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Small Business Insurance - Spotlight on Product Liability Insurance

By Peter Vickers Insurance Brokers | business, small business, Insurance, small business insurance, product liability insurance |

If you alter your product or service offering, it is important to make sure your insurance still covers your business.

Product liability insurance can provide protection for property damage or personal injury claims arising out of the use a business’s product, or the failure of a product.

It’s important to understand for a claim to be successful, the damage must normally take place while the insurance is in place”

Product liability can be separate, although it is normally combined with Public Liability insurance to cover all potential claim scenarios.

Claims can be split into two types: Personal injury claims, where the product is defective and causes an injury or where the product fails causing property damage.

There are a number of circumstances that are not covered by product liability insurance - When a faulty product results in economic loss. You are not covered if you sell a product that doesn’t work, resulting in a business losing money.

It is important to note, that under the terms of a product liability policy, your work is your product. So if you as a tradesman build a renovation, then the renovation is your product.

If during the renovation something is installed incorrectly resulting in later damage – the claim arising out of this situation will be a product liability claim, not a public liability claim.

If you are importing products from overseas you must ensure that they meet the Australian standards to reduce the potential for a product liability claim down the track.

Product liability claims are complex and individual to the business and products it sells it is important to take your advice from a professional so that you have the right insurance in place and that in the event of a claim you are properly covered.

A broker can make sense of the fine print and offer guidance about the level of cover that’s right for the business.

Talk to us at Peter Vickers Insurance Brokers on 1300 784 011 today.



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Lindfield, NSW 2070

T: 61 2 9496 2300

Peter Vickers Insurance Brokers

Suite 2/345 Pacific Highway
Lindfield NSW 2070
T: 1300 784 011


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Windsor, NSW 2756
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