Liability Insurance

Every organization , particularly if it owns or rents a physical space, should have general liability insurance which encorporates both Public and Products Liability.

What is Public Liability Insurance?

Public Liability Insurance (PL) covers you for any damages that a member of the public may be awarded as a result of injury or damage to them or their property caused by your business. It also covers legal fees and other expenses to do with defending any claim.

Those with the greatest public liability risk exposure are occupiers of premises where large numbers of third parties frequent at leisure including shopping centers, pubs, clubs, theaters, sporting venues, markets, hotels and resorts. The risk increases dramatically when consumption of alcohol and sporting events are included. Certain industries such as security and cleaning are considered high risk by underwriters

Why do I need Public Liability Insurance?

It is impossible to eliminate all risks if you are running a business. However, the law states that if you cause damage to someone or their property then you will have to pay the claim amount which, in the worst case scenario, could run to many millions of dollars. By taking out PL you are protecting your business against going bankrupt should the worst happen. The insurer will pay the claim and any legal fees. The knowledge that your business is protected will also give you the confidence to concentrate on the running of your business, rather than concerning yourself with “worst case scenarios”.

Product Liability

If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury or damage. Product liability insurance covers damage or injury caused to another business or person by the failure of your product or the product you are selling.