Public/Products Liability Insurance

 

Public Liability Insurance protects you or your business against liability arising for injury or damage occurring in or around your premises or in connection with your business.

Products Liability Insurance

Products Liability Insurance is typically found as an extension to public liability policies and protects your business against liability claims arising from injury or damage caused or contributed to by your products. Products are generally considered tangible goods sold, supplied, maintained or modified by you once they have left your possession.

If you are a professional consultant you may still have a products liability exposure arising out of stationary, promotional material or other tangible goods provided to your clients.

Do you need public and products liability insurance?

Anyone who owns assets or is in business should have public and products liability insurance.

What is the difference between Public and Products Liability Insurance and Professional Indemnity Insurance? Do I need both?

Professional Indemnity insurance provides you with funds to pay compensation to a third party arising from a claim made against you for a breach of professional duty. Professional indemnity claims can arise from personal injury, property damage or financial loss with the key policy trigger usually being an actual or alleged breach of professional duty. Professional indemnity Insurance policies often have exclusions relating to claims arising from personal injury or property damage unless arising from an actual or alleged breach of professional duty.

Public and Products Liability Insurance provides you with funds to pay compensation to a third party arising from injury or damage arising from your business activities however Public and Products Liability insurance policies often have exclusions in relation to claims arising from the provision of professional services.

For professional consultants the demarcation between professional negligence and public liability exposures is usually relatively clear however if you sell, supply, maintain or modify goods or products the lines between the risks covered by these two insurances can become quite blurred and this is why you need a specialist insurance broker to understand the exposures and negotiate an appropriate insurance program for you.

 

BOVILL RISK & INSURANCE CONSULTANTS

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