Machinery Breakdown Insurance
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Business Insurance
... tools of trade and items of stock. Machinery Breakdown Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown Electronic Equipment Covers your business against loss ...
read moreMachinery Breakdown*
... Things to consider Back to Business Insurance Machinery Breakdown* This insurance covers the cost to repair or replace specified machinery following a breakdown. Did you Know? 'Breakdown' refers to unforeseen and sudden ...
read moreWhat is Business Insurance?
... tools of trade and items of stock. Machinery Breakdown Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown Electronic Equipment Covers your business against loss ...
read moreBusiness Insurance FAQs
... Dishonesty cover? What is Machinery Breakdown cover? What is Electronic Equipment cover? What is Goods in Transit cover? What is Product Liability Insurance? What is Product Liability Insurance? Ready to sort out ...
read moreBusiness Interruption Cover*
... legislation Losses beyond the indemnity period Voluntary closures Losses due to breakdown in equipment or machinery Who needs Business Interruption insurance? If you run a business that would be impacted significantly if ...
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 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 moreHow much does Business Insurance cost?
... Pack? The average cost of a Business Insurance package for retail business is $96.43 per month , with 32.5% of our customers paying between $76 and $100 per month. The full breakdown can be seen below. *Data based on ...
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 ... stock, and in many cases business face loss of machinery or electrical equipment after a power surge during an ...
read moreBusiness Insurance on the Central Coast
... was ever to hard for them to answer. Great service.” Tina W. Heavy Machinery and Equipment Repair and Maintenance How much does Business insurance cost ? On average, small businesses on the Central Coast pay around $ 68 ...
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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 ...
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... 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 moreTheft Cover*
... or armed hold up. It is not uncommon for theft insurance to require the item stolen to have been securely stored before ... Computers and other equipment for storing data Machinery and plant, tools, instruments and utensils ...
read moreGoods in Transit
... or gas in bulk Livestock Cigarettes, tobacco, wines, spirits or other alcoholic beverages unless shown on your insurance certificate Things to consider Are you in the business of buying and selling items? If so, is it ...
read moreEmployment Practices Liability
... and dishonesty Property damage Prior or pending claims - claim arising before the period of insurance *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording ...
read moreMoney Cover*
... 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 and exclusions contained in the policy wording. The ...
read moreNo Dramas
... price, we will beat the price on offer or provide you with a full refund** so that you can save on insurance for your small business. Get a quote today, it only takes a few minutes. ** terms and conditions apply - click ...
read morePortable Equipment*
... s covered & what’s not Things to consider Back to Business Insurance Portable Equipment* Portal Equipment insurance (also known as General Property insurance) covers you for loss and damage to items of portable equipment ...
read moreInsurance for Furniture Manufacturers: A Guide
... another defined event listed in the policy. Machinery Breakdown* - Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown. Transit* - Goods in Transit covers (subject ...
read moreInsurance for Furniture Manufacturers
... or another defined event listed in the policy. Machinery Breakdown* - Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown. You can also choose to insure the ...
read moreHow to adapt your business insurance as your business grows
... policy wording Machinery Breakdown* Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown. Management Liability insurance* Management liability insurance * protects ...
read moreInsurance for Cafes
... and exhaust fans to keep on running. Machinery Breakdown insurance covers the cost to repair or replace specified machinery following a breakdown. Glass* - This type of insurance covers you for damage to glass and ...
read moreInsurance for Car Wash and Auto Detailers
... such as business equipment , stock, plant and machinery, records and furniture belonging to you at the insured location. Machinery Breakdown* Machinery breakdown insurance covers the cost to repair or replace specified ...
read moreInsurance for Manufacturers
... 's leading insurers Choose from a range of covers, including machinery breakdown Compare quotes from our trusted insurance partners*: Why do Manufacturers need insurance? Don't let a potential safety defect in your ...
read more7 surprising ways business insurance can help your company
... and items of stock. Machinery Breakdown *: This insurance covers the cost to repair or replace specified machinery following a breakdown. Electronic Equipment*: Electronic equipment insurance covers the cost to repair ...
