Record $109 million claim illustrates need for protection

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Last week, it was reported that the grieving parents of a Scots College schoolboy who drowned while on a school camp in 1999 were suing the prestigious Sydney school for a record compensation claim of $109 million for the emotional and financial devastation suffered.

Regardless of the merits of this individual case, the record claim brings into sharp focus the need for proper protection from an increasingly litigious world.

Whether you’re a sole operator providing trade services, a small business selling niche products, a professional providing advice, or a company supplying consumer goods, you could be subject to expensive litigation at any time.

Public liability insurance helps protect you from the financial risks of liability to a third party for injury or death, property damage or financial loss as a result of negligence. And if you sell, supply, service or deliver goods, product liability insurance protects you from the costs associated with claims made as a result of the failure of your products.

If you’re an accountant, solicitor, engineer, architect or consultant, professional indemnity insurance can protect you against financial loss from claims of professional negligence or breach of duty resulting in financial loss, injury or damage. And for medical practitioners, medical malpractice insurance provides cover for the costs of claims for damages for any breach of professional duty resulting in injury, illness, disease or death.

Finally, directors and officers liability insurance helps protect the assets of past, present and future company directors and management against claims of “wrongful acts” such as providing misleading statements, neglect, or breach of duty of care.

30 July 2013

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