Newspaper Q&A – Swine flu, liability traps for directors and claims
We’re aiming to raise awareness of the Rothbury name in 2009 and we're doing this through a question & answer format in national newspapers across New Zealand each month. It's a good opportunity for us to provide some information to you on common questions our clients have on business insurance.Does business interruption insurance cover swine flu interrupting my business?We’ve received a number of calls from clients, particularly businesses with high foot traffic traffic like child care centres, motels and retail businesses, asking this very question.
With Influenza A-H1N1 having such a lot of media attention recently plus the forecast figures for the number of people who will be affected it is not surprising that businesses are worried that their normal pattern of business could be interrupted.
Will business interruption insurance cover swine flu? Unfortunately not. All business interruption insurance policies exclude loss or interruption to the business resulting from infectious disease, including H1N1 influenza (swine flu).
More helpful information on business interruption insurance.
As a company director are my personal and trust assets at risk?Yes, even if you are the director of a limited company your personal assets can be at risk. Directors have a duty of skill and care, and liability for this falls on the director personally. It is an unlimited liability and as a director your personal wealth, including trust arrangements, are at risk if a claim is made against you. All directors should talk to their broker about having suitable Directors and Officers Liability insurance.
How will a broker help me when I have a claim??The very reason you have insurance is to manage risk. Accidents happen and when they do we know it’s a stressful time.
Broking companies do things differently when it comes to claims. A good broking company will manage the whole claims process for you and keep you informed of progress. You won’t usually have to deal with the insurer and if an assessor is appointed they will help you with that too. A broking company’s role is to represent your best interests and they will negotiate on your behalf and/or get an impartial third party involved if the settlement doesn’t seem fair or reasonable based on their experience.
Each and every Rothbury branch has a dedicated claims specialist. This person will take care of your claim from beginning to end. They will manage the entire process for you and will keep in touch with you every step of the way.
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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