Statutory Liability InsuranceWhat does it typically cover?
It can cover legal costs and potential fines or penalties associated with regulatory or statutory offences. (Note: Fines imposed under the Health & Safety in Employment Act are not insurable). It can cover prosecutions under many New Zealand acts, such as:
- Resource Management Act 1991
- Health & Safety in Employment Act 1992
- Fair Trading Act 1986
- Consumer Guarantees Act 1993
- Building Act 2004
- Privacy Act 2020
Statutory Liability InsuranceWho should consider it?
Statutory Liability Insurance is vital for businesses exposed to regulatory risks. It’s particularly relevant for:
- Businesses in regulated industries like construction, manufacturing, and retail.
- Companies handling sensitive information, such as businesses in the healthcare and finance industries.
- Businesses that need protection against acts such as the Resource Management Act or the Fair Trading Act.
- Small to medium-sized businesses that may struggle with legal costs or penalties.
If you’d like more information or are interested in a custom insurance solution for your company, contact the Malcolm Flowers Insurances team of specialists today.
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