How much does Statutory Liability insurance cost?

There isn’t a one-size fits all price when it comes to Statutory Liability insurance policies. Each business is different with its own exposure to potential risks. Factors like the number of staff and the type of work your business conducts can impact the pricing of your policy. To find out how much Statutory Liability insurance may cost your business get a quote today.

What is the difference between Professional Indemnity and Statutory Liability insurance?

These two types of insurance are designed to cover different risks that your business may face. Professional Indemnity insurance is designed to respond to claims of losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. It will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. Statutory Liability insurance protects against certain unintentional breaches of New Zealand Acts of Parliament.

What is the difference between Statutory Liability and Public Liability insurance?

Public Liability insurance is intended to protect against different risks than what Statutory Liability insurance is designed for. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured (and not covered by the Accident Compensation Commission (ACC)) or sustain property damage as a result of your negligent business activities. Statutory Liability helps you manage unintentional breaches of key NZ business legislation. Policies typically cover legal and defence costs, plus fines and penalties you may be ordered to pay.