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What is Business Insurance?
... caused them injury or property damage. This includes defence costs cover. Building & Contents Insurance Building insurance provides cover for loss and damage to buildings you own, as a result of an insured event (such as ...
read moreBusiness Insurance
... that your business may be exposed to. S ome of small business Insurance coverage options include: Building Insurance * which c overs you for loss and damage to buildings you own, as a result of an insured event (such as ...
read moreNo Dramas
... the types of coverage options available include: Building*- if you own your business premises, then Building insurance is a type of coverage to Building Insurance covers your building if it is damaged by an insured event ...
read moreBusiness Insurance FAQs
... cost for IT Professionals? How much does professional indemnity insurance cost for Real Estate Agents? What is Business Insurance? What is Building & Contents cover? What is Glass cover? What is Business Interruption ...
read moreCommon small business insurance claims and how to prevent them
... and your bottom line. Whilst you've got the insurance to help you out, you'd ultimately rather avoid ... sure there is adequate lighting outside and/or inside the building after hours can go a long way in deterring break- ...
read morePortable Equipment*
... to Business Insurance Portable Equipment* Portal Equipment insurance (also known as General Property insurance) covers you ... violent entry to locked vehicles or locked buildings; Theft of equipment securely attached to a ...
read moreGoods in Transit
... locked portion of a vehicle or trailer or the building in which the conveying vehicle or trailer is ... or other alcoholic beverages unless shown on your insurance certificate Things to consider Are you in the business ...
read moreMoney Cover*
... use of a combination that are left in the building outside business hours. Outside of Australia (subject to additional benefit - Traveler's money). *As with any insurance, cover will be subject to the terms, conditions ...
read moreEmployment Practices Liability
... injury Building modifications Continuity of employment costs Criminal proceedings Fraud and dishonesty Property damage Prior or pending claims - claim arising before the period of insurance *As with any insurance, cover ...
read moreTheft Cover*
... or armed hold up. It is not uncommon for theft insurance to require the item stolen to have been securely stored before ... stock Glass Property not contained in a locked building Documents, patterns, models, moulds, plans or ...
read moreHow much does Business Insurance cost?
... of 790 and 942 businesses respectively. We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was ...
read moreBusiness Insurance on the Gold Coast
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance the Smart Way
... each policy if you use the code SMART50 and a dedicated point of contact to help you with any insurance questions you might have. BizCover works for you by: Compare multiple providers and buy your policy online in just ...
read moreBusiness Insurance on the Central Coast
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance In Wollongong
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Townsville
... because an injury or serious illness means you're unable to work while you recover. Personal Accident and Illness insurance can help you keep things running at home and in your business until you're able to get back to ...
read moreBusiness Insurance in Toowoomba
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Parramatta
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Newscastle
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read moreBusiness Insurance in Melton
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Mackay
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Launceston
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Geelong
... an actual or threatened data breach. A cyberattack could bring a small business to its knees. Cyber Liability insurance can give small business owners in Geelong peace of mind that if a hack or data breach targets their ...
read moreBusiness Insurance in Cairns
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Bundaberg
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Insurance in Bunbury
... not be relied upon as advice. ** We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it's important to note that the data included within this article was sourced ...
read moreBusiness Interruption Cover*
... long it can take to get their business back up and running following a major insured event. Business Interruption insurance should be just one part of your wider disaster recovery plan - a plan that should include both a ...
read moreMachinery Breakdown*
... which requires repair or replacement. There are a number of types of breakdown which are not covered by an insurance policy such as those related to wear, tear and gradual deterioration or a lack of service or repair ...
read moreStatutory Liability*
... those set out in the policy wording) Prior or pending claims Property damage Criminal offences *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The ...
read moreThe bricks and mortar of building insurance cover – what you need to know
... best to check with your insurer or the policy wording to confirm the details of your Building insurance policy. However, some commonly covered items include: Business owned property Fixtures and fittings Services to the ...
