Every business, no matter the size, has a duty of care to the general public. If a claim is made and your business is deemed negligent, the courts will award costs and damages against you. Where a business is the manufacturer or distributor of a product it may also be liable for the failure of those products that it sells under the Trade Practices Act.
A thorough Products and public liability insurance policy should provide the following cover for all your business activities:
Therefore, every business should have a Public and Products Liability policy in place.
It is important to know that your policy will not cover you for criminal or wilful misconduct and most policies will exclude exports to North America and Canada (unless specifically included via an endorsement).
All entities that have a legal status, from large commercial enterprises through to sole traders.
As organisations are becoming more risk averse, they require their business partners to have insurance in place. All property owners have a lease requirement that their tenants have a policy in place