It takes just one faulty product to destroy your business. Even if you didn’t make the product, if you promote it or sell it and it causes damage to another person, then you could be liable.
No matter how rigorous you or your company is, mistakes can still happen, and the cost of being sued could bring your business to a stand-still.
Who is it for?
If you manufacture, sell or distribute products, or import products into Australia, you will need to take out Products Liability Insurance.
If your business makes, promotes, grows, assembles or supplies products to individuals or companies, you should consider Product Liability Insurance.
If a product you make, sell, grow, assemble, promote or supply causes injury or harm to a person or to their property, then your business needs to be safeguarded with product liability insurance.
What does this insurance cover?
Generally, Product Liability is part of a public liability policy. Products Liability Insurance typically covers you for:
- Damage or injury that you might cause to a third party by your product or service. In many cases, action can be taken against you, and you will have to prove you weren’t negligent.
- It can help cover you against the cost of investigating and defending your business against a claim made against you and your product.
- It can also cover the cost of any damages awarded to a customer if your business is found to be at fault.
For more information or to arrange cover for you or your business, please contact us and speak with one of our advisers.