Business Protection For When It’s Out Of Your Control.
Public liability insurance is often referred to as general liability insurance and generally protects businesses when legal claims are made by a third party for injuries or property/product damage. If your business is unprotected in the face of these claims, you could face legal action and penalties that cause your business disruption and leave it vulnerable. That’s where public and product liability insurance comes in. Protect your business’s reputation and stability whilst ensuring that your business operations can proceed as normal when it’s facing legal action and claims.
It can be overwhelming to navigate your liability insurance, especially when you don’t know what you need to consider. Barrack Broking is committed to being your partner, from finding you the right policy, right through to when you need to make a claim, we’ll be there.
We’re here to break down public and product liability insurance and ensure you understand how it protects your business. So what is it?
What Is Public and Product Liability Insurance?
Public Liability
Public liability insurance protects your business from legal claims where a third party has suffered personal injury due to your business activities. For example, suppose a customer is injured on your business’s premises. In that case, they may make a claim against your business, which leads to legal fees and compensation responsibilities if you are not insured. Public liability insurance will cover the financial loss that your business may face because of a claim.
Product Liability
Product liability insurance protects your business from any claims made due to an injury or damage caused by the products that your business sells or manufactures. For businesses that are reliant on their products (i.e. retail, manufacturers and suppliers), product liability insurance is essential as it protects you from defective manufacturing and misleading product instructions.
So, if your business engages with the public in any way, it is important to protect it from unexpected legal claims that can cause financial detriment.
What Does It Cover?
Public and product liability insurance is targeted to protect the different ways that your business will interact with the public. It’s important to understand what your policy covers, so that if you’re ever in a position to make a claim, there are no surprises about what you’re liable for. So, what does it cover your business for if a claim is made?
- Any legal defence costs incurred
- Compensation for the cost of claims and legal settlements
- Claims related to product design, manufacturing or instruction.
- Damage to third-party property
- Injury caused to a third party
Which One Do I Need?
Public and product liability insurance is commonly sold together, particularly for businesses that sell products to their customers. For instance, if you own a restaurant, you may need public liability for an injury that is caused to a customer on your property, but also for any claims made against your food (i.e. food poisoning), which would fall under your product liability insurance. It is common that these risks exist alongside the other, so by combining the two, it ensures that your business is comprehensively protected. In the long term, if a claim arises, your company would financially benefit from being covered from all angles.
Why Choose Barrack Broking?
At Barrack Broking, we’re committed to matching you to the right policy and being by your side the whole way. That’s why we tailor our approach and search to your business’s particular needs. We’ll identify the risks and find you a cover that is in your business’ best interest.
With our team of experts, you can rely on them to navigate the market and explore a range of insurance options to find you the best terms. And we’re here for you the whole time, from when you purchase an insurance cover, right up to when you need to make a claim. One of our directors oversees every client matter to ensure that we’re caught up and prepared to support you when you need it most.
How Our Process Works:
We understand that time is of the essence when your business is under attack, which is why we make our process easy for you to navigate. We’ll handle everything from start to finish, so you can focus on getting your organisation back on its feet, without worrying about what will happen next. Here’s how it works with Barrack Broking:
- We’ll start by understanding your business to identify your risks.
- We’ll develop a tailored strategy and program that is detailed with cost and your coverage options, using our market knowledge and expertise.
- We’ll head out to the market to negotiate a policy with the right insurer that covers you based on the identified risks.
- We’ll be here for you all year round. Whether you need claim support, policy clarification or general advice, you can rely on Barrack Broking to support you.
We’ll handle it all, with your business’s best interest as a priority. All you need to do is reach out and get started.
Business Protection Starts With Barrack Broking
The truth is, when you’re running a business, you never know what might happen. That’s why being protected and prepared with public and product liability insurance gives you peace of mind that your business can stay on its feet in the face of legal action. We’ll do the hard work for you and navigate the ins and outs of your claim, so you don’t need to worry about it.
Barrack Broking; by your side when you need it most. Contact us today to find a policy that’s right for you.
