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03 8598 9411

Scottwinton Insurance Broker Melbourne for Commercial Clients & Individuals

Scottwinton Insurance Broker Melbourne for Commercial Clients & Individuals

With a wealth of Insurance experience across a diverse range of industries, committed to cost effective insurance.

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          Insurance Brokers for Commercial clients & Individuals – Australia wide. With A Wealth Of Insurance Experience Across A Diverse Range Of Industries, We Are Committed To Tailored Cost Effective Insurance Solutions To Suit Your Needs.
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        • Melbourne Office

          Level 1, 222 St Kilda Road,
          St Kilda VIC 3182
          Phone: 03 8598 9411

        • Sydney Office

          Suite 501, Level 5, 1 Newland St, Bondi Junction NSW 2022
          Phone: 02 9388 9055

Why small businesses need product liability insurance

18/02/2020 By barksupport

Product liability cover can vary, with claims depending on the individual business and the product it sells. Regardless, Product liability will ensure you are protected from the inevitable mishap.

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

Michael White, Steadfast’s broker technical manager, says claims are typically split into two types. “Personal injury claims are very common. In these cases, someone uses a product that’s defective in some way and is injured as a result.

The other type of claim relates to the use of a product that fails, causing property damage,” White explains.

There are a number of circumstances that are not covered by product liability insurance. One situation is when there is an economic loss as a result of a faulty product. Product liability insurance won’t provide cover if you sell a product and it doesn’t work, resulting in a business losing money.

An example would be the client sells a machine used to put caps on bottles. Let’s say the machine manufacturer claims the machine can cap 500 bottles an hour but in reality, it only caps 400 bottles an hour.

The claimant suffers a loss because its production is reduced. Typically, policies also won’t provide cover for the product itself. So if you sell a product and the product does not work and has to be replaced, the policy won’t respond.

This article from the Steadfast online magazine Well Covered, discusses risks of underinsurance, how to avoid mistakes and ensure homeowners have the right insurance in place, particularly in fire-prone areas.

Read the full article here

This information is provided to assist you in understanding the terms, implications and common considerations in business insurance. It does not constitute advice, and is not complete, so please discuss the full details with us over the phone.

Filed Under: Insurance

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Melbourne Office

Level 1, 222 St Kilda Road,
St Kilda VIC 3182
Phone: 03 8598 9411
Fax: 03 8598 9311
Email: info@scottwinton.com.au

Sydney Office

Suite 501, Level 5,
1 Newland St, Bondi Junction NSW 2022
Phone: 02 9388 9055
Fax: 03 8598 9311
Email: info@scottwinton.com.au

Insurance Services

  • Business & Office
  • Commercial & Industrial
  • Corporate Travel Insurance
  • Cyber Insurance
  • Directors & Officers
  • Domestic & Retail
  • Financial Lines
  • Landlord Insurance
  • Management Liability
  • Prestige Home Insurance
  • Professional Indemnity
  • Public & Product Insurance
  • Specialist Industries
  • Trade Credit Insurance
  • Travel Insurance

Scott Winton Nominees Pty Ltd T/As Scott Winton Insurance Brokers
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ACN 630 671 019
AFSL 514897

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