Public and product liability insurance
Covers Bodily Injuries, Property Damage, Product Loss and Third Party Loss.
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Public & Product Liability Insurance Consulting
What is public liability insurance?
If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public liability insurance can help to protect your business from the financial risk of liability claims. This provides you with the peace of mind to trade with confidence.
What is product liability insurance?
No matter how stringent your company is mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you are not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you. Product liability insurance is designed to help protect your business if you are sued because a product you sell, assemble or supply has caused harm to a person or property.
Who should consider it?
While public and product liability insurance isn’t mandatory for most businesses, it is recommended for all companies. This is because the unpredictable nature of accidents makes them hard to prevent and the cost of being sued can be extraordinarily high.
“Public liability insurance helps protect you and your business against the financial risk of being liable for negligence.””Public liability insurance helps protect you and your business against the financial risk of being liable for negligence.”
Did you know?
9,000
In 2013, there were close to 32,000 public liability claims made. Of these claims, just over 9,000 were claims for bodily injury.
(APRA, Review of Claims Trends for Liability Insurance in Australia, 2014)
In 2014, property and business services was the sector with the highest exposure to public liability risk. It was followed by construction; retail; agriculture, forestry & fishing; personal services; and health and community services.
(APRA, Review of Claims Trends for Liability Insurance in Australia, 2014)
429
Since 2012, the Australian Competition and Consumer Commission (ACCC) has recalled an average of 429 products each year.
(Shine Lawyers, ‘China-Australia Free Trade Agreement: potential commercial implications’, 2017)
What can it cover?
Public and products liability insurance helps protect your legal liability to third parties, including clients, customers and the public, for injury or damage to their property, caused by your business. It can even cover emotional distress or shock that your business causes another person. It will generally pay your costs of investigating, defending and settling claims, as well as any compensation payment you are found legally liable to pay.
Depending on your policy, public and products liability insurance can cover:
Type of cover |
Potential benefit |
|---|---|
| Personal injury | If somebody is wrongfully injured by your actions or your product public and products liability insurance can cover you for your liability to pay damages to the claimant. |
| Property damage | If property is damaged due to your actions or your product public and products liability insurance can cover you for your liability to pay damages to the claimant. |
| Advertising injury | Liability arising out of advertising carried out by or on behalf of the insured. |
What usually isn’t covered?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
-
- Cost of rectifying faulty workmanship
- Damage to your own product
- Claims by employees
- Claims arising out of the use of a registered motor vehicle
- Claims related to asbestos
Case Study
The offshore manufacturer of George’s sunscreen accidentally contaminates the product with chemicals that cause customers to break out in a painful rash. They file a class suit against George to compensate them for the injury. Luckily, George’s policy covers him for the costs of going to court and the damages awarded to the customers.
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OUR NETWORK
BUSINESS INSURANCE CONSULTING PTY LTD
- 0412 212 099
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- www.businessinsuranceconsulting.com.au
- ACN: 646168096
- CAR NO: 1278410
- POST: PO BOX 3133, NEWMARKET, QLD 4051 AUTHORISED REPRESENTATIVE OF AUSTRALIAN BROKER NETWORK | ABN AFSL 253131
2019-08-652-3
Important Note
Important Note This information is provided to assist you in understanding some of the terms, implications and common considerations of this class of insurance, it is not complete, so please request full details from Business Insurance Consulting. You should consider the Product Discount Statement(PDS) in deciding whether to buy (or continue to hold) this insurance and also whether this insurance appropriate for you. The PDS can be obtained from Business Insurance Consulting. Business Insurance Consulting is an Authorised Representative of Australian Broker Network Pty Ltd 89 062 882 080- 253131
Terms, conditions, limits and exclusions apply to any products referred to in our website. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on [insert phone number], before deciding to acquire, or to continue to hold, any products.
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