In general, broadform liability refers to an insurance policy which covers both public liability as well as product liability.
We know that accidental injury or property damage in the workplace is not only devastating but can potentially put you in a huge financial loss. Broadform liability insurance is designed to cover an insured’s business for loss or damages a third party suffers (or claims to have suffered) as a result of an insured business’ activities.
Understanding both product and public liability insurance is essential for you to gain a better clarity about broadform liability.
Product liability insurance: If you supply goods, there will be a possibility where your product could cause damage to a third party. Example, a tiny defect on your goods may incur you with financial losses. This cover is significantly important to protect product manufacturers.
Public liability insurance: Public liability covers you in the event claims are made against your business. Example, if you are found legally liable for personal injury or damage to a third-party property. The insurance will also cover you for any legal costs associated with defending claims against your business.
Another precaution step you can take is to ensure you keep your broadform liability policy up-to-date to reflect any changing circumstances in your business. As your business expands, you are exposed to more potential risks too.
Benefits in this policy may include:
• Defence Costs and Expenses
• Tenants Liability
• Personal Injury
• Property Damage
• Advertising Liability
• Legal Liability to Third Parties
At East West Insurance Brokers, we have a team of professional brokers that can guide you through the available cover options to meet your insurance needs. We are able to tailor suit a package that is appropriate for your business type.
Learn how you can keep your business safe, secure, and protected. Take the time to talk to us, you’ll be glad you did:
P: 1800 809 132
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.