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When Should a Retail Business that Sells 
Products to Consumers Consider PI 
Insurance?
When Should a Retail Business that Sells 
Products to Consumers Consider PI 
Insurance? 
A Retail Business, is a business that sells products to consumers (excluding 
manufacturers, importers/exporters). 
It is important to firstly explain the coverage provided by each of these 
policies. These policies do not overlap or provide dual cover. We have 
summarised an overview of common policy feature provided by each of these 
policies. However, each insurance company has their own policy wording. 
This means that coverage can vary considerably from one insurer to another, 
and the following overview provides only a common outline of policy 
features. It is important that you compare each policy based on the 
appropriateness of cover for your individual business needs and seek 
professional advice.
Public & Products (Broadform) Liability 
Insurance 
Public & Products (Broadform) Liability Insurance policies provide insurance 
cover in respect of insured's liability for loss or damage caused negligently to 
third parties, who are not the insured, as a result of an occurrence in 
connection with the insured business. 
It indemnifies the insured business against legal liability to pay compensation 
in respect of personal injury or property damage claims arising in respect of 
the Product &/Or Service sold or supplied by the insured, however it does not 
cover product warranty and is always subject to terms, conditions and 
exclusions. 
In addition, these policies also provide cover for defence costs even if the 
action against you is false or fraudulent, and provided that an excluded 
circumstance does not apply.
Types of Cover 
Personal Injury - Cover may include: 
• Death, bodily injury, sickness, disease, disability, shock, fright, mental anguish 
and mental injury 
• False arrest, wrongful detention or imprisonment, and malicious prosecution 
• Wrongful eviction 
• Assault or battery 
• Libel, slander, defamation of character or invasion of the right of privacy 
Property Damage - Cover may include: 
• Physical Damage to tangible property 
• The loss of use of tangible property which has not been damaged but cannot 
be used due to Damage to other tangible property 
Additional Comments 
• Common exclusions – Advice for a fee 
• Does not provide cover for pure financial loss where no injury or damage has occurred 
• Policy Trigger for a Claim - Bodily Injury or Property Damage
Policy Features 
Professional Indemnity Insurance protects an individual and/or company against claims made 
against them by a third party for financial compensation arising from a breach of their 
professional duty. It is an essential protection for professional advisers who provide 
professional advice or expertise services to third parties. 
It provides indemnity for claims brought against the insured company and its principals, 
partners and employees for financial loss arising from a breach or an alleged breach of your 
professional duty in the course of conducting your business. 
Policy features may include: 
• Trade Practices Legislation 
• Libel & Slander 
• Dishonesty 
• Loss of Documents 
• Defence Costs 
• Official Enquiries Cover 
• Professionally Indemnity Insurance generally aims to provide protection for: 
• Settlements, compensation and/or damages awarded against them;. 
• Legal costs and other expenses associated with defending a claim.
Who is a Professional adviser? 
Is anyone who gives to another person advice and/or services of a skilful character according to an 
established discipline might be regarded as a 'Professional' adviser. 
Why do Professionals need Professional Indemnity Insurance? 
• A Professional will hold himself or herself out as having a special skill, which can be relied upon 
by another. Consequently, the law requires that the Professional exercise the required skill to an 
appropriate level expected by that profession. 
• Professionals are only human and mistakes do happen. Any financial loss, injury or damage 
arising from a mistake or failure by the Professional to exercise the required level of skill may 
mean that an award is made in favour of a person who suffers a loss, damage or injury. A 
Professional may also be held to be liable for a mistake even though there was no negligence. 
• In the event that a financial loss, injury or damage arises from a failure to provide that 
appropriate level of skill, it may result in an award for damages being provided to the third party 
that suffers the financial loss, injury or damage. The Professional Indemnity insurance provides 
cover for damages awarded against the Insured Person and/or Company including costs or 
expenses incurred in defending the claim. 
Additional Comments 
• Policy Trigger for a Claim - Financial Loss arising for a breach of professional duty. 
• It is important that Professional Indemnity Insurance and Public & Products Liability Insurance 
work collectively to ensure that the main exposures of your business are covered.
When should a Retail Business consider 
Professional Indemnity Insurance? 
Several key areas for business owners to consider when selling and supplying products: 
• A business that charges a separate fee for advice should have professional indemnity insurance covering their overall 
business or the area of their business that provides advice for a fee. As mentioned above, the liability insurance policies 
generally excludes advice for a fee, so in the event that there is no professional indemnity cover in place, claims arising 
from advice for a fee would be uninsured. For example:: 
Computer Retailer 
• A computer retailer that supplies products and charges a separate fee to program and install software / hardware. 
