Liability insurance and Professional Indemnity
If you own a business, you can be liable for damages or injuries to another person or property. Though liability insurance is mostly optional, you might want to consider it for your business if the likelihood of legal action is high.
In some industries, liability or professional indemnity insurance is mandatory before you can legally operate.
The types of liability insurance available vary and some are more relevant to certain industries or occupations. Find out more about each of the liability insurance options below:
Public liability insurance helps protect you and your business against the financial risk of being liable for negligence. Negligence is causing reasonably foreseeable harm, including:
If a manager or director conducts illegal or unethical practices that cause losses to individuals or businesses, management liability covers your assets and the business.
Management liability insurance is fairly complex and most policies have many levels of cover.
Most management liability policies are available as a package and can cover also cover:
Talk to your insurance broker or authorised insurer about options that are most suitable for your business.
Professional indemnity insurance is a range of insurance products that help cover the cost of legal action. Depending on the product, this may include liability due to:
Mistakes providing a service, such as:
If you sell, supply or deliver goods, even in the form of a repair or service, you may be liable if your products cause:
Product liability insurance covers you if any of these events happen to another business or person when your product fails.
Workers Compensation Insurance
Workers Compensation insurance is required for these states where you purchase a policy from a broker. If you employ employees you must have the insurance in place. We would be happy to provide a very competitive quote for your business in these states, and Fully Insured has negotiated competitively discounted rates with the insurers for your cover.
Other states have a state based scheme in place, we have provided below links to the state based schemes to assist you with your requirements.
Please note: the information given in this topic is general in nature and does not take into account your specific situation.
If you have important business assets, property, stock or products you can’t afford to lose, consider some of the following insurance options: