What is the difference between Public Liability and Products Liability insurance cover?

All GIO Business Insurance products have a combined Public and Products Liability cover. Both Public and Products Liability provide coverage for third party injury or property damage that you might cause. The difference is that Public Liability relates to injury or property damage whilst you’re on the job, and Products Liability relates to injury or damage caused by any products you distribute, supply or manufacture. LEARN MORE ABOUT PUBLIC LIABILITY INSURANCE

What is the difference between Public Liability and Professional Indemnity? Do I need both?

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. Professional Indemnity, on the other hand, protects against the risks associated with providing advice or recommendations to clients. For example, a customer could sue you for damages if it's alleged that your advice has caused a loss. If your business has customers visiting your premises and you also provide advice or recommendations to those customers, then Public Liability and Professional Indemnity Insurance may both be beneficial to you. LEARN MORE ABOUT BUSINESS INSURANCE

How do I make a claim?

You can visit the GIO claims page for more information. If you prefer, you can also call us at 13 14 46, 24 hours a day, 7 days a week to speak to one of our dedicated claims staff. Please note that no quotes are required before you call us. We will advise you on the claim process and what you need to do next during the call. You can also email us at lodgeclaim@gio.com.au with your policy number and a short description of the claim.

Is my Business Insurance expense tax deductible?

You will need to seek independent tax advice relating to your individual situation, however according to the ATO , ‘you can generally claim a deduction for most operating expenses in the same income year you incur them. Insurance premiums, including accident or disability, fire, burglary, professional indemnity, public risk, motor vehicle, loss of profits insurance, or workers’ compensation’ are included in the definition of operating expenses. LEARN MORE ABOUT BUSINESS INSURANCE

How much Public & Products Liability cover do I need?

Each business is different, and as such has different needs when it comes to insurance. However, in making the decision you may want to take into account the following factors: The contracts you work on . Some contracts will stipulate the minimum amount of cover required. If your business is within a shopping centre, you may find that the contract stipulates a minimum of $20m cover is required The conditions of your licence (if applicable). As an example, electrical contractors are required to hold a minimum of $5 million public liability cover in order to obtain their licence in some states. GIO can offer limits of $5m, $10m, and $20m cover, which can be purchased online or via our Australian-based Call Centre on 1800 036 837. LEARN MORE ABOUT PUBLIC LIABILITY INSURANCE

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FAQS

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.

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.

You can visit the GIO claims page for more information.

According to the ATO, "you can generally claim a deduction for most operating expenses in the same income year you incur them".

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.

Extra help and support

We understand that sometimes our customers need extra care and support at different points in their lives. We also know that everyone’s situation and needs will be different. We are committed to looking after your needs with sensitivity, dignity, respect and compassion. Find out more