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Protect your business against personal injury or damage to a third party.
Public Liability Insurance protects your business should a member of the public be killed, injured or have their property damaged while dealing with you, your staff or your products. While it’s most commonly taken out directly by businesses to cover potential risks to the public from their day-to-day operations, Public Liability Insurance is also built into some property insurance policies.
What does public liability insurance cover?
People, businesses, events and contractors are covered for legal defence costs if legal action is taken against you or the business, whether it’s a genuine claim or a try-on from a disgruntled customer. This insurance will also pay any damages awarded by a court if found responsible for causing personal injury or damage to property, as well as any resulting financial loss. While Public Liability cover can be mandatory, like plumbers in some states, it’s mostly optional and a decision for the business owner.
Product Liability Insurance is a critical form of insurance for businesses involved in the manufacturing, distribution, or selling of products. This type of insurance provides protection against legal and financial liabilities that arise from injuries or damages caused by a company’s products.
What does product liability insurance cover?
If you make, import, sell, distribute or repair products, you can be responsible for personal injury, property damage or resulting financial loss due to faults in the product, product advice about the use, or even customer misuse. You are unlikely to be able to depend on the original manufacturer, importer or retailer to protect you and pay for your legal costs. So, it’s a good idea to take out Product Liability Insurance as protection against potentially having to pay expensive legal defence costs and any damages awarded by a court.
Liability insurance plays a crucial role in safeguarding businesses from unforeseen risks and financial burdens. Here are several key reasons why having liability insurance is essential for any business:
In case of a covered claim, businesses gain legal protection through liability insurance, which covers legal fees, court costs, and settlements.
By covering expenses from legal claims, liability insurance provides crucial financial security, preserving the business’s assets and bottom line.
As a vital part of risk management, this insurance shifts financial risk to the insurer, allowing businesses to focus on growth and operations.
Adhering to insurance requirements ensures a business can operate legally and avoid penalties specific to its industry or location.
Public liability insurance is a type of insurance that protects businesses against financial losses arising from third-party claims for bodily injury or property damage caused by the business’s operations, products, or services.
Public liability insurance is not always mandatory, but many businesses choose to have it to protect themselves from potential risks and liabilities. Some industries or contracts may require businesses to have public liability insurance as a condition of doing business.
Product liability insurance is a type of insurance that protects businesses against legal claims and financial losses arising from defects or damages caused by their products. It covers costs related to product recalls, repairs, and legal defence.
Product liability insurance is not always mandatory, but businesses that manufacture, distribute, or sell products are strongly encouraged to have it. Some industries may require product liability insurance as part of regulatory compliance.
LA Insurance know that protecting your assets is essential
In relation to General Insurance Only. LA Insurance Pty Ltd and its adviser are Corporate Authorised Representatives of Insurance Advisernet Australia Pty Ltd. Australian Financial Services Licence No. 240549. Corporate Authorised Representative No. 1255587. LA Insurance Pty Ltd ABN 16 610 540 577.