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They are two of the most common types of business insurance, but do you really know what they are protecting you from? Let’s take a look at these two different forms of cover and how they can protect your business.
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 your business interacts with third-parties in any capacity then this is an important form of cover to consider.
Professional Indemnity protects you against losses claimed by a third–party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third –party together with your defence costs (which can include legal costs, investigator costs and expert fees).
These are some examples of when a small business needs to consider protecting their business with Public Liability insurance.
Professional Indemnity insurance is an important form of cover to consider for:
Some of the typical types of professions that take out Professional Indemnity insurance include: Health Professions, IT Contractors, Management Consultants, Accountants, Estate Agents etc. For some professions holding professional indemnity insurance is a pre requisite for registration and/or association membership.
Public Liability insurance provides compensation for:
Many public liability policies also provide cover for product liability. Product Liability insurance* protects your business against claims by third parties relating to property damage or personal injury allegedly caused by your products
The following are not typically covered by Public Liability insurance:
Depending on the type of Professional Indemnity insurance you take out, your policy could cover:
Professional Indemnity insurance will typically not provide cover for:
Jump online or give our friendly team at BizCover a call and receive multiple quotes from some of Australia’s leading insurers in minutes. Experience insurance made easy today.
*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document. The information contained on this webpage is general only and should not be relied upon as advice.