YOUR QUESTIONS ANSWERED
Public and Product Liability Insurance (PPL) protects you and your business against financial loss arising from your legal liability to pay compensation to a third party when they have suffered a personal injury, property damage or an advertising injury. This injury or damage must be in the direct course of your business or as a result of one of your Products.
What if an accident occurs on your premises or an injury arises directly caused by your product. Do you have adequate protection to cover large out of pocket expenses?
This is why Public and Products Liability is essential to protect your business against any financial loss resulting from an injury claim. For example, if a labour hirer suffered an injury at your premises they could potentially file two claims. One from the labour-hire company for workers’ compensation and one from the injured or their family seeking medical or pain and suffering compensation. If you are sufficiently covered Berkley Insurance Australia will cover all out of pocket expenses so you can focus on operating your business.
Berkley Insurance Australia’s (BIA) Information Technology Organisations and Professionals (ITOPS) insurance policy is a combined Professional Indemnity (PI) and Public and Products Liability (PL) insurance policy, specifically designed to cater to the IT industry. The PI section of the policy provides civil liability protection against claims arising out of the supply or provision of your Information Technology Services or Information Technology Products in the conduct of your business. The PL section of the policy provides protection for you against claims arising from Bodily Injury and/or Property Damage arising out of the supply or provision of your Information Technology Services, or Information Technology Products or caused by your Information Technology Products.
There are few (if any) industries where companies can afford to ignore the legal and regulatory risks of their operations. The liability environment is constantly evolving particularly in the current economic climate, business failures, regulatory investigations and actions, employment practices claims, commercial disputes, and employee theft are becoming more prevalent. As a result, directors and officers of Australian companies are increasingly vulnerable.
If you are a professional providing advice or a service, you may need Professional Indemnity Insurance. If you
provide any of the following it is a good idea to check your current coverage.
• Exercise or profess to have specialised knowledge or skills
• Owe a duty of care to a client or third party in the performance of their professional work
• Paid fees for advice, design, care services
Directors & Officers Liability - covers directors and officers for personal liability arising from claims made against them as a result of their role as managers of the company where the company is unable or unwilling to pay their defence costs or damages. Eg. Allegations of fraud or in cases where the company is insolvent.
Berkley Insurance Australia – COVID-19
Public & Product Liability Insurance Vs Professional Indemnity Insurance