WHAT IS COMPANION COVER?
Companion Cover complements the Professional Indemnity Insurance offering and fills more of those risk gaps that may arise from your business activities.
WHAT TYPES OF COVER ARE THERE?
There are a wide range of Companion Cover policies to protect you in a variety of unforeseen professional circumstances.
See below for a full list and explanation of insurance options available.
COMPANION COVER POLICIES
General Public Liability Insurance
This provides financial protection to you and your business against your legal liability for losses related to personal injury or property damage to third parties that occurs in carrying out your business activities.
It also covers liability for property damage to a landlord or property owner’s premises that you rent or liability for tenants’ property where you are the landlord, property entrusted to you or under your care, personal injury or property damage in connection with vibration or removal of support of land or buildings and the use of mechanical plant or machinery, not including motor vehicles.
Any defence costs or the settling of claims for losses and any awards against you for exemplary damage are also covered.
Policy limit options are available from $1,000,000 to $10,000,000.
Statutory Liability Insurance
This provides indemnity when action is taken by a regulator (or statutory body with authority to prosecute under an Act of New Zealand Parliament) against you or your business because of a breach of a New Zealand statute. Certain statutes such as the Criminal Acts that the New Zealand Police would prosecute under, certain sections of the Commerce Act and the Health & Safety Act have restrictions on the cover provided. The policy provides indemnity for the cost of your defence in connection with the prosecution, investigation or enquiry as well as fines and penalties.
Some exclusions apply. A degree of skill and care is fundamental to this type of insurance which does not cover any deliberate actions that breach the Acts. There must be sufficient evidence to show the breach as unintended. Policy limit options are available for $250,000 to $1,000,000. Higher limits requirements are considered on a case by case basis.
Directors and Officer Liability Insurance
This policy provides cover for directors and key officers duties; and obligations in the management of the business. It involves support for settlements, civil fines and penalties, and defence costs. Policy limit options are available for $250,000 to $1,000,000. Higher limit requirements are considered on a case by case basis.
Employers Liability Insurance
The Accident Compensation Act 2001 provides cover, through ACC, for employees who are injured at work because of an accident. Employers Liability Insurance protects your business against compensation claims from employees for personal injuries not covered by ACC. It covers the costs of your defence and any compensation that needs to be paid to your employee. Policy limit options are available for $250,000 to $1,000,000.
Employment Practices Liability Insurance
This provides indemnity for losses your business suffers as a result of a personal grievance claim by an employee, past employee or prospective employee. Allegations can include unjustified or constructive dismissal, discrimination, emotional distress or other disadvantage. The policy covers your legal costs and compensation payments to the claimant.
Cyber Liability Insurance
This policy provides indemnity for first and third party losses and liabilities. Losses can arise from data security breaches, theft of code, modification or corruption of data or your corporate information or third party data, personal information breaches and other privacy breaches and cyber extortion or security threat. The policy covers your defence and investigation costs, forensic service costs, insurable fines and penalties imposed by a Data Protection Authority, along with access to loss mitigation, in the form of a panel of IT and computer forensic specialists in the event of a claim or business interruption. Policy limit options are available for $250,000 to $1,000,000.