PUBLIC & PRODUCTS LIABILITY INSURANCE
What is Public & Products Liability insurance?
Public Liability insurance is designed to protect 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 ‘pure economic’ loss resulting from your negligence.
Products Liability insurance is designed to protect you for damage caused by anything manufactured, grown, extracted, produced, processed, constructed, erected, assembled, installed, repaired, serviced, treated, sold, supplied or distributed, after it has ceased to be in the possession of your business.
Who needs Public & Products Liability insurance?
If you operate a business in Australia, irrespective of your corporate structure, you will need either Public Liability and/or Public & Product Liability insurance. In fact, for many businesses Public Liability insurance is mandatory, e.g. the trades and construction industry, where most subcontractors and contractors will need to show a certificate of currency for their Public Liability insurance before being allowed on site.
What does Public & Products Liability insurance cover?
Public & Products Liability insurance covers the following risks:
- Personal Injury
- Property Damage
- Advertising Injury
In the event of a Public & Products Liability claim, the policy would provide coverage up to the specified limit, see below, which could be used by you and your business to pay for:
- Legal defence costs
- Damages awarded
- Costs associated with coronial inquiry or/or other inquiries
- Certain expenses incurred following the insured event
How much Public & Products Liability insurance is enough?
Given the ever increasing litigious nature of our society and the costs associated with legal action, we recommend our clients obtain a minimum of $20 million in Public & Products Liability insurance, with many requiring substantially more.
For more information on Public & Products Liability and the important role it can play in protecting your business, please contact us via the form below.