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 products 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 products liability insurance and ensure you understand how it protects your business. So what is it?
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 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.
A liability policy responds to injury or damage suffered by other people. It does not replace the other covers a business needs. Injuries to your own staff sit under workers compensation. Claims that arise from professional advice or a design error fall under professional indemnity insurance. The cost of recalling a faulty product, fixing your own defective work, or replacing goods that never left your premises is usually excluded as well. Most policies also exclude deliberate acts, fines and penalties, and liabilities you take on under a contract that go beyond what the law would otherwise impose. Reading the exclusions before you sign matters as much as reading the limit.
Limits of $5 million, $10 million and $20 million are the common choices in Australia, and the right one depends on who you deal with rather than how big you are. Councils, shopping centres, principal contractors and many commercial leases set a minimum limit before you can work on site or occupy premises, and $20 million is a frequent requirement in construction and events. Check every contract and lease you hold, look at the worst realistic outcome of your activities, and confirm whether legal costs sit inside the limit or on top of it. A certificate of currency that shows the wrong limit can hold up a job.
Insurers price liability cover on the nature of your work, your annual turnover, how many people you employ, the products you sell and where they are sold, your claims history, and the limit and excess you choose. A cafe, a plumber and a machinery importer carry very different exposures and pay very different premiums for the same $10 million limit. Products sold into North America usually need to be declared separately. Documented safety procedures and a clean claims record both help when the policy is negotiated.
Policy wordings differ more than premiums do. One insurer may exclude work at height or hot work, another may restrict cover for subcontractors, and a third may cap products liability well below the public liability limit. As your public liability insurance broker, Barrack Broking reads the wording against the way your business actually operates, negotiates the limits and endorsements your contracts require, and manages the claim on your behalf if a third party ever makes one.
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.
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.
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.
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.
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 products 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.
Our clients rely on us for strategic advice and dependable support.
We’ve always have such a great experience with Barrack Broking. Our Account Manager, Dale is incredibly friendly, easy to deal with, and genuinely attentive to everything we need. Nothing ever
thanks again Dale and Barrack for making the insurance renewal process so smooth and timely yet again
Had a great experience with Barrack Broking – Insurance Brokers Brisbane. The whole process was smooth, professional, and easy to understand. A big shoutout to Amiel – absolute superstar. He
Competitive premiums offered. Great service going over and above. I have peace of mind knowing the insurance policies are looked after by a wonderful highly experienced team. Can not be
Excellent Communication, and provide great options and competitive Premiums. Just a pleasure to deal with. Highly recommend this team to any business owner.
Extremely attentive, took real time to understand the business and saved us a considerable amount on our premium – highly recommended
As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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