read moreAm I Covered? Theft Insurance vs Building & Contents
... Let's dive into this type of cover and how it compares to the Building and Contents policies you may already have. What is Theft Cover? Theft insurance * covers you against loss of contents and stock as well as damage to ...
read moreInsurance for Cafes
... * - If you are the owner of your café's building, consider insuring one of your biggest assets. Building insurance will cover for loss and damage to buildings you own as a result of an insured event (such as fire, storm ...
read moreEarthmoving and Excavators Insurance
... damage, and theft of items from a locked building or vehicle. Why choose BizCover for Earthmoving Insurance? Built for small business We know insurance and what makes small businesses tick. Clear and competitive ...
read moreInsurance for Physiotherapists
... is your most valuable asset, which means it is important to that you insure it with Building insurance . Building insurance will cover your building in the event that it is damaged as a result of a fire, storm, malicious ...
read moreGuide to Physiotherapy Business insurance
... have your most expensive asset insured. Could you afford to re-build and maintain an income if a disaster were to strike? Building insurance covers your building if it was damaged as a result of a fire, storm, malicious ...
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... including cover for things like: Building* Building Insurance covers loss and damage to buildings you own as a result of ... choose BizCover for Roofers Insurance? Built for small business We know insurance and what makes ...
read moreUnderstanding insurance for recruitment consultants
... if you own your business premises you will need to consider having some form of protection. Building Insurance covers your building if it is damaged by an insured event, such as fire, storm, malicious activity or other ...
read moreInsurance for Civil Engineers – what you need to know
... Some of the other things Business Insurance can also provide cover for include Building insurance (if you own your building) Contents and Machinery breakdown. Cyber Liability Insurance If your engineering business relies ...
read more5 reasons you should review your business insurance this Christmas
... coverage to safeguard your business from bushfires or floods this summer? Take precaution with building insurance as part of a Business Insurance policy, to ensure your business is protected in the event of a fire. In ...
read moreInsurance for Allied Health Professionals
... coverage sections that are commonly relevant for Allied Health professionals include: Building insurance: This covers your building in the event of damage caused by fire, storm, malicious activity or another defined ...
read moreTop tips to boost your small business insurance confidence
... , check out our article here to learn more. Get your business insurance sorted Whether you are looking for a new Public Liability insurance or Building insurance policy , renewing an existing one or just want to ask some ...
read moreHousekeeping your business insurance – A checklist guide
... you have made any renovations, extensions to your business property make sure these are also updated on your Building insurance* policy If you have hired more staff, you may also need to reassess your policy limits like ...
read moreInsurance for Martial Art Teachers
... your portable martial arts training equipment if it's lost, stolen or damaged anywhere within Australia. Building Insurance * covers the cost of repairing or rebuilding business premises (that you own) as a result ...
read more5 insurances every convenience store owner needs to know about
... drag of a major city, if you own your bricks and mortar, you are going to want to insure it! Building insurance covers the costs of repairing or rebuilding your store as a result of fire, storm or other insured events ...
read more5 Common Beauty Insurance Claims
... on it. “Thankfully my Business Insurance policy included building and contents cover”, says Sarah. ... interruption, and that can include having to re-build your business. Fortunately for Wendy*, her Business Interruption ...
read moreFinding the right business insurance can be hard but BizCover makes it easy
... business contents are likely to be excluded. Building* If you own the building from where you operate your business this ... were with navigating the insurance landscape and decided to build a solution specifically tailored ...
read moreA practical guide to understanding business insurance
... Covers you for damage to your building due to fire and other perils listed within the policy wording. Portable Equipment *: Portable Equipment insurance (also known as General Property insurance) covers you for loss and ...
read moreUnderstanding business insurance for bookkeepers
... event listed in the policy. Building*- Building Insuranc e covers your building if it is damaged by an ... if a cyber attack were to occur. Cyber Liability insurance* is designed to help protect you from claims and support ...
