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Fines can also be imposed by way of strict liability and circumstances that may be entirely unavoidable! Protection is available through an innovative product that protects the insured company, its directors, principals, partners and employees for their liability to pay fines that may arise out of innocent breaches of various acts that control their operation.
Statutory Liability insurance is a specialist insurance policy that covers your company, senior management and employees for allegations of wrongful breaches of key legislation during the course of business operations.
Companies and individuals could be held responsible not only for their actions but also for those of others. In fact, the company and/or it’s Directors, Principals, Partners and employees may incur a fine for the unauthorised or irresponsible actions of its contractors, agents or other directors, partners or employees.
PSC Connect Member Brokers specialise in statutory liability insurance and can recommend the cover most appropriate to your business or individual needs. Through leading insurers, our Member Brokers can offer a comprehensive range of products that can cover your business risks:
- Defence costs associated with alleged breaches of the Building Act, Consumer Guarantees Act, Fair Trading Act, Privacy Act and most other statutes affecting commercial activities. The notable exceptions are police prosecutions and taxation legislation.
- The costs of representation at an investigation or inquiry.
- Any fine or cash penalty payable by the insured following conviction for an offence under the insured statutes, except under the Health & Safety in Employment Act.
PSC Connect Member Brokers have the expertise and experience to tailor a cost-effective policy which protects the interests of the:
- Company, including any declared subsidiary, for its own liability.
- Company, by way of reimbursement to the extent that the company has directly indemnified any officer as it was legally obliged or permitted to do so.
- Officers, which includes directors, trustees, managers and employees, in that capacity, to the extent that the company has not directly indemnified them.
Our experienced PSC Connect Member Brokers can help you get the right insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.