Li·a·bil·i·ty
The state of being legally responsible for something.
Do you manufacture or supply products? Own a commercial building? Go into other people’s premises to conduct business? Have people come onto your premises to work? Are you a tenant?
Chances are you need Public Liability Insurance, most of us do. Sometimes it’s called General or Broadform Liability and it’s really important for most NZ businesses big or small. For some industries, it’s even mandatory.
- Legal representation and defence costs
- Investigation costs
- Compensation for personal injury or death
- Damages, repair or replacement of other people's property
Do you manufacture or supply products? Own a commercial building? Go into other people’s premises to conduct business? Have people come onto your premises to work? Are you a tenant?
Chances are you need Public Liability Insurance, most of us do. Sometimes it’s called General or Broadform Liability and it’s really important for most NZ businesses big or small. For some industries, it’s even mandatory.
- Legal representation and defence costs
- Investigation costs
- Compensation for personal injury or death
- Damages, repair or replacement of other people's property
Q. Who should have Public Liability cover?
Janice says: Most (if not all) businesses will need Public Liability cover.
Q. Why do I need cover for this – doesn’t ACC cover accidents in NZ?
Janice says: Quite simply, accidents happen. And you’re responsible for any damage that you or your employees cause to other people’s property, even accidentally. New Zealand ACC does mean you can’t be sued for loss of earnings or medical expenses when you or one of your employees accidentally injures someone, but you can still be sued for loss of enjoyment of life, pain and suffering, and stress.
Q. How much cover should I have?
Janice says: Generally, we recommend public liability cover of at least $2,000,000 unless there is a contractual requirement for you to hold a higher amount. Check any contracts you have, including your lease agreements, see if they specify a limit, or send them through to us (link to deb@meridiangeneral.co.nz) to review for you
Q. How is the premium set?
Janice says: The main factors affecting your public liability premium are your occupation or industry, your business turnover, the number of employees you have, and any previous public or product liability claims.