read more4 reasons why restaurant insurance is important (and how to protect yours)
... your business from the ground up in the event of a catastrophic incident, you'll probably need insurance. Buildings and equipment: Even if an accident doesn’t wipe out your entire premises, it could damage expensive ...
read moreInsurance for Retailers
... , plant and machinery, records and furniture belonging to you at the insured location. Building* - this type of insurance will cover for loss and damage to buildings you own, as a result of an insured event (such as fire ...
read moreInsurance for Landscapers
... cover for tools No paperwork, no hassles Compare quotes from our trusted insurance partners*: Why do Landscrapers need insurance? Whether you're building retaining wall s or putting in new plants, landscaping is a ...
read moreInsurance for Tradesmen
... An unwanted trade A tradie working on a commercial building locked up his tools before leaving the worksite at ... tradie game for the long haul. While some types of insurance may be a requirement, there are a variety of ...
read moreDo online businesses need insurance?
... have to start over. Discover insurance options for online businesses to compare competitive insurance quotes for your online business, get covered in only 10 minutes, and get back to building your business. If you prefer ...
read moreProduct Liability Insurance
... the dangers if used incorrectly. Why choose BizCover for your Product Liability insurance? Built for small business We know insurance and what makes small businesses tick Clear and competitive pricing You can compare ...
read moreHow to get clients for a new business - building customer base
... about who you know - and how you can help each other. Protect what you are building with business insurance* As you work on building up your client base, take a moment to consider the longevity of your new business. If ...
read more6 areas you may not have thought business insurance covers
... 4. Building If you own your building would you be able to afford to re-build or restore your building if ... cover options offered through Business Insurance if you make a claim on an underinsured building, (perhaps you were ...
read moreInsurance for Restaurants & Cafes
... right there on your screen. Seriously. Built for small business We know insurance and what makes small businesses tick. ... insurance you may consider include Contents , Building , Tax Audit and Cyber Liability insurance. ...
read moreHow to adapt your business insurance as your business grows
... one of the biggest assets of your business and is one which needs to be protected. Building and Contents* insurance is designed to protect your bricks and mortar and important business assets. You have bought machinery ...
read moreUnderstanding Victoria Plumbing Licence and insurance requirements
... easy reach at all times. While you're hard at it building your Victorian plumbing business, you don't want to have to worry about your business insurance* springing a leak and leaving your business stranded. So let ...
read moreBenefits of insurance for small businesses
... . Business relationships are built on trust, and showing that you have insurance that covers the risks ... to you at the insured location. Building *: If you own the building from where you operate your business this ...
read moreWhat insurance do contractors and subcontractors need?
... , let's delve into a range common business insurance questions around contractor insurance and subcontractor insurance for trade professionals in the Australian building and construction industry. Do subcontractors need ...
read moreInsurance for Fencing Contractors
... and equipment necessary to do your job and run your fence construction business. When building a Business Insurance Package, you can select covers like Machinery Breakdown and Portable Equipment to help protect your ...
read moreHospo Insurance
... your commercial lease might require it. Build your Hospo Insurance Pack BizCover helps hospo heroes access ... or attempted theft from your business premises. Damage to the building , locks and safes as a result of a covered ...
read moreInsurance for Furniture Manufacturers
... * - Covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy. Machinery Breakdown* - Machinery breakdown insurance covers the cost to repair ...
read moreInsurance for pharmacy and pharmacists
... your business that may require different types of insurance cover. Business insurance* offers a number of coverage options including: Building: provides protection for your pharmacy building if it was damaged as a result ...
read moreInsurance for Convenience Stores
... you need it most.Do you need Public Liability insurance? The short answer is probably yes. Chances are you ... inoperable due to breakdown. Building* - if you own your business premises then Building cover is a no-brainer ...
read moreInsurance for Car Wash and Auto Detailers
... and statutory liability risks. Some of the types of Business Insurance coverages you may want to consider as a car wash and auto detailer include: Building* Covers your building if it was damaged as a result of a fire ...
