Keeping your business safe
When you own a business, the most obvious things you need to insure are your buildings, plant and stock. But is your business also protected from loss of profits resulting from business interruptions, and all the liabilities faced on a day to day basis? We have access to all the leading insurance companies and business insurance products.
Specialist business insurance advice covers:
Covers buildings, plant and contents for accidental and sudden loss or damage.
This covers the client for loss of revenue as a result of a claimable event under the material damage policy.
For example a fire may close a factory down for several weeks or months. Whilst they are not trading they are losing income, this policy covers lost income plus standing charges that the business may still have to pay such as rates and wages etc.
Many different policies fall within this category. The most common is ‘Broadform’ or ‘Public Liability’ insurance. This covers the client for their liability to third parties for property damage or injury to third parties as a result of their negligence in connection with the running of their business.
This insurance covers you for innocent breaches of certain Acts of Parliament. For example Fair Trading Act, Privacy Act, Sale of Liquor Act, Building Act and many others. It does not cover you for fines under the Health and Safety in Employment Act (But does cover defence costs and any reparations awarded), Arms Act, Aviation Crimes Act, Crimes Act 1961, Proceeds of Crime Act 1991, Summary Offences Act 1981, Transport Act 1962 and Transport (Vehicle and Driver Registration and Licensing) Act 1986.
This policy covers your liability to any employee who, due to your negligence, is injured. Any costs not covered under ACC would be covered under this policy including Punitive and Exemplary Damages. Also covers your defence costs.
Directors and Officers Liability
This insurance covers Directors and Officers for liability arising out of wrongful acts committed in their capacity as Directors and Officers of the company. Some actions which could be taken against a Director or Officer could include shareholders alleging negligent recommendations or public statements regarding mismanagement of Company assets or regarding takeovers, investors alleging misrepresentation in a prospectus, creditors alleging improper incurring of debts, customers or others alleging misrepresentation in public statements or advertising material as some examples.
Professional Indemnity insurance provides you and your business with protection against allegations that you have breached your professional duties . This covers your liability for acts, errors or omissions that you or your staff make in your professional activities, this also includes defence costs, defamation (libel and slander) claims, the loss or damage of documents owned by someone else that are in your safekeeping as well as many other claims.
A ‘ professional’ is anyone who gives another person advise and/or services of a skilful character according to an established discipline. This would include, but is not limited to, such occupations as accountants, lawyers, computer consultants, counsellors, architects, veterinary surgeons, advertising agents and training consultants.
Covers motors and electronic equipment (including computers) for mechanical, electrical and electronic breakdown. These types of losses are excluded under most material damage policies.
Cover fleets or individual vehicles. Specialist commercial vehicles covers or extensions are available under this type of policy (e.g. Loss of use, automatic cover for new purchases etc).
Covers several different areas, including commercial boats, goods in transit and Carriers Liabilty (transport companies liability for the items that they cart).
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