Comparison Public Liability insurance vs Professional Indemnity NZ

Every business owner is aware about the importance of insurance coverage especially on liability insurance in New Zealand. It is an undesirable reality that businesses are always at risk when it comes to damages not only to and with properties but to individuals as well whether if the person is an employee, guests, and even third parties. Many businessmen and businesswomen are indeed interested about these two forms of liability insurances which are very vital if one wants to protect business or professional practice for that matter.

What Is Public Liability Insurance NZ?

It is a part of the whole insurance coverage policy where its main purpose is to protect the insured person or business from many different forms of risks as a result of lawsuits or as compensation for injuries, accidents, and damages on individuals and properties or any other third party. Its main objectives are:

Public liability insurance for builders

  • To defend the insured person.
  • To pay in behalf of the insured person.
  • To settle all reasonable claims.
  • Geographical limits apply – which means your insurance company needs to know the areas of your business operation, for instance New Zealand only.

To put it simply, it is protecting your business from any third party claim or damage to properties of others while you conduct business regardless if it is at your work place or at any other location.

Basically, public liability insurance will protect your business and people in the business such as employees, directors, managers, or partners when any third party claim arises during the entire length of operations of the business. Right amount of insurance coverage will make you confident that you and the business protected from any unexpected situation.

What Is Professional Indemnity Insurance New Zealand?

Business Insurance, professional indemnity New ZealandGenerally speaking, this is a liability insurance that protects you and your business from any third party claims such as errors that cause financial distress to your clients. This is the type of professional liability insurance is for you if you or your business gives professional advice or service such as accounting or financial advice or handles intellectual property or sensitive data. This will be your weapon of protection when a dissatisfied client files a legal case due to the problem the client had based on your services or advice the client had received. Imagine you as the business owner provide advice on how to look after trees in Auckland and due to your advice the client suffered major financial loss your client then wants to pursue compensation from you as the provider of professional service.

Which One is right for me?

In short if you are in business like a builder – you need to have public liability insurance.

Builder Public Liability Insurance
Express Rates

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*Premiums for indicative purposes only. Each application is rated subject to work conditions you have. Please submit your application to get exact premiums for your business.
Premium excl GST and it's not available for businesses that

  • are involved in commercial developments that exceed $500,000
  • have a turnover greater than $2m
  • have more than 10 employees
  • operate outside New Zealand
  • have had insurance declined, cancelled or refused
  • have had a claim lodged in the past 3 years

If on the other hand you provide advice (lawyers, Doctors, IT specialist)– you need Professional Indemnity Cover.

Realistically speaking, public liability insurance is not mandatory however many businesses especially small New Zealand business owners prefer to have it only due to the fact that it allows them to sleep peacefully at night knowing if something went wrong – they are covered.

There is always a group of people in New Zealand who have “she will be right” attitude but this is just a matter of time or a time bomb waiting to explode.

Interestingly to note a Public liability insurance would provide you and your business with payments for your legal representation in a court. Think about out of court settlements on liability insurance claims they tend to be more expensive than paying for the insurance premiums.

Comparison Public Liability insurance vs Professional Indemnity NZ

In regards to professional indemnity, this type of insurance is required by many professional organizations as part of obligations for members of different professional societies. For instance each and every New Zealand insurance adviser should have an indemnity insurance which covers him in the event of a wrong advised provided him to his client.

Testimonials from our existing clients

One of the best brokers I have ever dealt with

Outstanding Customer Service, one of the best brokers I have ever dealt with. Friendly, helpful, highly recommend.

Public Liability Insurance services
5.0
2016-05-17T14:05:25+12:00
One of the best brokers I have ever dealt with

Excellent services and stayed on top of everything

Excellent services and stayed on top of everything at all times. Thank you very much.
View and reply

Public Liability Insurance services
5.0
2016-05-03T10:25:28+12:00
Excellent services and stayed on top of everything at all times. Thank you very much. View and reply

Vlad was extremely helpful and informative

Vlad was extremely helpful and informative about everything that concerned our insurance. Very straightforward and easy to deal with, he provided us all the information we required quickly and accurately and that was key in making a decision to go ahead with the insurance. Would definitely recommend his work to anyone!!

Teresa Ferreira Morais
Public Liability Insurance services
5.0
2016-04-19T11:58:58+12:00
Vlad was extremely helpful and informative about everything that concerned our insurance. Very straightforward and easy to deal with, he provided us all the information we required quickly and accurately

Vlad has been fantastic in resolving my insurance requirements

Vlad has been fantastic in resolving my insurance requirements with a prompt, informative and friendly service

No photo
Public Liability Insurance services
5.0
2016-04-19T15:15:42+12:00
Vlad has been fantastic in resolving my insurance requirements with a prompt, informative and friendly service

Vlad is a fantastic person to work with

Vlad is a fantastic person to work with; prompt, generous, trustworthy, understanding and extremely helpful. He was able to understand the unique issue I had with organizing Public Liability Insurance. Promptly stepped in to help, and went above and beyond what I hoped for, before I even had to ask. In a jungle of elements and paperwork to organize for even simple projects these days, Vlad generously stepped in to take the insurance task off my shoulders. A pleasure to work with. Highly recommend!

Eric Farmer
Public Liability Insurance services
5.0
2016-04-19T13:26:05+12:00
Vlad is a fantastic person to work with; prompt, generous, trustworthy, understanding and extremely helpful. Vlad generously stepped in to take the insurance task off my shoulders. A pleasure to work with. Highly recommend!

Don’t go elsewhere until you give Vlad a try

Great customer service. Don't go elsewhere until you give Vlad a try. Thanks Vlad for your super fast service.

Darryn Hadland
Public Liability Insurance services
5.0
2016-04-19T12:11:31+12:00
Great customer service. Don't go elsewhere until you give Vlad a try.
5.0
6

There are businesses which require you as the business owner to have both types of insurance coverages in place. If you are in doubt do not hesitate to contact my office to discuss your situation.

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