read moreWhat tradies need to know about Public Liability Insurance
... typical reasons why you may take out Public Liability insurance as a tradie. 1. Accidentally causing damage to someone's property Working with different tools, moving building materials and just getting the job done are ...
read moreInsurance for Furniture Manufacturers: A Guide
... * - Covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy. Machinery Breakdown* - Machinery breakdown insurance covers the cost to repair ...
read moreTradies urged to review insurance heading into 'tougher months'
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read more5 things to consider when purchasing business insurance
... cover for loss and damage to buildings you own , as a result of an insured event (such as fire, storm, wind). Glass* - a common optional cover for retail businesses is glass insurance , which covers damage to the ...
read moreInsurance for Manufacturers
... , plant and machinery, records and furniture belonging to you at the insured location. Building - this type of insurance will cover for loss and damage to buildings you own, as a result of an insured event (such as fire ...
read moreUnderstanding Insurance for Retailers
... s for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind). Glass* - a typical type of coverage for retail businesses is glass insurance, which covers for damage to internal ...
read moreCyber Liability Insurance
... for your Cyber Liability insurance? Built for small business We know insurance and what makes small ... Relations firm to assist the insured with re-building their business reputation was also included. An expensive ...
read moreInsurance for Carpenters
... . Public Liability insurance may be a requirement for carpenters to receive a building or construction license ... BizCover for your Carpenters Insurance? Built for small business We know insurance and what makes small ...
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... regardless of whether it is true, with Public Liability Insurance. Let the insurers and lawyers take care of the ... who visit your office, whether in a commercial building or home-based office Working at your client's ...
read moreInsurance for Makeup Artists
... , fire, storm or theft). It can provide cover for your building, contents, stock or event an interruption to your business. A business insurance package can even include tax audit, statutory liability or employment ...
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... and advice from you. You have spent years building your professional reputation and probably want to protect it ... if it were to be compromised. Cyber Liability insurance helps to protect you from claims and supports your ...
read moreInsurance for Plumbers
... can be found on the Victorian Building Authority website . What types of insurance do plumbers typically need? Public Liability Insurance* One of the first types of business insurance to consider is Public Liability ...
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... your hospitality business and often will include Public Liability insurance, Professional Indemnity insurance , and Business Insurance. Business Insurance can insure your building (if you own it) and its contents , as ...
read more7 surprising ways business insurance can help your company
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... businesses Compare quotes from our trusted insurance partners*: Why do flooring installation contractors need insurance? Flooring installers are essential to the building and construction industry. Customers rely on ...
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... HR consulting business, like Tax Audit, Building, Contents, and Business Interruption cover (just to name a few). Cyber Liability insurance Cyber Liability insurance covers losses from claims arising from data ...
read moreInsurance for Contractors and Subcontractors
... or illnesses suffered outside of your employment. Why choose BizCover for your Contractor Insurance? Built for small business We know insurance and what makes small businesses tick. Clear and competitive pricing You can ...
read moreBizCover Disrupts Insurance by Commoditising it
... Gottlieb and business partner Gavin Donner are not newcomers to the insurance game. The pair built up - and still run - the successful insurance brokerage Mega Capital. However, last year in August they sold a majority ...
read moreBusiness Insurance Guide for the Self-Employed – Part 3
... an audit is enough to make you panic. Tax Audit Insurance covers a business for specified costs if the ATO selects it ... violent entry to locked vehicles or locked buildings Theft of equipment securely attached to ...
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... The nature of your business activities Why choose BizCover for your Perth business insurance Built for small business We know insurance and what makes small businesses tick. Clear and competitive pricing You can compare ...
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... sheds, decking or outbuildings that make up your business property can be insured under your Building insurance policy . This is sometimes overlooked by small business owners and can result in underinsurance. Forgetting ...
