PUBLIC LIABILITY INSURANCE
If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public liability insurance can help to protect your business from the
financial risk of liability claims – giving you the certainty you need to trade with confidence. Package your public liability and
professional indemnity insurance together in a package.
"Public liability insurance helps protect you and your
business against the financial risk of being liable for
negligence.”
No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes a customer harm. Even if you’re not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you.
Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or property.
While public and product liability insurance isn’t mandatory for most businesses, it is recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.
32,000
In 2013, there were close to 32,000 public liability claims made. Of these claims, just over 9,000 were claims for bodily injury.
PROPERTY
In 2014, property and business services was the sector with the highest exposure to public liability risk. It was followed by construction, retail, agriculture, forestry and fishing, personal services, health and community services.
429
Since 2012, the Australian Competition and Consumer Commission (ACCC) has
recalled an average of 429 products each year.