read moreInsurance for Restaurants
... from a range of covers, including Glass and Machinery Breakdown Competitive Prices with our Price Promise Compare quotes from our trusted insurance partners: Public Liability Insurance cost for Restaurant & Cafes Why do ...
read moreInsurance for Restaurants & Cafes
... a range of covers, including Glass and Machinery Breakdown Competitive Prices with our Price Promise Compare quotes from our trusted insurance partners*: Business insurance for restaurants and cafes covers things like ...
read moreThe Easter Bunny’s Guide to Business Insurance
... that needs financial protection from risks such as machinery failure, accidents/illnesses and other threats. ... Within a Business Insurance pack the Easter Bunny would have cover for machinery breakdown and the ...
read moreInsurance for Pizza Shops
... event listed in the policy. Machinery breakdown - Machinery breakdown insurance covers the cost to repair or replace specified machinery following a breakdown. Personal Accident & Illness Insurance* From cooking up a ...
read more5 Surprising Things Business Insurance Can Cover
... the blink as the deadline for a large order is approaching. Machinery Breakdown insurance is an important form of coverage for businesses who rely on machinery or equipment in their day-to-day operations, and can protect ...
read moreThe Reality of Retail- Real Life Claims and How Business Insurance can Help
... it was found that the compressor had burnt out and required replacement. The pizza shop owner had Machinery Breakdown insurance * and the insurer met the cost of repairing the freezer and the loss of stock which came ...
read moreInsurance for pharmacy and pharmacists
... Machinery Breakdown: covers the cost of repairing or replacing insured machinery following a breakdown, including electronic or mechanical machinery ... helpful service from a business insurance professional. 1300 249 268 Mon ...
read moreInsurance for Butcher Shops
... it is usually a requirement to hold Public Liability insurance and Glass cover before signing a lease. Your landlord ... in transit or in your personal custody. Machinery Breakdown* - essential cover for butchers to help ...
read moreInsurance for Convenience Stores
... when you need it most.Do you need Public Liability insurance? The short answer is probably yes. Chances are you' ... theft, fraud or dishonest acts by an employee. Machinery Breakdown* - designed to help cover the cost of ...
read moreA sole traders and freelancers guide to business insurance
... Rust, mould or mildew Machinery breakdown Computer virus or hacking Pollution Any person deliberately switching off power supply Faulty design or workmanship Tax Audit* Tax Audit Insurance covers a business for specified ...
read more4 Big reasons why restaurant insurance is important (and how to protect yours)
... damage or breakage. Machinery Breakdown cover : Restaurants rely on all sorts of machinery, from coffee machines ... because of a fridge breakdown. Find Insurance for Restaurants with BizCover Insurance can serve up much ...
read moreInsurance for Bakers
... with Business Insurance . Contents - Covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy. Machinery breakdown - covers ...
read more5 insurances every convenience store owner needs to know about
... down, you may feel like your pouring money down the drain, but fret not, there's an insurance for that! With Machinery Breakdown cover, you can take away the stress of having to fork out the big dollars when your store ...
read moreDishing up the facts on food business insurance
... policy options to choose from. Why do I need insurance for my food business? Whether you are serving up fancy ... available if you insure Building or Contents. Machinery Breakdown - offers protection for the related costs ...
read moreBusiness Insurance Guide for the Self-Employed – Part 3
... * under a Contents Insurance policy include: Wear, tear or gradual deterioration Intentional damage caused by you Damage caused by insects or animals Rust, mould or mildew Machinery breakdown Computer virus or hacking ...
read moreInsurance for hospitality business
... you own it) and its contents , as well as machinery breakdown and business interruption events such as power outages Management Liability Insurance Insurance that covers risks that may occur during the course of running ...
read moreInsurance for Pet Professionals
... a range of covers including machinery breakdown Trusted by over 220,000 Australian small businesses Compare quotes from our trusted insurance partners*: Why do pet professionals need insurance? Whether you're grooming ...
read more3 reasons your business insurance may no longer be right for your business
... help ensure you have sufficient insurance to cover your loss if you need to make a claim. There are a number of cover options, such as Contents , Portable Equipment and Machinery Breakdown , that are designed to protect ...
read moreInsurance for IT Professionals
... for coverage of one or more of building, contents, machinery breakdown, repairs, theft, restoration or even business interruption insurance. Cyber Insurance* Consider the client information or data you may be storing ...
