The most common types of liability insurance are, Public Liability, Professional Indemnity and Product Liability.
Public Liability insurance protects you and your business against the financial risk of being found liable for negligence for damage or injury to third parties. These include:
- Injury or death, i.e. a staff member causes another person to fall over on the job site who gets injured.
- Loss or damage of property, i.e. painter had spray drift from a building he was spray painting damage parked vehicles which needed to have the overspray removed.
Professional indemnity insurance is designed to cover the cost of litigation and it helps protects you from legal action taken for losses incurred as a result of your written or verbal advice.
Depending on the policy, this may include liability due to; Breaches of contract, or if a client suffers a loss either physical or financial from providing negligent advice.
This is usually part of the Public Liability policy, product Liability insurance is designed to cover you if you sell, supply or deliver goods, even in the form of repair or service.
This may include claims of goods causing injury or damage to third parties from those goods or services sold by you.
A great example of this for a Tradesman is a claim where a cabinet has been installed and fell off the wall resulting in someone suffering a injury.
As a business owner it is complicated to know what insurance is right for your business. At 365 Insurance we recommend that you speak to our professional team to discuss your business and what insurance is best for you. Ask questions to learn more about insurances to make sure that you and your contractors are adequately covered.
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