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.
Public Liability covers your legal liability to pay compensation for injury or damage to property caused to a third party in connection to your business. For example, if a customer slips and trips while on your business premises.
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.
There are a few instances and scenarios not covered by our Portable and Valuable Items Insurance, including (but not limited to):
- Loss or damage caused by third party factors such as general wear and tear, scratching, biting or chewing by any animal, or atmospheric conditions
- Testing, experimentation, intentional overloading, misuse or abuse
- Loss or damage to an item worth more than $2,500, unless you have added it to your policy
- Mechanical, hydraulic, electrical or electronic breakdown
- Theft or vandalism carried out by any member of your family or any of your employees during a period of time when they are lawfully permitted to enter or be on your premises.
For an extensive list, please refer to the Mobile Business Protect PDS and Business Protect PDS in the Policy Document library.
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.
Not automatically. While cover for property damage is available, that doesn’t necessarily extend to damage caused by flood.
That being said, we may be able to add flood cover to your policy. If we do, it’ll be subject to our underwriting guidelines and an additional premium. Flood cover is not available online, so if you’d like to discuss whether flood coverage is available for your business, please contact us on 13 10 10.
If you run a hospitality business, like a café or restaurant, Hospitality Insurance may help cover costs for which you’re liable in the event of injury or property damage connected with your business. For example, if someone slips in your store or something you sell causes illness, providing your claim falls within the policy terms and your claim is accepted, it can help with these costs.
Generally tied to motor insurance policies, an interested party is someone who may be financially concerned with your policy, but doesn’t have any authority over it. This could include your car financier or lender. In the case that your vehicle is written off in an accident, we’ll then know who to pay off in the event of any outstanding loans.
Interested parties can be added easily to your car and motor insurance policy via GIO Online Services.
- Log into GIO Online Services and select the car or motor insurance policy you’d like to add an interested party to
- Click ‘Update policy’
- Select ‘Car finance’ and fill in their details from there
You might be looking for information on ‘authorised contacts’, who have full authority over your personal insurance policy. You can find that here.
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.