Several forms of liability insurance are present in Australia and they provide an individual as well as
business organization against one legal claim or the other which may lead to loss of their precious wealth.
overview of the main types of liability insurance commonly offered in Australia:
1. Public Liability Insurance
• Coverage: Covers liability for expense incurred for physical injury to the third party or their
property which occur on the business premise or due to business transaction.
• Who Needs It: A must-have tool for most companies, especially those that have responsibility
for meeting or providing services to the community or the public
2. Professional Liability Insurance
• Coverage: Protects service providers in professional practice against all claims of negligence,
improper conduct or omission in the delivery of their services.
• Who Needs It: Especially for professionals like doctors, lawyers, accountants, consultants and
others.
3. Product Liability Insurance
• Coverage: Exempts the business from liability for any compensation claims resulting from
injuries or losses attributed to the business’s production or selling of a defective product.
• Who Needs It: Of particular importance to manufacturers, distributors, and retailers.
4. Employer’s Liability Insurance
• Coverage: Covers employers against lawsuits filed by employees in relation to accidents or
sickness arising from their workplace not by Worker’s Compensation.
• Who Needs It: A necessity for the companies that have employees, particularly for risky business
types?
5. Cyber Liability Insurance
• Coverage: A form that protects businesses against risks including data loss, cyber threats, and
their consequent implications.
• Who Needs It: To be of value for any business that stores lots of customer information or is
greatly reliant on the application of technology.
6. D&O refers to Directors and Officers Insurance.
• Coverage: Arms directors and officers personally against claims by third parties from alleged
wrongdoing while managing a corporation.
• Who Needs It: Important to corporate and nonprofit entities markedly.
7. Environmental liability insurance
• Coverage: Protects organizations from liability arising out of environmental losses or pollution.
• Who Needs It: Usual to companies operating in sectors such as manufacturing or construction or
the disposal of waste.
8. Construction liability insurance
• Coverage: Provides insurance coverage to construction professionals and firms against claims
arising from accidents or other Losses in a construction project.
• Who Needs It: Most useful for contractors, builders and construction firms.
9. Umbrella Insurance
• Coverage: Is an enhancement to the basic liability policies and aids in catering for enormous
claims.
• Who Needs It: From the long-term perspective, useful for everyone in search of greater
protection for themselves and/or their business.
Here are some prominent insurance companies in Australia that offer various types
of liability insurance coverage:
1. Allianz Australia
• Coverage Offered: General, public liability insurance, professional indemnity, liability product,
and much more.
• Details: Allianz occupies the leading position in the list of insurance companies in Australia and
offers a full range of insurance services for business entities of various types and industries.
2. QBE Insurance
• Coverage Offered: Public liability, professional indemnity and third party liability, employer’s
liability.
• Details: QBE has a comprehensive service for individual business sectors with a major emphasis
on insurance solutions and risk services.
3. CGU Insurance
• Coverage Offered: Workers compensation insurance, directors and officers liability insurance,
exporters liability insurance, landlord’s plate glass insurance, legal expenses insurance, price indemnity
insurance, public liability insurance, product liability insurance, and construction liability insurance.
• Details: As a CGU’s feature, the company offers a diverse portfolio of business insurances for the
customers who are SMEs,/toward large corporations.
4. Suncorp
• Coverage Offered: Liability insurance, professional risks, and cyber risks insurance.
• Details: Suncorp provides tremendous insurance specialties tailored for commercial and personal
clients.
5. RACQ Insurance
• Coverage Offered: Public liability and businessmen and professionals indemnity insurance.
• Details: The primary clients of RACQ are created from a business environment but with the
focus on the benefits for its members, situated in Queensland.
6. Vero Insurance
• Coverage Offered: These insurance policies include Public liability and product liability,
professional indemnity and directors and officers insurance.
• Details: Vero offers commercial insurance packages for different fields of specialization
depending on the client’s preference.
7. Zurich Australia
• Coverage Offered: Public liability, professional indemnify, and environmental liability.
• Details: Zurich covers various enterprises’ insurance needs with an emphasis on assessing risk
and individual approach.
8. Chubb Insurance
• Coverage Offered: Generally known as directors and officers liability, legal liability and
professional indemnity and cyber, risk respectively.
• Details: Chubb mainly focuses on specialty insurance premium and they have vast list of
coverage for businesses.
9. HBF Insurance
• Coverage Offered: Public Liability and Professional Indemnity.
• Details: Such insurance services are provided mainly in Western Australia, and with strongly
emphasized focus on the members.
10. Bendigo and Adelaide Bank
• Coverage Offered: The three areas of insurance are public liability and professional indemnity
insurance.
• Details: Offers insurance solutions based on a community perspective for SMBs (small to
medium business).
http://Bendigo and Adelaide Bank
Conclusion
Every type of liability insurance in Australia provides coverage for distinct exposures so it aims for
different liability risks. As much as possible, some coverage does can be deemed more important than
others depending on your industry, profession, and conditions surrounding your profession. Consult an
insurance professional in order to arrive to the correct liability insurance decision regarding your
particular case. The most important factors to consider when choosing the insurance company is what
insurance is required and the kind of insurance company that is accredited to deliver the insurance. You
can also decide to seek advice on the best insurance policies required in your business or within your
family from an insurance broker.
