The Australian operations of international insurance brokerage Gallagher has issued an important reminder to businesses as the world grapples with both the direct and indirect effects of the coronavirus pandemic. While the reputation of the insurance industry seems to have taken a hit, Gallagher highlighted the role of coverage particularly during times of change and vulnerability.
“With current uncertainty for businesses throughout Australia, we want to help you with some key insurance information about these business insurance essentials to provide support through this time,” wrote Gallagher Australia in a blog post on its website.
“Protection with public and products liability, and professional indemnity insurances provides vital safety nets for the ongoing business risks associated with many small businesses and the services you provide.”
The brokerage cited public liability insurance, which it said kicks in when a legal claim is made against the insured by a party that supposedly sustained an injury or damage, protecting the business in the case of a mistake, oversight, or risk that was unknown at the time. Coverage spans costs involved with answering the claim and for making out-of-court settlement payments.
Also under the spotlight is professional indemnity insurance, which Gallagher stressed is crucial to ensuring a business can continue to trade given that claims based on wrong or misleading advice can run into six figures and beyond. The policy covers all legal costs.
“While these policies are not specifically related to COVID-19, they are vital to supporting your business operations through this changing time,” noted the company, which has a dedicated pandemic information hub as well as a suite of resources related to remote working.
