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Public Liability relates to third party injury or third party property damage whilst you’re on the job, and Products Liability relates to injury to third parties or damage caused by any products you distribute, supply or manufacture.
Each business is different, and as such has different needs when it comes to insurance. However, you may want to keep in mind what contracts you work on, and the conditions of your licence when making a decision.
There are a few scenarios not covered by Public and Products Liability Insurance, including pollution, asbestos, and product recalls.
Professional Indemnity Insurance offers cover to businesses that provide advice or recommendations to clients.
Public Liability and Professional Indemnity cover different types of risks so, depending on your business, you may benefit from both policies.
Portable and Valuable Items
Portable and Valuable Items Insurance covers the accidental loss or damage of portable and valuable items that you usually carry around with you in the course of your business.
Portable and Valuable Items refers to your tools or items you may take with you when out and about as part of your business. Stock, on the other hand, refers to the raw materials, merchandise and goods you trade in your business, and at your business premises.
According to the ATO, "you can generally claim a deduction for most operating expenses in the same income year you incur them".
An employee works for and is part of your business, whilst a subcontractor operates their own business while contracting their services to you.