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... 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 moreWhat is Management Liability Insurance and Who Needs It?
... a business owner, business executive, or a senior business manager, you will likely be aware of Management Liability insurance and how it can help to reduce the unique risks that come with your role as a business leader ...
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... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover ...
read moreTop tips for buying Management Liability Insurance
... , and that includes Management Liability. There can be limitations on the coverage you receive, just like any other insurance policy. As such, knowing what you will be covered for and what you won't be covered under the ...
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... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover ...
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... , theft or even accidental damage). In some cases, a client may require you to have certain types of insurance to work with them. They may include this requirement in their business contracts and ask for a certificate of ...
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... to help keep sole traders trading and doing what they do best. Get a quote online today for your business insurance or give us a call on 1300 920 864 to see how we can help protect your business. *This information ...
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... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover ...
read moreManagement Liability Insurance
... *: What's included & what's not? Get the right cover Could this happen to you? What is Management Liability Insurance?* Everyone loves a surprise, except when you are a company director. If you own or are involved in the ...
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... Follow up with customers after their job is completed to ensure that they are satisfied. 9. Give your plumbing insurance a maintenance check There are a variety of risks that plumbers face. All it takes is for a customer ...
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... that can level up your business and make your journey less daunting. 1. Protect yourself with the right insurance policy If you're a self-employed professional or a small business owner trying to get through the first ...
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... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover ...
read moreTop 7 tips to help improve your business risk management
... your policy. If you have Building or Contents insurance, remember to review any changes made by any renovations ... from hazards? Making sure items like stock or machinery aren't causing any potential risks or trips, ...
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... clients Understand the different types of business insurance policies that are available and how they can protect your project management business Challenge 5: Communication breakdown Communication is one area of project ...
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... in your small business. What if you get it wrong and your client suffers as a result? Professional Indemnity insurance is there to reduce this type of risk, providing protection for financial loss and legal costs in the ...
read more14 tips for managing your business cash flow
... holding as much stock required to run your business efficiently. Excess stock can tie up cash and increase storage and insurance costs. 11. Budget your spending If you're a start-up, it can be easy to overspend as you ...
read moreHow to Reduce Product Liability Risks
... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover ...
read more9 time saving apps to take back your time
... . At BizCover, we're big believer in saving time and that's why we offer a hassle-free business insurance experience. Jump online or give us a call to receive multiple quotes in minutes from some of Australia's leading ...
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... services Did you know? Even if your projects take you across the country, your Professional Indemnity insurance covers you anywhere in Australia. Get the cover for your business Professional Indemnity Your role as a ...
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... , implementing a risk management strategy can help reduce their exposure to risk, according to Small Business Insurance expert Jane Mason. “All businesses are exposed to a level of risk, which can range from operational ...
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... your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover ...
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... as you might to eliminate it, risk will always exist. Adopting risk minimising strategies, including a small business insurance policy, is simply part of the game when you own your own business or manage a business. All ...
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... professional. This will not only save you time, but it may also reduce your tax liability. 6. Business insurance and risk management It is important for every small business owner to identify and mitigate risk, but this ...
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... under the hammer in the event of an unfortunate event. Realtors might want to also consider Public Liability insurance , which provides the proper protection for you and your business in any event that an individual gets ...
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... be very costly when they occur,” explains Jane Mason, Head of Product, Channels & Risk at business insurance comparison website BizCover . Claims and lawsuits can be very expensive for small business owners. Not only can ...
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... won't get paid. How would your business manage if something happened to you? Having Personal Accident & Illness (PA) insurance covers you for loss of income if you were unable to work as a result of an injury or illness ...
