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Statutory Liability Insurance

Item: Statutory Liability Insurance
Rating: 4.7
Author: Feefo

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Flexible payment options – monthly or annually

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On this page:

What is Statutory Liability?

What’s covered?

Who might need it?

How much does it cost

How to buy

What is Statutory Liability insurance?

Statutory Liability insurance covers the company, senior management and employees for allegations of wrongful breaches of key legislation in the course of the insured’s business. The policy will meet fines and penalties payable in specified circumstances and related legal expenses.

What does Statutory Liability insurance cover?

Costs and expenses from official investigations and inquiries

Pollution Liability defence cost 

Fines and penalties

What is typically not covered?

Civil liability
Wrongful breach of air, marine or motor traffic regulation
Dishonest, wilful, intentional or deliberate wrongful breach
Gross negligence or recklessness
Joint ventures
Prior or pending claims
Criminal offences

Asbestos
Fraud and dishonesty
Failure to comply with law enforcement
Requirement to pay taxes, rates, duties, levies, charges or fees
Pollutants
Property damage

The 3 industries who purchase Statutory Liability most:

Trades

Carpenters
Painters
Plumbers
Electricians
Handymen
Concreters
Earthmoving
Roofing
Builders

and more…

Allied Health

Nurses
Aged Care Support Workers
Chiropractors
Occupational Therapists
Physiotherapists
Disability Plan Management
Disability Care

and more…

Statutory Liability is suited to a wide range of industries and occupations in addition to the ones listed above.

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How much does Statutory Liability insurance cost?

Statutory Liability insurance costs can vary based on your industry, business operations, insurance requirements and other factors. Every business is unique, and so is the type and cost of its policy.

Cost factors
Cover amounts
Underinsurance

How is the cost of insurance calculated?

Risks of the industry

Cover level amount

Annual turnover

Number of employees

Claims history

Click here to check industry wise average prices

Get cover that works with the risks of your business

You can select from different levels of cover.

This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.

Unsure how much to choose? Think about:

Statutory professional requirements

Your business size

Nature of your business operations

State jurisdiction

Worst case scenario claim size

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.

Not covering the full cost of your risks

If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.

Statutory Liability cost

How is the cost of insurance calculated?

Risks of the industry

Cover level amount

Annual turnover

Number of employees

Claims history

Click here to check industry wise average prices

Levels of cover

Get cover that works with the risks of your business

You can select from different levels of cover.

This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.

Flexible Cover

Pick from 3 levels of Statutory Liability cover

Unsure how much to choose? Think about:

Statutory professional requirements

Your business size

Nature of your business operations

State jurisdiction

Worst case scenario claim size

Underinsurance

Underinsurance

We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.

Ways underinsurance catches business owners out:

Inflation

Not covering the full cost of your risks

How to get covered

How to Get Covered
How to Make a ClaimClaims

How it works – buying online

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Enter Occupation

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How to make a claim online

We’ll assist you through the claims process & manage the claim directly with the insurer.

Let us know Fill out our
claims form and provide info
to support the claim

Receive extra support We
will assist you with your claim

Claim results We will notify
you of the claim outcome.

Learn More

3 Steps to get your biz insured:

Let us know

Fill out our claims form and provide info to support the claim.

Receive Extra Support

We’ll assist you with your claim.

Claims Results

We’ll notify you of the claim outcome.