No matter what size or type of business you own, or who your clients or customers are, liability claims can run into millions.
If you are considering taking out liability cover for your business, the first thing you will most likely want to know is what the different types of cover are and what they cover.
Types of liability insurances you should consider are:
Public and Products Liability Insurance
Public and Product Liability insurance has become increasingly popular due to an increase in the number of liability lawsuits being filed every year. For this reason, public liability insurance is considered one of the most important insurance policies a business should have.
Public Liability insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or loss resulting from your negligence. Public liability insurance protects you from legal and medical costs that arise from an incident on your property, even if you are not to blame.
Products liability insurance is also available under this type of cover. If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury, death or damage.
Products liability insurance covers you if any of these events happen to another business or person by the failure of your product or the product you are selling.
Professional Indemnity Insurance
Professional indemnity insurance protects you from legal action taken for losses incurred as a result of your professional advice. It provides indemnity cover if your client suffers a loss - either material, financial or physical - directly attributed to negligent acts. Professional Indemnity (PI) insurance provides essential financial protection for professionals for claims made against them in carrying out their professional services.
The definition of ‘professional’ has expanded in recent years and due to this, professional indemnity insurance is now held by workers across a wide range of industries and professions. Any professional person providing services is regarded by their client as an expert and is therefore open to a claim being made against them.
Irrespective of the business that you’re involved in, whether you’re an accountant or a travel agent, it’s imperative that you make sure that you’re protected financially, should someone make a claim against the services you’ve provided.
Insurance solutions for your unique situation can be discussed with one of our experts - talk to us to discuss how we can help solve your insurance requirements. Simply call 1300 566 901 and speak with one of our business insurance specialists to obtain a quote.
Why use a broker?
Because without a broker - you're on your own. We work for you. As your broker, we work hard to source the most suitable cover, negotiate the best premium and act in your best interest to help you protect your investment. Because we have access to many insurers, we help you to get the best cover at the best possible price.
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Something to consider...
It is important to note that insurance reviews should be conducted regularly and when assets are acquired or disposed of and when important changes occur.
Circumstances can frequently change so you should review your insurance regularly to ensure it always provides adequate protection.