Glass
• Money

Financial loss
• Business interruption

What is Cyber Liability Insurance?

Cyber Liability Insurance covers you for damages as a result of your liability when your data is breached. It includes costs of investigations, legal defence costs, reconstitution of data, and public relations costs.

What is Employers Liability Insurance?

Employers Liability Insurance covers you for damages being awarded against you, including defence costs, as a result of an employee suffering bodily injury arising out of his or her employment. If the injury is covered by an Act of Parliament, such as the Accident Compensation Act 2001, then the policy need not respond.

What is Statutory Liability Insurance?

Statutory Liability Insurance covers your liability for fines, penalties and defence costs arising out of your inadvertent breaches of New Zealand Statutes (Acts of Parliament), other than for certain Acts that are deemed criminal in nature. Depending on the particular Act, the actual fine for the breach itself might be excluded (as the specific Act does not allow cover to be purchased for the infringement) although the defence costs would still be covered.

* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  The information contained on this web page is general only and should not be relied upon as advice.

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