Products liability insurance in Australia
Our friendly team of commercial insurance brokers may be able to help you find affordable products liability insurance quotes on cover that is suitable for your business activities.
What is product liability insurance and is it different from public liability?
In Australia, for many small business occupations , product liability insurance is combined with public liability insurance.
From a practical perspective it is strongly recommended for all small businesses to have public and products liability insurance as core covers. The team of SMART business insurance brokers can assist by helping you a find suitable combined public liability and products liability policy.
The cost of public and product liability insurance for your business depends on a number of key factors including:
- The nature and scope of your business
- Your business turnover and size
- Amount of insurance cover your business needs
How much does public and products liability insurance cost?
The cost of a combined public and product liability insurance the cost will depend on a variety of factors related to your business activities .
So, how much will public and product liability insurance cost you?
Below are some indicative costs on how much public and products liability insurance is for various self-employed occupations .
There are typically many variables so if you want to find out exactly how much public and products liability insurance is to suitably cover your business activities it’s smart to talk to a SMART Business Insurance broker on 1300 542 573 or email us at productliabilityinsurance email@example.com
$5 million Public and Products Liability Insurance cost for self –employed sole traders, consultants and contractors start from $380 annually or $35 per month for office based occupations.
$5 million Public and Products Liability Insurance cost for some self-employed tradies , such as painters starts from around $480* or $45 per month.
Please note: While cheap Public and Product Liability Insurance can seem attractive on the surface it is important to ensure the policy covers you for the business activities you undertake and the insurance policy and company will respond as intended when there is a claim.
Product Liability , when combined with Public Liability insurance, may protect your business for the legal costs, the costs of defending the action and cost of compensation to a third party, resulting from death, injuries or property damage caused by negligence, in relation to your goods or services.
Products Liability insurance, combined with Product Liability ,is strongly recommended for businesses, as claims for accidental injury or property damage are potentially very expensive.
Product liability insurance explained:
Product liability insurance may protect sole traders, contractors and small businesses when products they have supplied or manufactured cause harm, injure someone or cause property damage.
Examples of product liability claims include the following business activities :
- Supply food or drinks- Sickness or illness caused by your food or drinks
- Supply clothing, appliance, tool, furniture or any type of equipment- Harm, injury caused by your "product"
- Supply of mobile application or software- damage caused by your "product"
Product liability insurance can be included with public liability insurance and may protect a business financially due to claims or product defects.
What is public liability insurance ?
Public liability insurance protects your business for the legal costs, the costs of defending the action and cost of compensation to a third party, resulting from death, injuries or property damage caused by negligence, in relation to your goods or services.
Consider these examples:
A visitor tripping down your stairs or even slipping on a wet surface can trigger significant claims.
If you, or one of your employees is visiting a client and accidentally damages a client's property, you will be liable.
When accidents happen, on or off site, and the other party can point the finger at your business, public liability insurance can protect you.
Compare public and product liability insurance cover and quotes
Our friendly team can help you compare public and product liability insurance quotes and cover. We compare costs and policies every working day from leading insurance companies such as Vero, Zurich, CGU and AIG.