What is Product Liability Insurance?June 22, 2019
If you run a business, chances are you’ve heard of public liability insurance and almost all businesses need to have this cover in place. However, product liability insurance is also an essential form of cover which protects against claims related to products that you supply. Let’s take a closer look at product liability and why it’s important for your business.
Product vs public liability insurance
Public liability is designed to protect you financially if you cause injury to a person or damage to property following your actions at work. On the other hand, product liability insurance will protect you financially if the products you supply cause damage or injury. As with public liability insurance, product liability insurance will also cover legal bills if you need to use a lawyer during the claims process.
Why is product liability insurance important?
Even if you don’t manufacture the products yourself, product liability insurance is an essential cover for many businesses. If you supply a product to a customer, you could find yourself liable for damages if something goes wrong and the product causes damage to property or injury to a third party. Even if the manufacturer is ultimately found responsible for the issue, it can be a long process before this occurs and you could be facing significant legal costs if you need to take the matter to court. Product liability cover means that your business doesn’t need to shoulder the burden of these costs.
How much will product liability insurance cost?
The convenient thing about product liability insurance is that it’s often included with your public liability policy. This means that in most instances, it won’t cost you any extra. However, always check with your insurance broker that product liability insurance is included. The cost of your product and public liability insurance will depend on a number of things including the size of your business, the type of work that you do, the number of employees you have, and the location of your work.
How do I know if I need product liability insurance?
If you’re unsure whether product liability insurance applies to you and your business, give your insurance broker a call. They’ll be able to take a closer look at your situation to firstly identify whether product liability applies and then to ensure you have the right level of cover in place.
GSK Insurance Brokers are the product and public liability insurance experts and we ensure that your business has the right level of cover in place so you’re protected when things go wrong. We help find the best policy at a competitive price and pride ourselves on our friendly, professional service. We take the time to analyse and identify your areas of risk so we can offer a tailored insurance solution. If you’re interested in finding out more about product and public liability insurance Perth, contact GSK Insurance Brokers today on (08) 9478 1933.
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