Liability cover for your customers' property

Have you looked at your Liability policy schedule and noticed a lot of 'Not Taken' sections and not of a lot of 'Taken' sections, and wondered what actually is covered by your liability policy?

Yes? You're not alone!

Recently I've had new clients ask me these questions, which has brought to my attention the lack of information available in plain English regarding liability insurance.

If your policy schedule looks a little like this ^ you'll resonate with the concerns I've mentioned above, so let's go through the common misconceptions;

Property Damage

> Cover for your building &/or contents including stock against fire & perils

X Not cover for your customers' property should you accidentally damage it. This is usually covered under the Public & Products Liability (depending on circumstances of damage, of course)

Business Interruption

> Cover for your business' profits if an insured event occurs, preventing you from trading

X Not cover for your individual income - this is income protection or accident & illness cover

Theft

> Cover for your contents of a building against theft

X Not cover for your customer's property whilst in your custody - this is usually covered under the Goods in Care, Custody & Control in the Liability section

Money

> Cover for your business cash takings for theft, during transit, in a locked safe etc.

X Not cover for your personal cash or income protection

Glass

> Cover for glass of a building your business occupies

X Not cover for your customers' glass should you accidentally damage it - this is usually covered under the Public & Products Liability cover

What is Public & Products Liability covering?

> Public Liability will protect you if you directly or indirectly cause damage to property or an injury to someone; while performing your business activities.

> General Property will cover most of your property if it becomes damaged or stolen.

If you're unsure if you require any these covers, or unsure if your current policy is providing adequate cover, get in touch with us NOW at www.ausurecoolum.com

1300 55 35 05 coolum@ausure.com.au

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