Public and Products Liability Insurance

What you need to know

What is Public Liability Insurance?
Public Liability Insurance covers a company’s legal liability to third parties for causing bodily injury or property damage.

What is Products Liability Insurance?
Products Liability Insurance covers a company’s liability for losses or injuries caused by a defect or malfunction of their products, and in some instances, a defective design or a failure to warn.

Who needs Public Liability Insurance?
Whether you own a brick and mortar business or work from home, you or your business can be held accountable for personal injury or damage incurred to property because of negligence of the business or its employees. It’s safe to say, most every business needs Public Liability Insurance.

Who needs Products Liability Insurance?
If you manufacture or supply goods, there’s always a possibility that your product could cause damage to a person or property. A small defect can open the door to massive claims. Products Liability Insurance is critical for product manufacturers, sellers or anyone who puts their name or mark on the product – they have a legal responsibility for any damage or injury a product may cause.

Anyone who repairs, reconditions, supplies or imports products is also at risk of products liability claims in case of product failure. Resellers, wholesalers and retailers are deemed to be the manufacturer under the Trade Practices Act.

The Winley Insurance Group solution

Public Liability Insurance claims can be costly, often running into the hundreds of thousands of dollars and higher. If you don’t have Public Liability Insurance, you could be liable to the pay the compensation awarded against you. If you’re unable to pay, the court may take your assets, such as your home or vehicles.

At Winley, we help you secure the best public liability cover for your business at the best rates. And we don’t stop there. As your business grows or diversifies, your risks grow too. That is why we keep your policy up to date, mirroring any varying circumstances in your business.

To understand the need for Products Liability Insurance it is critical to understand the potential liability. Generally, a company can face three types of product claims:

• Manufacturing or production flaw - When a part of the production process creates an unreasonably unsafe defect in the resulting product.
• Design defect - When the design of the product is inherently unsafe.
• Defective warning or instruction - When the product is not properly labelled or has insufficient warnings for the consumer to understand the risk.

The damages awarded in these claims comprise of medical costs, compensatory damages, economic damages, and in some instances, solicitors' fees, costs and punitive damages.

Products Liability Insurance claims can and do put businesses out of business - just ask any of the officers from any asbestos manufacturer.

If your company provides a product to the consuming public, then your company needs Products Liability Insurance or completed-operations insurance. Let Winley Insurance Group help ensure that your Products Liability Insurance cover amount is sufficient to protect you in the case of serious product damage or injury.

Contact us for additional information or a quote
If you’re looking for public liability cover or you just want to learn more, contact us at 1300 732 205 or begin our Public and Products Liability Insurance quote process now. Winley’s Public Liability Insurance Specialists service all of Australia.