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Published: 12 July 2022

Public & Product Liability Insurance: Why is it important?

Any business owner, sole trader or contactor operating today can benefit from Public & Product Liability Insurance.

Businesses face exposure to risks every day. Finding yourself in a situation where you’ve accidentally injured a person or caused damage to someone else’s property can happen while carrying out your normal day-to-day business operations.

For example, a builder is renovating a client’s property and accidently caused damage to a neighbor’s property when knocking down a wall. This resulted in the builder being liable for repair costs. Or a commercial building is destroyed by a fire due to the landlord not maintaining the wiring properly, resulting in the landlord being held liable for the value of the tenant’s contents, equipment and any loss of income.

In fact, data from the Insurance Council of New Zealand showed that over $167 million in liability insurance claims were paid out in New Zealand in 2021 (6% increase from 2020). *

That’s why it’s essential to have a Public & Product Liability Insurance policy in place should the unexpected happen.

Why do businesses need Public & Product Liability Insurance?

If you, your employees or the product you manufacture or sell cause harm to someone else or their property, you could be held liable. This may result in a compensation claim and liability insurance can help reduce the financial impact of such claims by covering:

  • Compensation payments for third party injury or property damage arising from your products, services or operations
  • Legal defence fees and expenses
  • Repair or replacement costs for damaged property or possessions
  • Costs for seeking expert advice

Furthermore, some supplier and customer contracts may require you to have a current Public Liability insurance policy and if you work in the trades industry, it is often mandatory before entering worksites. It’s a good idea to check your lease agreements and other contracts.

Liability can mean different things to different businesses, so it’s important to understand what could potentially go wrong with your normal business operations and to check that you’re covered.

Talk to your broker to ensure you have the right insurance protection in place. Our brokers are well-versed in managing business risks and ensuring our clients are protected.

*Market data, Insurance Council of New Zealand: https://www.icnz.org.nz/media-resources/market-data

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