Claims for injury or property damage, regardless of whether they are successful, can have a devastating effect on your business’ finances.
Accidents can and do happen, so it is important to ensure you have adequate Public and Products Liability Insurance in place to protect your business. Without adequate cover you may be up for potentially hundreds of thousands of dollars to pay for a claim. In addition, consider the legal costs that can be incurred in defending a claim, or the general disruption to your business.
Public and products liability go hand in hand and cannot be separated from each other.
Public liability covers injury to others or damage to their property as a result of your business operating. Often accidents occur unexpectedly and can result in substantial claims. Whereas product liability provides cover for claims that are related to the products you manufacture or sell. It covers your legal liability should a bystander, buyer or any user sustain an injury or property damage due to a defect or malfunction of your property.
Reviewing your business with your insurance broker will help you determine what level of cover you require cover for your individual requirements.
Public & Products Liability is made up of four insuring clauses.
The following is a brief summary of what each of those clauses covers:
- Public Liability is designed to protect your organisation if you’re sued because someone injures themselves while on your property or your organisation has caused them to injure themselves or damaged their property.
- Product liability insurance is designed to protect your organisation if you’re sued because a product you sell, assemble or supply has caused harm to a person or to their property.
- Advertising liability covers losses arising from the policyholder’s advertising.
- Defence costs provides a dedicated additional limit of liability just for defence costs.
You can choose to purchase any combination of this cover, however most organisations choose to purchase all four insuring clauses.
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.
SCORESBY HEAD OFFICE
Toll free: 1800 245 123
Phone: (03) 9835 1300
Level 2, 35 Dalmore Drive
Scoresby VIC 3179
Toll free: 1800 245 123
Phone: (03) 5625 1015
3 Bank Place, Drouin VIC 3818