Any business that works with potentially harmful substances including manufacturers, processors, waste management firms, bulk storage companies, dry cleaners, service stations, tank owners and haulage companies. Owners of properties where any of these activities take place should also consider the cover required.
Public liability insurance covers a person, a business, an event, a contractor – even a community building – for costs from legal action if they are found liable for death or injury, loss or damage of property, or economic loss resulting from their negligence.
If you own a business, you may be liable for damages or injuries to another person or property. Though liability insurance is optional in most cases, it is strongly recommended for businesses in all industries as the likelihood of being sued for negligence is unpredictable and potentially very costly.
You can usually choose whether to take out public liability insurance, but in some situations it might be compulsory.
For example, in certain public events and facilities, liability insurance is compulsory and it is checked through a licensing authority.
This type of insurance is becoming more popular, so you might find that it is automatically included in your property insurance policies – such as home, commercial, and marine – and in most business package insurances, but it is also available as a separate policy, particularly to larger businesses and to organisations without premises.
Public liability insurance won’t usually cover you if you are involved in known hazardous activities or criminal actions.
Though you might find that you are covered for public liability as part of other insurance products, make sure that the amount you are covered for public liability insurance is enough, because an insurer might offer a cheaper premium by including only a small amount of public liability insurance.
Make sure you know what your total public liability amount of cover is and that it is sufficient for your needs, particularly if the policy is packaged with other covers.
Stringent legislation and the long-tail nature of the risk make Environmental Insurance important.
Product recalls are becoming more common and could be as a result of a government order or through a threat of contamination that could cause injury to consumers. Often, even though liability is never attributed to a particular source, there are still devastating financial losses to your business during the process of investigating, recalling and rectifying an issue - all the while trying to manage publicity surrounding the event.
If you are a manufacturer, processor or distributor then this insurance is a must.
It can include the cost of the following:
Not all Contaminated Products Insurance (CPI) offerings are the same. Does your cover have the right combination of broad policy wordings and an expert consultant service?
The financial impact of product recall can be highly damaging. In most cases Product Recall is excluded under Products Liability policies and there is little, if any, cover for a client's loss.
The key difference between coverage:
Examples of the main type of claims seen under a Public Liability policy:
Examples of the main type of claims seen under a professional indemnity policy:
All professionals have a responsibility to their client(s) to perform their service with due care and skill. If your business breaches your professional duty of care, then you may be liable to pay compensation to third parties for damage incurred as a result.
Don’t let the two policies confuse you, or lead to an un-insured claim made against you.
Katherine (08) 7919 7019
2/46 Chardon St