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Legal liability covers can take many forms.
Commons types include:
- negligently causing loss to someone else’s property or business.
- negligent professional advice when providing professional services.
- unintentionally breaching a statute.
For people acting in a commercial capacity, the main forms of commercial liability insurance are:-
- general public and products
General public and products liability
The most basic form of liability insurance is public liability. It provides legal liability protection from damage to third party property or bodily injury.
This type of cover is important for anybody who occupies or leases property in connection with their business, and/or provides a service away from their premises (such as a decorator, painter, motor mechanic, electrician, plumber).
Products liability cover is important for anybody supplying products such as a retailer, importer/exporter or manufacturer. Cover includes defence costs which are usually in addition to the limit of indemnity.
Public and products liability insurance is occurrence (event) triggered.
Statutory liability insurance
Statutory liability insurance provides legal defence protection and cover for fines for some breaches of statute, such as the Resource Management Act, Financial Reporting Act and Building Act. Occupational Health and Safety legislation prevents parties from insuring for workplace health and safety fines. Cover includes defence costs.
Statutory liability insurance is triggered when a claim is made.
Employment practice liability
Employment practice liability insurance provides protection for legal defence and court awarded settlements for employment law breaches. Cover includes defence costs.
Employment practice liability insurance is occurrence (event) triggered.
Insure247 FSP626729 INSURE 247 LIMITED (NZBN: 9429046774224)
Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs.