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• Business interruption
This covers the income or profit of your business, following insured loss or
damage. Many businesses rely on material damage insurance to cover the repair
costs, but what about the associated loss of business profit? Business interruption
insurance can cover your gross profit, wages, payroll and redundancy payments
along with additional costs of working, costs for reinstating your records and loss
of rents.
• Business vehicles
Commercial motor insurance gives you the option of covering your business
vehicles (i) comprehensively, (ii) for third party, or (iii) third party, fire and theft
cover.
All businesses and persons have a legal responsibility to ensure that their actions
or omissions do not cause property damage or personal injury to others.
Liability can arise under common law or statute from many sources including:
The General Liability insurance policy will indemnify the insured for any
compensation they become legally liable for in respect to Personal Injury or
Property Damage. Additionally, it will pay the costs and expenses of
investigating, negotiating and defending any claim.
• Employer's liability
This covers claims made by employees for injuries or illness suffered at work that
are not covered by ACC – like mental injury, nervous shock, fright or stress. The
policy will pay the defence costs and all sums that you become legally liable for,
up to a selected limit, as a result of a claim for damages made against you.
• Statutory liability
This covers you for fines and defence costs for inadvertent offences under many
Acts of Parliament including Fair Trading, Building and Resource Management
Acts (excluding Health and Safety fines as required by law). For example, under
the Resource Management Act, fines can be up to $200,000 for an offence and
$10,000 per day for each day the offence continues.
• Professional indemnity
The Lumley policy is a full civil wording and provides cover against claims for third
party financial loss arising from: