Both Product & Public Liability Insurance are vital for tradies and you may find that you need this cover before you'll be able to work on certain jobs or work-sites. Before you go ahead and take out your insurance policies, it's best to have a good understanding of what your product and public liability insurance covers.
Public Liability Insurance
Public Liability Insurance will cover the costs of damage to property or injury to another person if you're found financially liable following a claim. No matter how careful you are in your day to day work, accidents happen and unforeseen circumstances could see you on the receiving end of a claim for damages. A Claim can be devastating financially and the last thing you need is to use your own hard-earned savings to cover the costs. For many tradies, you may struggle to find work as a subcontractor unless you have public liability insurance place and this is often a prerequisite for entering many work-sites.
Every public liability insurance policy is different and it's important to check the policy or ask your insurance broker to make sure the policy is right for you. Some common scenarios that your policy is unlikely to cover are deliberate damage or injury, unlawful activity, and personal injury or property damage to yourself or employees.
Product Liability Insurance
Product Liability Insurance is designed to protect those who provide products to members of the public, which applies to tradies who install products around peoples' homes. It's similar to public liability insurance but rather than covering your actions, it covers the products you supply. Even though you may not manufacture the products you use in your day to day work, you may find yourself involved in a claim if the product causes damage or injury. Products may seem reliable and safe but unfortunately accidents happen and a claim can be very expensive.
When it comes to product liability insurance, you'll find that in the vast majority of cases it's included in your public liability insurance policy. Therefore, you don't need to worry about additional premiums with this form of cover.
To make sure you have appropriate product and public liability insurance in place, contact your insurance broker and they would be more than happy to discuss this with you. Remember, it's far better to have cover in place than risk being found liable for a considerable amount of money following a claim. It's simply not worth the risk to hope that nothing will go wrong as many accidents are out of your control. Your insurance broker can also assist you in identifying other forms of insurance that might be suitable for your needs.
To discuss liability insurance or to obtain a quote, contact All Trades Cover on 1300 826 850 today and we would be more than happy to help. You can also fill in our easy online form for a quick quote.