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read moreA Guide to PI Insurance
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Business Insurance Coverage
When looking for cover for your business there are a range of business insurance products that can provide financial cover for your business, some main types of coverages include:
- Public Liability insurance
- Professional Indemnity insurance
- Business Insurance
A business insurance pack can provide cover for your business premises and contents, against loss, damage or theft as well as cover against any resulting financial loss from an insured interruption to the business. The type of business insurance and amount of cover you select will depend on the nature of your business and what areas you think you are the riskiest for you. Pick and choose the right business insurances that will suit you best. And you can include Public Liability Insurance to ensure you are not financially responsible for the costs of a legal claim should a third party get injured or suffer property damage whilst you are doing business.
What is typically covered by Business Insurance?
A) Material damage loss for your physical assets
B) Financial loss due to Business Interruption
What is typically not covered by Business Insurance
- Negligence/breach of duty arising from an act, error or omission as a result of your professional services
- Flood damage is generally excluded from standard policies
- Known claims and circumstances
Industries that may require Business Insurance
Across Australia there are many different types of small businesses that help the economy going, from personal trainers to IT wizards, coffee shop owners, cleaners and the trusty tradies. While your day to day operations as a business may be different, there is always an element of risk when your run your own business. This is a snap shop of some of the typical type of businesses that may require business insurance.
Get the right type of Business Insurance
Your business may be considered ‘small’ but it’s big to you and big to us. That’s why we want to make sure you have the right protection. We offer various cover options to suit a variety of businesses.
For some types of businesses, business insurance may be a requirement, for example:
- You may need to have your own Public Liability insurance sorted before you step onto a construction site
- If you work on contracts you may be required to have a minimum level of Professional Indemnity insurance in place
- If you are renting your business premises, your landlord may require you to have your own Public Liability and in some instances Glass cover sorted
Frequently Asked Questions on Business Insurance
Business Insurance provides you with protection if your business assets or premises are damaged, stolen or if you sustain financial loss due to an insured interruption to your business.
Business insurance usually falls into three categories:
a) Material damage loss for your physical assets
b) Financial loss due to business interruption
c)Personal injury/property damage claims against you
When it comes to small business insurance, there are multiple coverage options to select from. Each type of cover is designed to protect against different risks that your business may be exposed to. Some of small business Insurance coverage options include:
Building Insurance* which covers you for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).
General Property Insurance* which covers against theft and accidental damage of equipment, such as tools, laptops and mobile phones, while you are away from your office.
Office Contents Insurance* which covers you against burglary, theft and accidental damage of office equipment such as chairs, desks and computers.
Public Liability Insurance* which covers you if a third-party claim that your negligent business activities caused them injury or property damage. This includes defence costs cover.
Glass Insurance* which covers you for damage to internal and external glass, mirrors, porcelain and signage at your business premises.
Tax Audit Insurance* which covers fees of any accountants engaged in connection with an audit by the Australian Taxation Office.
Business Interruption* which covers you for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire).
Business Insurance is a packaged solution designed to protect your business from property, business and liability risks. There are different coverage options available under a Business Insurance pack, sometimes referred to as a Biz Pack.
The great thing about small business insurance is that you can select the type of coverage that is tailored to the needs of your business. Different businesses require their own unique forms of cover to protect them from the unique risks of their industry. For example, the types of risks a restaurant owner faces will be different to a dog groomer.
A common question SME operators ask is, “How much does Business Insurance cost?”. Unfortunately, there’s no one-price fits all answer. Some of the factors that can influence the cost of a Business Insurance policy include:
- the type of cover and cover options taken
- the nature of your business
- the value of the property insured
- where your business is located
- the number of employees you have
- your annual turn over
- claims history
Have a chat to our BizCover sales team about the different kinds of Business Insurance we have available from some of Australia’s leading insurers to get an accurate cost of your Business Insurance policy.
Just because you’re working from home doesn’t mean things can’t go wrong. Every occupation and workplace comes with its own level of risk, and insurance could help you manage the financial fallout if things don’t go to plan.
