What is Public Liability Insurance?
Public Liability Insurance and Products Liability Insurance covers your Queensland business against legal costs and compensation payments resulting from injuries or property damage to your clients, contractors or members of the public which was caused by you or one of your employees. If you are a manufacturer or distributor of a product you may also be liable for the failure of those products that you sell under the Trade Practices Act.
Who needs Public Liability Insurance?
If you own a business, you may be liable for damage or injury to another person or property. Even 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.
What does Public Liability Insurance cover?
Public Liability Insurance would cover the compensation payment plus any legal expenses. Even when you do everything right there is always the chance of an unfortunate accident happening. You may need public and/or products liability for the following reasons:
- Even if you don’t have visitors to your office or home, you could still suffer a public liability claim against your business; for example, if you accidentally damage a client’s property in their office
- ‘No win, No fee’ legal services which help individuals claim compensation may increase the likelihood of a business experiencing a public liability claim due to easier access to the necessary legal services
- Anyone working for you could trigger a public liability claim against your business if their actions at work injure a client or member of the public
- Many companies and organisations will also insist on their suppliers having public liability insurance cover in place, to protect themselves.
Public Liability Insurance Risk Assessment Advice
A good way of assessing a product or public liability risk systematically is to consider the following general risks for each business location, but also consider any additional risks particular to the business in question:
- Risks at the premises
- Adjacent risks and common areas
- Visitors to the premises including car parks
- Third party property on or in the vicinity (including Goods in Care, Custody and Control)
- Hazardous goods, pollution and environmental risks
- Use of sub-contractors
- Unregistered vehicles
- Risks away from the premises
- Collection and delivery of goods
- Installation and other work away from the premises
- Completed operations cover (liability arising out of work completed by the insured after that work has been handed over).
Public Liability Insurance Brokers
Our Brisbane Insurance Brokers can help you get the right insurance cover by assessing your specific needs and recommending the most appropriate insurance solution for your business, whilst still maintaining the highest standard of cover. We offer risk management services as part of our insurance broking practices, allowing us to review risks specific to your business and find you the public liability insurance cover that is most suitable to you.