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Product Liability Insurance is an insurance policy that provides protection for you as a business against claims of negligence that cause personal injury or product damage to the general public. We have all seen the news stories of electrical appliances that malfunction and cause a house to burn down but how is this actually covered? In quite simple terms, if the malfunctioning of the appliance or item was due to your negligence as the manufacturer or supplier of those goods then this would be covered under your product liability insurance. The product liability insurance, however, can only be triggered if personal injury or property damage occurs or is likely to occur.
A product liability insurance policy is quite easy to get and in most cases is automatically attached to your public liability insurance. Why are they paired together? They are combined on the same policy because they both cover the same thing and will be triggered by the same events. Most business owners more often than not also have exposure under both sections. For example, a mechanic might order a part from an overseas supplier in Australia and fit that part into a car. As the mechanic is the person who imported this product, they are deemed the manufacturer and are essentially liable for any negligence that may be associated with the part and installation itself.
All of this information is requested and provided by the insurer to determine an appropriate quote for the policy along with any additional conditions that needs to be applied to your policy. Once this information is supplied to the insurers, we then review the quotes and supply you with our recommendations on what policy meets your needs.
Our job as your Insurance Broker is to provide you with advice regarding all types of insurance products. This means that once we understand your business and what it does, we provide you with accurate recommendations of what insurances that you absolutely need, what you should consider and what you can expect as your business grows. We work with you, guiding you through the process and dodging the insurance jargon, the fine print and understanding the confusing policy documents. You shouldn’t just take a chance on your insurance, if you purchased a steak at a restaurant and the waiter walked out with a dry piece of chicken breast would you want it? In essence, don’t pay for something thats not going to cover you when you need it.
Say that you do go through the process yourself and you’ve found a “good deal” online do you really want to take time out of your day if a claim occurs going back and forth with the insurer? We understand the processes, our job is to back you, support you and ensure that you get what you are entitled to.
Although we can’t specifically guarantee to save you money what we can do is give you an outline of our services and probabilities. Here are some advantages of getting your product liability insurance quote through a broker:
Comparison websites only compare prices and let me tell you, the price is not something that you should be basing your decision on. The truth is, insurers can still sell you a policy even if it has specific exclusions on the policy that would basically turn the policy into an expensive piece of paper. Is that even legal? Well, yes it is because at the end of the day it is up to you to consider whether this policy is suitable for you or not. Don’t get me wrong, the policy won’t just blatantly say “this policy covers you for nothing” it can typically exclude significant parts of a business operation.
For example, a security company will usually have an efficacy exclusion that applies to it. What this means is that if your product doesn’t operate efficiently as it’s designed to do than you may not have cover. Is easily understood terms, if you installed CCTV into a premises or a back to base alarm and a criminal broke into the property, if that alarm doesn’t trigger as it was meant to do than if you have that exclusion on your policy there is no cover. For a security installation company, this is a big exposure point to you as a business. Was it worth saving $500 to essentially void a large portion of your business?
Depends on your current situation. If you are starting a business than your insurances should be considered in the planning stages. It is worthwhile speaking to an Insurance Broker during this stage as a lot of misinformation can be passed on from friends and family as to what you need and what you should do with your business. We do not charge for consultations and during this time we will solely give you advice that is relative to your business.
If you have a current policy in place and it is coming up for renewal then the earlier the better. With some underwriting agencies manually underwriting every policy it can take some time to get quotes back from insurers. In most cases quotes can be turned around in 1 business day however, some underwriting agencies specialise in certain industries and niches which allows us to get better cover and usually some better pricing.
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