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Liability Insurance

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What does liability insurance protect against?

Liability Insurance

Liability insurance provides coverage for legal obligations that arise from injuries, damages, or negligence. For businesses, it acts as a safeguard against the financial burden from claims or lawsuits made by third parties.

Why do businesses need liability insurance?

Protection from Legal Action

Accidents or mistakes happen, no matter how careful a business is. Liability insurance provides a safety net against the hefty costs of legal claims that may arise due to such unforeseen events.

Financial Stability

Lawsuits can result in large payouts. Having coverage means a business won’t need to pay entirely out-of-pocket, ensuring financial security.

Credibility Boost

Being insured demonstrates to clients and partners that a business is proactive about its responsibilities, which can foster trust and credibility.

What does liability insurance cover Gerrards

What exactly does liability insurance cover?

Liability insurance primarily covers the costs associated with claims made against a business due to bodily injuries, property damages, and in some cases, negligence. This can include:

  • Medical expenses for injuries that occur on a business’s property or due to its operations.
  • Repair or replacement costs for property damage caused by the business.
  • Legal defense costs if a lawsuit is brought against the business.
  • Settlements or judgment costs if the business is found legally responsible.

Types of liability cover available

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Public Liability

This policy covers common business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection
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Statutory Liability

This cover is a type of protection that helps people or businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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Employers Liability

This insurance helps protect businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments
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Professional Indemnity

This coverage protects businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 
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Employment Disputes

This insurance in NZ covers legal costs and other expenses arising from disagreements between employees and their employers.

Best For
  • Mediation costs
  • Legal expenses
  • Settlement fees
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Cyber Insurance

Insurance that helps protect individuals and businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.

Best For
  • Ransomware attacks
  • Phishing scams 
  • Cyber extortion 
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Management Liability

Management liability insurance in NZ shields company leaders from legal and financial risks due to their managerial responsibilities.

Best For
  • Directors liability 
  • Employment disputes
  • Legal defence
Carriers Liability Insurance Gerrards

Carriers Liability Insurance

Carrier’s liability insurance in New Zealand covers transport operators for their liability when goods they’re transporting for customers are lost, damaged, or delayed. 

Best For
  • Goods damage
  • Transit loss 
  • Theft

How does liability insurance work?

When a claim is made against a business, the insurance company investigates the specifics of the claim. If the claim is valid, the insurer will cover the related expenses up to the policy limit. However, it’s essential to know that each policy has a maximum payout limit and a deductible that the business will need to pay.

What does liability insurance cover Claim

What are the advantages and disadvantages of liability insurance?

When deciding on liability insurance it’s essential to weigh the pros and cons:

  • Financial Security: Protects businesses from potentially crippling expenses from lawsuits or claims.

  • Peace of Mind: Owners can operate with the assurance that they’re protected from many unforeseen challenges.

  • Enhanced Business Image: Clients and partners may view insured businesses as more trustworthy and responsible.

  • Cost: Premiums can be expensive, especially for high-risk industries or those with a history of many claims.

  • Policy Limits: Insurance might not cover everything. High claims might exceed policy limits, leaving businesses to cover the excess.

  • Possible Premium Increases: After making a claim, the insurance company might increase the premium at renewal time.

What are some misconceptions about liability insurance?

  • “It covers all business losses.” No, it primarily covers third-party claims. Other losses, like those from natural disasters, typically require different insurance.

  • “Small businesses don’t need it.” Size doesn’t determine risk. Even small businesses can face large claims.

  • “It’s too expensive for what it provides.” The cost of a lawsuit without insurance can far exceed the price of premiums.

How can Gerrards help?

Why should businesses turn to Gerrards for their liability insurance needs?

  • Expertise in New Zealand Market: Being locally based, Gerrards understands the unique challenges and requirements businesses face in New Zealand.

  • Specialized in Business Insurance: With a focus on business insurance, Gerrards offers tailored solutions that match specific business needs.

  • Personalized Consultation: Gerrards’ experienced team works closely with businesses to understand and provide the best insurance recommendations.

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