Specialist insurance solutions for businesses needing customised Public and Product Liability Insurance to manage risk and protect assets effectively.
Public & Product Liability
- Tailored advice from experienced brokers
- Comprehensive insurance account management
- General business packages & customisable insurance solutions
Public & Product Liability
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What Is Public and Product Liability Insurance?
Public and product liability insurance is designed to protect businesses from financial losses resulting from claims made by third parties.
Public Liability Insurance covers incidents where a business’s operations lead to personal injury or property damage to clients, customers, or the general public. Product Liability Insurance, on the other hand, safeguards businesses in cases where their products cause harm or damage after being sold or supplied. Together, these coverages provide essential protection for businesses by addressing potential legal costs and compensation claims, ensuring companies can operate confidently, even in unforeseen circumstances.
Why Is Public and Product Liability Insurance Needed?
Public and product liability insurance is essential for businesses because it safeguards them from financial risks associated with claims of injury, property damage, or loss due to their business operations or products.
Here’s a closer look at why it’s necessary:
Protection Against Legal Claims
Public Liability
Covers claims if a member of the public is injured or suffers property damage because of your business activities. This is crucial for businesses interacting with customers or clients, as accidents (like slips and falls) can lead to costly claims.
Product Liability
If a product you manufacture, distribute, or sell causes harm or damage, product liability insurance can cover claims against your business. It’s essential, especially in sectors like manufacturing and retail, where defects or failures can lead to severe consequences.
Business Credibility & Compliance
Many clients, partners, and suppliers require businesses to have liability coverage before engaging with them. In some industries, having this insurance is legally mandated. Holding a policy demonstrates professionalism and a commitment to handling risk responsibly.
Peace of Mind for Business Owners
Knowing that the business has coverage offers peace of mind to focus on core operations rather than worrying about potential financial losses from third-party claims.
Safeguarding Financial Stability
Claims can be financially devastating, covering not just compensation but also legal fees. Public and Product Liability Insurance helps to cover these costs, protecting the business’s financial health and ensuring continuity.
Protection for Employees & Assets
Claims arising from accidents or incidents linked to products or public interactions can affect not just profits but also employees’ livelihoods and company assets. Insurance shields the business and employees from the financial impact of unexpected liability claims.
Coverage for Various Scenarios
Public and Product Liability Insurance can cover a wide range of scenarios, from accidents at your premises to product failures after purchase. It’s broad, adaptable protection suited to the unique risks of each business. In essence, Public and Product Liability Insurance is a foundational element in a risk management strategy. It supports business sustainability and provides a reliable buffer against unexpected claims that could otherwise lead to business closures or severe financial distress.
What Are Some Key Factors to Consider?
When applying for a public and product liability insurance policy, it’s important to assess various factors that influence coverage and cost, ensuring the policy meets your business’s specific needs:
The cost of an average public and product liability insurance policy can vary widely.
01
Type of Business & Industry
02
Products or Services Offered
03
Business Location & Territory
04
Annual Revenue & Turnover
05
Claims History
06
Contractual Obligations
07
Risk Management Procedures
08
Policy Limit & Excess
Why Choose KBI for Public and Product Liability Insurance?
01
Risk Based Insurance Program Design
- We can guide the process to identify and quantify corporate and operational risk profiles.
- We help assess or determine risk appetite.
- We assist in commercially testing insurance options (cost vs benefit analysis).
02
Program Placement
- KBI leverages both local and global insurance markets to ensure the best outcomes for clients.
- KBI provides contract review services to understand fair apportionment of risk allocation to third parties to better protect the insurance placement.
- KBI has the access and flexibility to engage third party specialists who are suited to clients individual needs.
- We can work to tailor policies with agreed endorsement wordings and/or bespoke policy wordings to ensure broadest coverage is achieved.
03
Streamlined Client Service
- KBI is wholly owned by its employees and directors, giving brokers a genuine “care factor” towards clients.
- Pro-active industry-specialist brokers who are hands on, keep abreast of industry news and focus on proactive advice and service to ensure client’s insurance strategy remains suitable to changing needs.
- Advice driven, not transactions – our model is based on partnership and providing expert advice, guiding our clients along our journey together.
04
Claims Management/Advisory
- Dedicated in-house claims management team (including the placement broker), to streamline and simplify the claims process for our clients.
- We partner with leading loss adjusters / solicitors, agreed at the time of placement, not at claim time.
- We can help to have policies in place to include claims preparation costs, advancement of defence cost to aid clients during time of need.
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Public & Product Liability
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