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... owner. In these situations, it's about controlling the impact to your business. This is where business insurance is important as it provides a financial safety net, reducing the financial consequences to a small business ...
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... are clearly defining your business, the amount of capital needed to get it up and running, and how business insurance can reduce your businesses' exposure to risk. While it may sound a little like putting the cart before ...
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... of revenue and higher costs, which could lead to a drop in profitability. And businesses can’t rely on insurance* alone because it doesn’t cover all the costs and the customers who move to the competition. Preventative ...
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... hefty ransom? Could you sustain a temporary breakdown to your business interruption if a cyber attack ... should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and ...
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... losses arising out of acts, errors and omissions from a wide variety of services. Business Insurance : An insurance package designed to provide cover for your business contents, stock, tools and commercial premises when ...
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... covered for what you think you are. If you don't understand the technical terms, speak to an insurance professional who can help you understand the meaning. Some policies will cover: Lost Documents, Fidelity (cover for a ...
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... at SME's (Dual Australia, 2018). If your business were to be the victim of a cyber attack, Cyber Liability insurance is there to help by providing coverage for expenses and legal costs (which can add up very quickly and ...
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... external accountant or similar professional and their fees can quickly add up . Get covered Shopping around for business insurance quotes shouldn't be a hassle and at BizCover we aim to keep it as fuss free as possible ...
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... of your trade were stolen or damaged due to wear and tear? Also referred to as Tool insurance, Portable Equipment insurance can cover your gear for a range of risks, including fire damage, damage caused in a vehicle ...
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... around for you, so all you need to do is select the coverage that is right for you, receive your insurance info straight to your inbox and get back to business! Get a quote today and start protecting your business. *This ...
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... at include: Public Liability insurance * Professional Indemnity insurance* Business Insurance * (Contents, Building, Portable Equipment, Machinery Breakdown etc.) Personal Accident and Illness insurance * 3. Financial ...
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... this can have a serious toll on a small business, even shutting them down for good. A management liability insurance policy can be the only saviour for a business in cases like these. In this case, the restaurant was ...
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... your industry, it's developing your business acumen so you can become a better business manager. 6. Sole trader insurance The last of our tips for sole traders in Australia is to ensure that your business is protected by ...
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... will determine whether the next phase involves growth and prosperity or financial breakdown. With smart risk management , however, and a tailored insurance plan, your business will be in the best position to come out ...
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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.
While your office space may not the typical set up, just because you are working from home doesn’t mean that things can’t go wrong. Regardless of the type of work you are doing from marketing to managing an online store, different occupations each come with their own level of risks.
These are some examples of the type of 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
Common types of insurance for home based businesses
Public Liability*
One of the basic insurances to consider is Public Liability insurance. 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.
If you have clients visit your home based office or you visit them off site do you have protection in place if you were to accidently cause injury to them or damage to their personal property?
Cyber Liability*
Consider the outcomes if the client data you have stored was compromised. The impact could be destructive to your business. Cyber liability insurance is a type of business insurance product, which protects your business against both the legal costs and expenses (including compensation payments) related to cybercrime incidents. Your coverage may generally 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 businesses reputation after an attack or data breach)
- Legal costs from any ensuing civil action taken against you or your company
Personal Accident & Illness*
Being self-employed, means you need to ensure you have 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).
If you have purchased sickness/illness cover as part of your personal accident insurance you may be able to claim if you are diagnosed with COVID-19 and that diagnosis results in you being unable to work. Your cover will need to have been in place before you contracted the disease.
Employment Practices Liability*
Employment Practices Liability (EPL) Insurance is designed to help employers minimise the risk and potential cost of claims taken against them by employees. Covered claims may relate to allegations of discrimination, unfair dismissal and sexual or workplace harassment.
Options include (but are not limited to):
Contents*
Having a home based business means there are certain business assets that you will require to perform your day job. 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*
If you are on the road and need items like your laptop, tools and equipment to perform your profession, then consider protecting your items 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.
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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