Newspaper Q&A - Keeping you informed on liability insurance
We’re aiming to raise awareness of the Rothbury name through Q&A in national newspapers throughout 2009. Our hot topic in June was all about liability insurance.How can a broker help me with liability insurance? Legal liability is a risk confronting all businesses and liability insurance should be a core part of any business’s insurance cover.
Your business’s liability risk depends on a number of factors, to name just a few this could include industry, staff numbers, the nature of your business and the dollar value of your contracts.
A good broker will know your business well, they’ll know the liability risks you’re likely to face and they’ll have an overview of common liabilities for your industry and business type. They will be able to recommend the liability cover or covers that are best for your business.
More helpful information.
Current Trends in Liability InsuranceEvery business is concerned about the ‘big one’ – a big liability claim like being held liable for burning down a building. Many clients think of liability insurance in these terms, offering protection for something big.
In these hard economic times we’re seeing an even greater need for liability insurance because people are making claims they previously would not have. Money means more to businesses when times are tight and a business’s need to be compensated for smaller things has increased. This means anyone under financial stress such as your clients are now more likely to make a claim against you. If your business is under financial stress this in turn means your own business is now more to make a claim on your liability insurance.
Should I consider professional indemnity insurance?Yes, every business should consider professional indemnity insurance. Today anyone seen by clients as providing service or advice of a skillful nature, from a security firm to a personal trainer, can be liable for losses resulting from bad advice.
Professional indemnity insurance is a liability insurance that covers legal fees and damages if you are sued by a client for providing bad advice. Find out more.
For further information please don’t hesitate to contact us.
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For more information on Rothbury or for interviews, opinion pieces, articles, or contributions to features, please contact:
Sarah Money
Rothbury Group
Building 5, Central Park, 666 Great South Road
PO Box 62-608
Penrose
Auckland
Email: sarah.money@rothbury.co.nz
Phone: 09 579 9551
Fax: 09 579 1294
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