Liability can be a confusing term for small business owners. You’ve probably heard of Public Liability insurance, but what about Legal Liability?

In business, the phrase “liability exposure” isn’t just a buzzword – it’s a reality that every entrepreneur and small business faces. At its core, liability exposure can be defined as the potential financial or reputational harm a business might suffer due to unforeseen events or mishaps.

Product Liability claims and Product Liability litigation against your business are no joke. In fact, they may severely impact your small business and damage the upstanding reputation you have worked so hard to create around it. Product Liability claims may even potentially push your business beyond the point of no return, which is why Product Liability risk management is a popular choice for many business owners.

Do I Need Management Liability Insurance?

As a small business owner, you know all too well that the fate of your business is in your own hands. But did you also know that as a company director or senior manager involved in the management of a company, you also carry specific responsibilities that have the potential to also leave you personally liable if things in your business don’t go as planned.

Sole traders are people who own and run a business as individuals. Australian sole traders enjoy many benefits that come with being self-employed, from setting their hours and rates to choosing the clients and customers they work with.

Just imagine: A phone call out of the blue. The caller has a voice you don’t recognise. He’s telling you he is hurt – badly – and you’re responsible. You hang up.

Public Liability and Professional Indemnity are two of the most common types of business insurance in Australia. They both cover compensation claims, but the main distinction is the types of events and risks covered.