Public & Products Liability (Broadform Liability) Insurance
Liability Insurance usually comes as a package policy which includes Public & Products Liability together.
Public Liability insurance exists to cover your business against claims arising in respect of personal injury or property damage that has been alleged usually by a member of the public or a customer. In some states of Australia however claims can also be made as a subrogated Workers Compensation claim if negligence is alleged by the worker or a Workers Compensation insurer for a workers injury.
Products Liability in broad terms, a products liability policy is instituted to provide indemnity to the insured for claims arising in respect of the Nature, Condition or Quality of goods manufactured, sold or supplied by the insured, but it is not a goods warranty policy.
Liability at law can arise under tort (or civil actions) or under contract. While settlements are often made out of court by mutual agreement, legal liability can only be finally decided by the courts. Public, Products Professional Liability, Directors and Officers and other Third Party Liability insurance would normally cover only non-contractual obligations.