Public liability insurance does a great job of protecting your business against injury claims, loss or damage claims made by a third party as a result of your negligence, and with most policies that will extend to cover your products (if Broadford or Product Liability is included)
However, there are several common business scenarios where the policy will not cover you.
Faulty workmanship
Property damage claims make up a large percentage of public liability claims, but where that damage is caused by your faulty workmanship, it’s likely to be declined. Some insurers will offer this as an extension to cover for some trades but speak to your broker if you feel that this is a large exposure for your business.
Injury or damage to you or your property
If you as the business owner sole trader or worker are injured as a result of your negligence, your public liability insurance will not respond, this also goes for loss or damage to your property the policy will only cover loss to a third party.
There are a number of income protection, personal accident, or workers compensation options to protect you and your workers, and general property cover may cover for loss or damage to your property, your broker can assist with assessing your risk.
Loss or damage as a result of your professional advice
Doctors, lawyers and even plumbers can cause financial loss as a result of the professional advice they give, this loss is generally excluded in most public liability policies and you or your business may need to consider professional indemnity insurance.
Damage or injury as a result of motor vehicle claims
Most registered vehicles, car insurance, truck insurance will include some form of third party liability cover, however, your businesses public liability policy will not cover damage or injury as a result of motor vehicle claims.
Still not sure if it’s covered?
Speak to our team about the risks your business face, have a claim scenario? Avoid having your claim declined by an insurer by speaking to our brokers first, as you will need to declare the declined claim every time you apply for insurance and may result in that insurance being refused.
Original post shared via insuretradies.com.au
