Most companies strive to create lasting relationships with their clients. Yet, occasionally clients suffer from accidents or loss to their property after using some products, causing them to take legal actions against the manufacturer. Consider your position as a senior manager in such a crisis situation. The amount claimed by the victim may be far higher than the turnover of your entire company. What would you do to avoid the inevitable closure of your organisation? Acquiring a product liability insurance policy beforehand can help you to avoid these situations.
Now, what areas does this type of insurance cover include? It covers losses caused to client’s property during an official visit by your representative, as well as damages incurred while you are using it. Other areas which this type of policy will cover include damages caused by the use of your products and the losses that client has suffered from within your office premises due to any kind of negligence. Accidents involving the client or his associates due to the use of your products and services also come within its purview.
So, if your company is based in Sydney or any other part of Australia, look for the areas which are covered by brokerage firms which offer this type of policies. Compare the different domains which the policy of each firm covers. The advisory services offered by them should be based on the latest regulations related to liability insurance Sydney. With the help of such a policy, you will be able to avoid unnecessary litigation and concentrate more on your day to day business functions.