Australia is now one of the most litigious countries in the world, making Liability Insurance a vital part of any business’s insurance program. Today, Liability Insurance isn’t a business luxury, it’s an absolute luxury.

 

The amount of exposure that any business has from its liability to third parties is nearly impossible to calculate. It’s a branch of insurance that needs the expertise of an insurance broker to ensure the liability exposure of your business is minimized through risk management and a proper insurance program.

 

Liability risks range from responsibility to employees for injury; problems arising from your actions as a director or officer of your business; defamation; or third party injury or damage to property belonging to others.

 

There is no maximum limit that a court of law may order against you under Common Law so make sure ask us about the risks your business faces and the best way to economically insure them.

 

There is a wide range of insurance policies designed specifically to cover the range of liabilities that businesses may incur – some of these are:

Public Liability Insurance – this is the most common of all liability insurance products and will cover claims made against your business by third parties for bodily injury or damage to property arising out of your business activities.

Product Liability Insurance – this covers claims made against your business by third parties for bodily injury or damage to property arising from a defective product. Any business that makes, sells, installs or delivers goods or products needs Product Liability Insurance. Product Liability Insurance is often purchased in a combined Public & Product Liability Insurance policy.

Professional Indemnity Insurance – if you provide professional advice to your customers, you are exposed to claims by those customers should they suffer a financial loss and claim the advice was the cause of this loss. Professional Indemnity Insurance will provide coverage to your business for such claims or legal actions.

Employment Practices Liability Insurance – your business could be sued by an aggrieved employee for wrongful termination, defamation, sexual harassment or any other employment-related event. An EPL Insurance policy will provide your business with protection against this risk.

Directors & Officers Liability Insurance – will cover the most senior people in your business for their liability for any errors or omissions they may have caused. Company directors & officers face litigation and new legislation is imposing greater controls on companies and the people who manage them. Directors & officers are exposed to claims from such diverse sources as government regulators, shareholders, competitors, creditors, customers and even employees.

The above classes of Liability Insurance are but a few of the areas that your business could be exposed should you not have an adequate insurance program.

Call us today to discuss and review your current insurance program.