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Liability claims come in many shapes and forms. As a business you may become legally liable to pay in respect of Personal Injury or Property Damage caused by an occurrence in connection with your business or products.
What type of coverage can you get?
Legal and products liabilities, usually at a minimum of $10M or more caused by your business or in some policies, including those caused by goods under your legal control, within a pre-defined geographical scope.
Liabilties Insurance is not a luxury
Australia is the second most litigious society after the USA. Offering your products and services to the public will expose your business to claims. These claims, whether true or not, are costly to defend and distract your attention away from your business.
Different types of Liability insurance
Public and Products Liability insurance
To protect you from financial loss in case of a claim against your business resulting from your business activities.
Products Recall insurance
To protect you from cost of withdrawing potentially harmful goods from the market.
Products Tamper and Extortion insurance
To protect you from the loss due to cost of withdrawing goods not because of faulty materials or production but due to deliberate sabotage.
Product Guarantee/Warranty insurance
To protect you from cost of replacing defective goods or refunding the purchase price.
Environmental Impairment Liability
To protect you from Pollution legal liabilities, Corrective Action, Cleanup and Third Party liabilities
Common exclusions and limitations
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Business activities overseas, especially in the United States |
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You must not make any admission of liability, promise, or offer of payment in connection with any claim without the written consent from your insurer. |
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Similarly you should not accept any such offer from the third party (if you want to involve your insurer in such a claim). |
Other types of liabilities
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