Liability can be a confusing term for small business owners. You’ve probably heard of Public Liability insurance, but what about Legal Liability?

Product Liability claims and Product Liability litigation against your business are no joke. In fact, they may severely impact your small business and damage the upstanding reputation you have worked so hard to create around it. Product Liability claims may even potentially push your business beyond the point of no return, which is why Product Liability risk management is a popular choice for many business owners.

As a small business owner, you know all too well that the fate of your business is in your own hands. But did you also know that as a company director or senior manager involved in the management of a company, you also carry specific responsibilities that have the potential to also leave you personally liable if things in your business don’t go as planned.

Do I Need Management Liability Insurance?

Running a small or medium-sized business in Australia comes with exciting opportunities as well as certain risks. From customers slipping on your premises to accidental errors in professional advice, unexpected events can happen at any time.

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.

In business, the phrase “liability exposure” isn’t just a buzzword – it’s a reality that every entrepreneur and small business faces. At its core, liability exposure can be defined as the potential financial or reputational harm a business might suffer due to unforeseen events or mishaps.

Public Liability? Tick. Professional Indemnity? Sorted. But there’s one business insurance that often flies under the radar — Statutory Liability insurance.

As a small business owner, you may already hold Public Liability insurance*. But do you know exactly what your policy does and does not cover?