Public Liability Insurance
Public liability insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or ‘pure economic’ loss resulting from your negligence.
Product Liability Insurance
If you sell, supply or deliver goods, even in the form of repair or service, you may need cover against claims of goods causing injury or damage. Product liability insurance covers damage or injury caused to another business or person by the failure of your product or the product you are selling.
You may need this insurance even if your company did not manufacture the product because the Australian Trade Practices Act can make the supplier liable.
Product liability law covers the range of remedies available to individuals who are injured by defective products or who otherwise suffer loss or damage caused by defective products. Defects in products include design defects, manufacturing defects and instructional defects such as inadequate labelling, instructions for use or warnings which render the product dangerous.
Product Contamination and Recall Insurance
Cover for recall costs, gross loss in profits and rehabilitation costs following either accidental or malicious contamination. It can also provide access to crisis management planning and loss prevention services through specialist consultants.
Cover can be provided in three parts: Accidental Contamination, Malicious Product Tampering and Product Extortion.
Cover can include:
- Loss of Gross Profit and Extra Expense
- Recall Costs
- Rehabilitation costs, sub limit applicable
- Consultancy costs
- Extortion Costs