No business or industry is without some degree of risk. Managing the risks inherent in your business enhances organisational wellbeing and represents real security for you, your staff and your business when the unexpected happens.
Public Liability insurance is something we recommend for all businesses that interact with the public, even in small ways. This cover offers protection for you, your staff and members of the public, by covering financial costs involved if a third party seeks compensation for your negligent actions.
If you or your staff have been negligent in the workplace and a third party (not an employee) is injured physically or psychologically, had their property damaged or suffered financial loss, they may sue you for money to compensate them for their injury or loss. Negligence may be established if it can be shown that your actions failed to demonstrate reasonable care for others. Of course, the claimant will need to evidence your negligence and their loss, and the claim may not be successful. You will, however, still need to defend against such claims.
Public liability insurance covers you for the financial loss you incur in legal costs and any amount payable in compensation when you are defending a claim of negligence made against you or your staff.
This cover has the capacity to save you and your business thousands of dollars in legal fees and may represent the difference between the success or failure of your organisation.
Product Liability insurance is usually included in your public liability policy and is essential if you sell, supply or deliver products to members of the public. If your goods are deemed to have caused loss or damage, then the policy comes into effect. Loss or damage can include injuries, death or economic loss caused by damage to, or destruction of another good, land, a building or a fixture. Again, having the correct product liability in place that enables you to manage insurable risks associated with design defects, manufacturing defects, inadequate labelling, or instructions or warnings is essential to the security of your business.
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