These are a few of the home-based businesses we cover:
- Administrative support services
- Answering & reception services
- Beautician
- Consultants
- Dog walking
- Dog grooming
- Graphic designer
- Hairdresser
- Online shops
- Photographer
- Writers
- Web developer
There are many types of insurance that home-based businesses consider, such as:
Public Liability*
Do you have clients visit your home-based office? Do you visit them in their office or off-site locations? You may want protection in place should you accidentally cause injury or damage to their personal property.
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.
Cyber Liability*
Working from home may make you a desirable target for cybercrime. The Australian Cyber Security Centre estimates that up to 200,000 Australian small office and home office routers may be vulnerable to compromise1. If your systems were attacked, the impact could be destructive to your business.
Cyber Liability insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
Your coverage may include cover for expenses and legal costs relating to the following:
- Data breaches
- Theft or loss of client information
- Business interruption costs
- Forensic investigation
- Data recovery
- Extortion
- Fines and penalties
- Crisis management costs (to restore your business reputation after an attack or data breach)
- Legal costs from any ensuing civil action taken against you or your company
ASD’s ACSC Annual Cyber Threat Report, July 2021 to June 2022
Personal Accident & Illness*
Being self-employed, you may want to consider protection for your most important asset—you. This is where Personal Accident and Illness insurance comes into play, especially when you don’t have access to sick leave.
Personal Accident and Illness insurance can provide cover should you become permanently disabled or pass away as a result of an accident. Cover can also include a weekly benefit for loss of income if you are unable to work as a result of an unexpected injury or illness (even if it occurs outside of your employment).
Business Insurance Pack*
Looking for cover for your business contents, tools and equipment? What about protection to help you manage unplanned business interruptions, tax audits, or other risks associated with running your business?
You may want to consider a Business Insurance Pack, a customisable insurance package designed to help you cover the events above (and sometimes more) when an insured event occurs (such as fire, storm, theft or even accidental damage).
Options available through most Business Insurance Packs include (but are not limited to):
Contents*
Your home office may be full of business assets required to perform your job, like equipment, stock, and furniture. Even though these items are technically kept in your home, they may not be covered by your personal home & contents policy.
Contents insurance provides cover for loss of or damage to items such as business equipment, stock, plant and machinery, records and furniture belonging to you at the insured location.
Portable Equipment*
Running a home-based business doesn’t mean you’re always at home. If you are on the road and need items like your laptop, tools and equipment to perform your profession, you might consider protecting them with Portable Equipment cover.
Portal Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment associated with your business. These can include tools of trade and items of stock.
Business Interruption*
Anything can happen when you’re running a small business. If unplanned events force a temporary shutdown, Business Interruption cover could help you keep things going.
Business interruption provides cover for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It’s designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
Tax Audit*
A call from the ATO is enough to frighten many home-based business owners, and a tax audit is even scarier! You might want to consider cover to help you manage the costs of a business audit.
Tax Audit Insurance covers a business for specified costs in the event that it is selected by the Australian Tax Office for auditing. The policy offers coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit.
Public Liability and Professional Indemnity insurance are two fundamental forms of cover that both protect against very different risks. The main difference is the type of duty of care that each cover seeks to provide protection for.
Public Liability insurance* is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
It also provides protection for legal and defence costs associated with a covered claim.
Professional Indemnity (PI) insurance* provides protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Product Liability insurance* commonly forms part of a Public Liability insurance policy, providing protection for your business against claims by third parties relating to property damage or personal injury caused by your products.
The term ‘Product’ is typically defined as anything that has been manufactured, constructed, erected, assembled, installed, grown, extracted, produced, processed, treated, altered, modified, repaired, serviced, bottled, labelled, handled, sold, supplied, re-supplied, distributed, imported or exported by you, or on your behalf.
Product Liability insurance is designed to support you when your products cause a third party to sustain personal injury or property damage. Product Liability insurance is intended to cover compensation payable to a third party and your defence costs (these are the reasonable costs incurred while investigating and defending a covered claim including legal fees, experts fees and court costs).
Product Liability insurance is there to help you from the moment an allegation of negligence relating to your product is made.
Always check the limit of cover offered by your policy and any exclusions or geographical limitations.
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