Public and products liabilities insurance & why it’s important for your business

WRITTEN BY Ann Keenan, Primassure Director

In an increasingly unstable economic landscape, having public and products liability insurance affords peace of mind against possible claims against your business. This helps protect you and your business against the financial risk of being liable for negligence.

In the jewellery industry, it is vital that you have appropriate cover – particularly if you have a retail space that customers enter on a regular basis and you sell a physical product.

Ann Keenan from Primassure insurance suggests financial burdens such as legal and court costs can devastate businesses when customers sue, even if you are not at fault.

“Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or property,” Ann says.

“Public liability insurance instead covers you for unforeseen incidents causing injury or damage to someone other than your employees. If you don’t have appropriate cover, you may be held legally liable for these costs,” she adds.

While not mandatory, public and product liability insurance is recommended for businesses due to the debilitating costs of possible lawsuits and the unpredictable nature of accidents.

The insurance coverage helps protect your legal liability to the public, clients, customers and other third parties when damage to their property or injury caused by your business occurs.

Generally, costs that get covered include compensation payments you are found legally liable to pay as well as costs of settling, investigation and defending claims.

Ann suggests ensuring you are appropriately educated on what insurance coverage will suit your business.

“If you aren’t sure about which type of cover you should have, get in touch with your insurance broker for advice.”

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