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Stand Alone Liability Insurance

Stand Alone Liability Insurance

“Stand-alone liability insurance” refers to a policy that specifically provides coverage for liability risks without being bundled with other types of coverages. In the context of Australian insurance, stand-alone liability insurance can cover a range of potential legal liabilities that individuals or businesses might face. 

What can Liability Insurance cover?

  • Public Liability Insurance: This covers the costs of legal action and compensation claims made against a business if a third party (like a customer or a member of the public) is injured or their property is damaged while on the business premises or because of the business’s operations. For example, if a customer slips and falls in a store or if a tradesperson damages a client’s property while working.
  • Products Liability Insurance: A subset of public liability, it covers the legal and compensation costs if a business’s product causes injury, death, or damage. For instance, if a manufactured item is defective and harms a user.
  • Professional Indemnity Insurance: Relevant for professionals who provide advice or services. It protects against legal costs and claims for damages that might arise if a client alleges they’ve suffered losses due to the professional’s negligence, errors, or omissions.
  • Employers’ Liability/Workers’ Compensation: While Workers’ Compensation is a mandatory type of insurance in Australia for employers to cover employees in case of work-related injuries or illnesses, Employers’ Liability can cover claims not addressed by Workers’ Compensation.
  • Environmental Liability Insurance: Protects businesses from the costs associated with damage to the environment for which they might be held responsible, such as pollution incidents.
  • Directors and Officers (D&O) Liability Insurance: Provides cover for company directors and officers against legal claims alleging breaches of their fiduciary duties.
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