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Public Liability Insurance

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Do I require Public Liability Insurance?

Public Liability Insurance

Public liability insurance provides cover if your business unintentionally causes injury or property damage to a third party. For many businesses in New Zealand, especially those interacting with the public, it's a crucial cover.

Do I need it?

Starting a business in New Zealand comes with its set of challenges and responsibilities. One essential consideration is whether you need public liability insurance.

Protection from Financial Losses

Accidents can happen. If someone is injured, or their property is damaged because of your business activities, you could be liable for significant expenses. Public liability insurance covers these costs.

Peace of Mind

Knowing you have coverage in case something goes wrong allows you to focus on growing and managing your business without the constant worry of potential lawsuits or claims.

Boost Business Image

Customers and partners often perceive businesses with public liability insurance as more professional and trustworthy. It can also be a requirement when tendering for certain contracts or operating in specific locations.

Why Public Liability Insurance?

Public liability insurance is pivotal for businesses for a myriad of reasons.

  • Legal Costs: In the event of a claim or lawsuit against your business, legal costs can escalate quickly. This insurance can cover these fees.

  • Protect Assets: Without insurance, your business assets or even personal assets could be at risk to cover the liabilities.

  • Mandatory for Some: While it’s not a legal requirement for all, certain industries, contracts, or locations may mandate businesses to have public liability insurance.

What is Public Liability Insurance?

Public liability insurance covers:

  • Third-party Injury: If someone, who isn’t an employee, gets injured because of your business.
  • Property Damage: If your business unintentionally damages someone else’s property.
  • Legal Costs: Covers the legal expenses associated with defending a claim, even if it’s baseless.

What are the advantages and disadvantages?

Like all insurance types, public liability insurance comes with its set of pros and cons.

  • Financial Protection: Safeguard against unexpected costs of lawsuits or claims.
  • Enhanced Credibility: Build trust with customers and stakeholders.
  • Legal Defence: Assistance with legal fees in case of a claim.
  • Cost: Premiums can be a business expense you need to account for.
  • Not Comprehensive: Doesn’t cover employee injuries or damage to your own property.
  • Exclusions: Some specific events or conditions may not be covered, depending on the policy.

Common Misunderstandings

  • “It’s the same as business insurance”: Public liability is just one aspect of broader business insurance.
  • “Only big businesses need it”: Even small businesses can face large claims.
  • “I’m too careful to need it”: Accidents are unexpected. Even with all precautions, unforeseen events can occur.

How can Gerrards help?

Gerrards, as a specialist in business insurance in New Zealand, can assist by:

  1. Tailored Advice: We understand the unique needs of businesses and can provide guidance tailored to your specific risks.
  2. Access to Multiple Insurers: As a broker, we can present options from various insurers, ensuring you get the best deal.
  3. Claim Assistance: In the unfortunate event of a claim, Gerrards is there to support and guide you through the process, ensuring a smoother experience.

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