Liability & Professional Indemnity

Whether you're a contractor signing on to a new project, a business leasing a premises, or a supplier entering into a service agreement — chances are your contract includes insurance requirements you’re expected to meet. If you don’t read the fine print closely, or if your policies don’t align with the terms, you could be: in breach of contract, exposed to uninsured liability, or worse — have a claim denied or be dropped from a project.

Market stalls present unique liability exposures: Physical Injuries such as tripping hazards or unstable structures. Product Liability if your product causes illness, allergies or injury. Property Damage if your equipment damages the venue or other property. Food vendors also face additional risks related to foodborne illness and contamination. Public liability insurance can cover legal costs, compensation, medical expenses, product liability and property damage.

If someone is injured or their property is damaged due to your business activities, you may be faced with a public liability incident. Here's what to do: ensure safety first, record the incident details, take photos, do not admit fault or liability, and contact your broker as soon as possible.

Run-off insurance is a continuation of your Professional Indemnity Insurance, designed to protect you against claims made after you’ve stopped operating or providing services. So if you cancel your policy when you retire or wind down, and a claim comes in later — you won’t be covered. That’s where run-off comes in.

If you give advice, provide a service, or make professional recommendations as part of your business — you could be at risk of being sued if something goes wrong. That’s where Professional Indemnity (PI) Insurance steps in. It can cover legal costs, compensation, breach of duty or negligence, mistakes or errors and misleading conduct. In some sectors, Professional Indemnity (PI) insurance is mandatory by law or industry regulation, or even required in contracts.

Not all insurance policies respond the same way when something goes wrong — especially when it comes to Liability vs Professional Indemnity. Occurrence-based policies (i.e. Public Liability) cover events that happen during the policy period, even if the claim is made years later. Claims-made policies (i.e. Professional Indemnity) cover claims that are made while the policy is active, regardless of when the work was done. Cancelling this type of policy means you're not cover