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COVID-19 and Liability Business Insurance

When it comes to Business Insurance, it is important to understand the various types of policies that are available, and determine which ones are the correct fit for your business. Knowing what is out there and what kind of coverage each policy may provide can ensure yourself and your businesses are protected against common risks in your specific industry.

Liability Insurance is designed to protect against third party claims of negligence that lead to injury, damage, financial loss or death. It covers two main financial risks; the legal costs of defending yourself against a claim, and any compensation that is expected to be paid to the third party for injury and damage.

Types of Liability Business Insurance

1. Public Liability Insurance

Public Liability Insurance can cover you and your business against any claims of injury or property damage by a third party that arises as a result of your negligence. Public Liability claims may come from a customer, supplier or member of the public.

This form of insurance is essential for any Australian businesses.

2. Workers’ Compensation Insurance

This is compulsory for any business with employees, and protects against financial hardship that may be caused by an accident or injury that occurs while an employee is working.

3. Products Liability Insurance

Products Liability cover provides protection against claims that your products, or products you are responsible for may have caused injury or damage. This is necessary for any businesses that supply goods to customers.

4. Management Liability Insurance

This policy covers company managers against liability for mismanagement. It also protects against loss due to theft or fraud by employees, employment practices liability and statutory liability. The costs associated with defending your position in the case of any allegation can be substantial. This policy covers defense costs associated with a response and also provides access to a team of professional claim handlers and legal experts that will work on your behalf.

5. Professional Indemnity Insurance

A range of industries may find they require this insurance type for protection against claims made by a client for professional advice, or errors or omissions or negligence with this advice. Any business which provides a professional service should consider this policy.

Does Liability Business Insurance protect against harm resulting from COVID-19?

Liability cover for businesses, in general, will only cover the cost of claims relating to damages or injuries to a person or their property. According to Justice Connect, many policies specifically exclude cover for any claims related to infectious diseases, pandemics or similar phenomenons. You should review your policy and confirm whether harm due to COVID-19 infection is included.

If it is found that it is not included, it may be worth considering additional cover that will protect your business in the event that it is found to be connected to a COVID-19 outbreak and subsequent harm.

Workers’ Compensation Insurance may be able to protect against claims from employees who contract COVID-19 during their employment. Ensuring that your business adheres to government restrictions and has appropriate measures in place to reduce the risk of infection will assist in lowering the possibility of these claims occurring.

It is worth noting that health-related businesses possess more of a responsibility to maintain the health of their customers, clients or patients. The consideration of liability cover against harm from COVID-19 is therefore more important for these businesses, and they may require a higher level of cover.

Atlantic Insurance can provide Liability Insurance for your business

We have been assisting businesses of all sizes and from a range of industries since the early 1980s, and have developed a strong understanding of the insurance needs of a range of businesses.

If you are in need of Liability Insurance, our experienced Client Managers can assist you in selecting the perfect cover for your specific requirements, and ensure any protection against instances of COVID-19 infection if necessary.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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