Liability Insurance - Essential cover

By Peter Vickers Insurance Brokers | business insurance, smallbusinessinsurance, liability insurance, insurance, public liability, property indemnity insurance |

Liability insurance protects an individual or their business against any property damaged or injury caused to a person. There are different types of liability cover i.e. Environmental Pollution Liability Insurance, Landlords Insurance, Management Liability, Public Liability, Professional Indemnity talk to our brokers to get a more in depth understanding of what type of cover is right for your business.

Liability Insurance is generally a mandatory cover required in the event of setting up a business, contracting work, or is imposed upon by a third party, i.e. landlord, contractor etc. For example, when you take out a lease, there will generally be an imposition from your landlord to have liability cover for a certain amount. This is well worth checking on your lease, as failure to take out the cover or not the amount required, may make you become liable for any damage that the property may have sustained, and therefore a personal cost to the individual and/or their business.

The following are examples of such:

1. ABC Company Pty Ltd takes out a commercial lease within an office building. The commercial lease is made up of an office and a number of car spaces within the complex. ABC’s client visits the office for a business meeting and parks his vehicle in one of the two allocated car spots. At the conclusion of the meeting, which by now is in the evening, ABC’s client, upon returning to his vehicle, slips and injures himself. This due to the fact that the car park lights were not functioning in the area. This is deemed as negligence on ABC’s part, as under the terms of their lease they are responsible for the car spaces. ABC’s client could then seek damages against ABC Company Pty Ltd, as they have failed in their duty of care to provide a safe environment.

2. Providing food that causes a salmonella infection. This is incredibly serious and can result in fatal consequences.

3. Toy manufacturing. It is the manufacturers’ responsibility that the toy is safe, tested and complies with Australian standards. Failure to comply may result in personal injury and again fatal consequences. Furthermore, insurers will either not insure or apply restrictions on cover if this is not adhered to.

Liabilities exist in two forms: Public, Injury to Others, or Property Damage and Products. The latter includes products that you have manufactured or imported (Australian Jurisdiction states - if you import a product, you are deemed the manufacturer) and are therefore liable if that product causes injury to others or property damage. If you have any concerns about what is the right Liability Insurance for your business, please contact the team at Peter Vickers Insurance Brokers on 1300 784 011

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