Do you have enough funds to pay if an employee sued you for the damages?
Posted: Nov 15, 2017
The majority of employers with staff are required by law to have employers liability insurance to protect their business. If you have staff, your business is at risk. In a situation where an employee suffers an injury at work that is not covered by ACC and sues your company for compensatory damages, employers liability insurance come as a great help because it can cover the cost.
The employers liability insurance in NZ provides covers for the costs of settlement or damages in respect of claims for personal injury to employees, damages that occurred in the course of their employment and the damages that are not covered by the Accident Compensation Corporation. This insurance cover also covers the cost incurred in defending or settling these claims.
In New Zealand, everyone has an ACC cover whether they are at work, home or anywhere. ACC stands for Accident Compensation Corporation, and it covers all accidents and mental injuries suffered because of an accident or certain criminal acts. From an employer’s perspective, it also covers gradual injuries diseases and infections caused whilst at work. However, the employees can still sue for illness or situations that are not covered.
Here is the list of situations that are not covered by Accident Compensation Corporation.
- Emotional issues, stress, hurt feelings
- Conditions related mainly to ageing
- Illness that comes gradually and are not due to a work task
If you want help with your employer liability insurance decisions, you should think of taking the assistance of an insurance broker with good knowledge of employers liability insurance in NZ. Insurance brokers are independent professional advisors who will act on your behalf to meet your needs. They will identify risks you should be insured against and identify the most suitable one for your line of business. Apart from helping you with employee liability insurance, they will also help you with other business insurance including material damage, business interruption, general liability and statutory liability insurance in NZ. These professionals have many more responsibilitiesLiability. They will arrange for the insurance policy and documentation, support you with claims, and remind you to update or renew your insurance policies.
Don’t be in a hurry when you are in the process of hiring a professional insurance broker for your employers liability insurance needs. Take help of the Internet to locate a professional company that offers exceptional services and guides businesses to make a confirmed decision. Visit their website to find out what are their offerings and their reviews. Through their website, you will get an idea whether they are able to meet the expectations of the clients or not.
Insure Online is a general insurance broker that specialises in providing great business insurance products from New Zealand's best insurers.