Statutory Liability Insurance For Your Business
New Zealand businesses are facing increased exposure to statutory fines and penalties handed down for breaches of legislation, with businesses, directors, and those in managerial positions being held more accountable and responsible for their actions in the workplace.
Statutory Liability Insurance protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of Parliament. It covers the costs of representation in investigations for alleged breaches affecting commercial businesses, as well as defence costs, and fines or penalties payable following conviction for an offence under an insured statute.
What is Statutory Insurance*?
Statutory Liability Insurance protects you, your business and your employees, including directors, trustees and managers, against certain unintentional breaches of New Zealand Acts of Parliament. It covers the costs of representation in investigations for alleged breaches affecting commercial businesses, as well as defence costs, and fines or penalties payable following conviction for an offence under an insured statute in situations where the fines or penalties are permitted to be paid at law.
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What does Statutory Insurance cover?
Statutory Liability insurance is there to provide the financial protection for your business when it is faced with a claim. These are some of the key areas that Statutory Liability insurance covers:
- Defence costs associated with alleged breaches of statutory acts affecting commercial activities
- The costs of representation at an investigation or inquiry
- Fines or cash penalties payable by the insured following conviction for an offence under the insured statutes (unless the said Act forbids any fines and penalties to be insured)
Statutory Liability Claim Examples
This is a quick overview of some of the different types of claims where Statutory Liability insurance may provide protection to your business:
- Investigations by the Commerce Commission
- Investigations of workplace injuries
- Environmental breaches, such as unintentional discharge of waste into public watercourse
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How much does Statutory Insurance cost?
There isn’t a one-size fits all price when it comes to Statutory Liability insurance policies. Each and every 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.
Statutory Liability insurance protects against certain unintentional breaches of New Zealand Acts of Parliament.
Professional Indemnity insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
* * 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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Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals.
You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents.