LIABILITY INSURANCE IS ONE OF THE MOST IMPORTANT
Liability insurance is vitally important as it generally protects against claims made against you for personal, property or financial loss of others. The range of claims are so vast, they cannot be covered on this page.
PUBLIC AND PRODUCT LIABILITY is the most often purchased liability insurance. This is also referred to as Combined Liability or Broadform Liability. NO Business operator should conduct their business without this insurance, yet many do.
Imagine the scenario. You operate a business as a window cleaner on multi storey buildings. You just broke a pane of glass while cleaning it. The glass will fall to the ground below.
Not only have you caused damage to the building glass of which you would be responsible for, but you would most likely have caused severe personal injury and possibly further property damage to those below. Everyone is going to want compensation.
How will your insurance cover respond?
This is a simple example and yes, they can get worse!
- Court Papers and Gavel
PROFESSIONAL INDEMNITY is the title given to the liability cover that protects those who offer advice. It used to be dependant upon the giving of advice in exchange for a fee. Examples are lawyers, accountants and brokers (insurance and finance). This being said, the requirement of advice in exchange of a fee has now been removed. A landscaper can be responsible for the advice they offer in the design of a waterwise garden. They don’t charge for their advice but will be paid once the task is completed. Many claims have been brought against real estate agents.
Regretfully, there is almost no limit to the claims being brought against clients.
ADDITIONAL LIABILITY policies consist of;
- Directors & Officers Liability
- Management Liability
- Association Liability
Information on these classes of insurance will be provided shortly. In the interim, if you require any futher information on any of the above, contact our office or complete the ‘Quick Contact’.