Regtech Platform Points to Future Change in Liability Cover Options for New Zealand Business

Change in Liability Cover Options for New Zealand Business

Recently Worksafe New Zealand issued a public warning to businesses servicing vehicles after a Gore farm machinery firm was fined $239,000.

Agricentre South Ltd was fined in the Gore District Court after it was found the company’s lack of effective repairs to a tractor resulted in injury to a farm worker in 2016.

Brakes on a tractor serviced & supplied by the business failed & resulted in a worker being run over.

Worksafe head of specialist interventions Simon Humphries said it was important businesses servicing vehicles ensured diligent workmanship and practices to prevent injuries to users.

WorkSafe’s investigation found Agricentre South had failed to ensure that the tractor’s repair history was communicated between staff, that the tractor had fully operational brakes, and that wires for the warning lights were reconnected & working after the brakes were repaired.

This business could have directly benefited from using the world first approach of bundled services from Zero Harm with its comprehensive Zero Harm safety application combined with professional brokered liability insurance solutions from Insure 247 to ensure the disastrous human results of a tragic incident like this might be greatly reduced & the fiscally taxing outcoming on any business curbed.

First, the award winning Zero Harm application provides proven cloud based systems for the recording of staff training in correct procedure & highlighting process risk to those people delivering trade or service oriented solutions.

This would have provided the business concerned with proof of systems & safety culture, which would have added to its legal defense & may have been taken into account in regards to reducing the final $239,000 fine imposed.
It may well have also provided the necessary checks & balances to ensure this terrible incident never happened through a best practice approach to safety within the business operation itself

Saving Money & Saving Lives

Secondly, the award winning Zero Harm app is amazingly offered for free if a business purchases a comparatively quoted liability insurance product from the broker team at Insure 247.

Working alongside Zero Harm, Insure 247’s broker team shops the entire New Zealand insurance market to deliver:

a competitive quote from around  five (more likely ten) individual New Zealand based insurers. 
Insure 247 only use world leading insurance providers like NZI, Ando, AIG, QBE & Zurich. All have a high financial security rating of AA- or better
The customer not only receive the best insurance premium rates possible but also a range of policies worded by the Steadfast Group which in many cases include more inclusions than other locally based budget insurers. 
Lastly because Insure 247 offer a complete broker service they will be fighting in the customers corner to ensure their claim is processed quickly & fairly.

In the above case the defendant would have required specialist public liability, employee & statutory insurance. This would have covered reparations in this prosecution of $103,459 made to the victim & undisclosed legal defence cost which generally run into the 100’s of thousands of dollars. The average cost of Liability Insurance for this service industry is just $1,254 per annum, as brokered through the Insure 247 team. 

Innovations in the regtech & Insurance worlds are now delivering powerful compliance platforms complemented by leading edge comparative liability insurance services in a global mission to make trade/ag businesses safer & related risk insurance premiums more precisely valued.

Insure 247

FSP626729 INSURE 247 LIMITED (NZBN: 9429046774224)
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