What is public/products liability insurance and what does it cover?
Public and products liability, also known as broadform liability insurance, protects your business in the event of an injury or property damage, suffered by a third party, as a result of your negligence.
Under a broadform wording, your products are also covered. Products liability provides cover, in the event your product causes third party property damage or injury.
In Australia, if you import products from overseas, you are deemed to be the manufacturer. In the event an imported product causes personal injury or property damage, you will be responsible to respond to the injury or damage as there maybe no recourse on the overseas manufacturer.
Who needs public/products liability insurance?
Anyone operating a business, large or small needs public/products liability insurance. The cost of a liability claim cannot be quantified prior to a loss occurring. The damage, injury and or legal costs could be $100,000 or $10,000,000 depending on the extent of the loss.
Many landlords, customers and contractors may require you to have liability insurance and may include the requirement within a contract. They will also often ask that you provide evidence of this insurance in the for of a certificate of currency.
How much does it cost?
Premiums are determined based on your occupation, turnover, employee numbers, contractor exposures and your claims history. Many other factors may also be considered, and different insurers will ask for additional information especially with occupations that are considered to be high risk.
What information is required to obtain quotations?
There is a considerable amount of information required to arrange public/products liability insurance quotations. The basic information we require is you occupation/industry, details of any importing/exporting, your claims history, on insurers letter head, your turnover, wages paid, contractor payments and activities performed by contractors
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