• If a Retail Business provides advice in accordance with their product sales and the manufacture instructions and does not 
provide a separate fee for advice regarding the sales of their products. In the event of a claim arising from negligence in 
relation to products sales that results in injury or damage, your liability insurance policy should generally respond (subject 
to the terms and conditions of the policy coverage). 
• However, for some Retail Businesses, in the event that they are negligence, their clients may not necessarily incur injury 
or damage, but pure financial loss. We provide the following examples:: 
Fertilisers Retailer 
• In the event that the wrong fertiliser was provided, and the crop did not produce,. There may not necessarily be any 
injury or physical damage, only pure financial loss. 
Pool Company 
• Supply of pool chemicals (licencing also requires Pool Companies to maintain Professional Indemnity Insurance) 
A business owner should always obtain professional advice when obtaining and reviewing their insurance. Insurance products 
are legally binding contracts and under current legislation it places responsibility on all parties to an Insurance Contract to be 
aware of the details of that Contract. Insurance companies are not licenced to provide advice and can only explain their 
product features. They do not advise on the suitability of the cover for a business.
Connect With Us on Social Media 
http://www.facebook.com/OptimumInsurance 
http://www.linkedin.com/company/optimum-insurance 
http://www.youtube.com/user/OptimumInsurance 
https://twitter.com/#!/Optimum_Online 
http://www.optimuminsurance.com.au/Blog.aspx 
https://plus.google.com/u/0/100198722059770097421/about#1 
00198722059770097421/about
Phone +61 1300 739 861 
Fax +61 1300 732 225 
Hours 9.00am to 5.00pm (EST) 
Monday – Friday 
Email service@optimuminsurance.com.au 
Website www.optimuminsurance.com.au 
Office Location 
Level 1, 27 Belgrave Street, 
Manly NSW 2095 
Contact Us 
Presentation Disclaimer –– “This material contains general information only and may not suit your 
particular circumstances. To decide if a policy is right for you please carefully read the relevant Product 
Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by 
contacting our office on 1300 739 861;” 
Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised 
Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services 
Licence No 240549, ABN 15 003 886 687.”
THANK YOU 
for your time

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When should a retail business that sells products to consumers consider pi

  • 1. When Should a Retail Business that Sells Products to Consumers Consider PI Insurance?
  • 2. When Should a Retail Business that Sells Products to Consumers Consider PI Insurance? A Retail Business, is a business that sells products to consumers (excluding manufacturers, importers/exporters). It is important to firstly explain the coverage provided by each of these policies. These policies do not overlap or provide dual cover. We have summarised an overview of common policy feature provided by each of these policies. However, each insurance company has their own policy wording. This means that coverage can vary considerably from one insurer to another, and the following overview provides only a common outline of policy features. It is important that you compare each policy based on the appropriateness of cover for your individual business needs and seek professional advice.
  • 3. Public & Products (Broadform) Liability Insurance Public & Products (Broadform) Liability Insurance policies provide insurance cover in respect of insured's liability for loss or damage caused negligently to third parties, who are not the insured, as a result of an occurrence in connection with the insured business. It indemnifies the insured business against legal liability to pay compensation in respect of personal injury or property damage claims arising in respect of the Product &/Or Service sold or supplied by the insured, however it does not cover product warranty and is always subject to terms, conditions and exclusions. In addition, these policies also provide cover for defence costs even if the action against you is false or fraudulent, and provided that an excluded circumstance does not apply.
  • 4. Types of Cover Personal Injury - Cover may include: • Death, bodily injury, sickness, disease, disability, shock, fright, mental anguish and mental injury • False arrest, wrongful detention or imprisonment, and malicious prosecution • Wrongful eviction • Assault or battery • Libel, slander, defamation of character or invasion of the right of privacy Property Damage - Cover may include: • Physical Damage to tangible property • The loss of use of tangible property which has not been damaged but cannot be used due to Damage to other tangible property Additional Comments • Common exclusions – Advice for a fee • Does not provide cover for pure financial loss where no injury or damage has occurred • Policy Trigger for a Claim - Bodily Injury or Property Damage
  • 5. Policy Features Professional Indemnity Insurance protects an individual and/or company against claims made against them by a third party for financial compensation arising from a breach of their professional duty. It is an essential protection for professional advisers who provide professional advice or expertise services to third parties. It provides indemnity for claims brought against the insured company and its principals, partners and employees for financial loss arising from a breach or an alleged breach of your professional duty in the course of conducting your business. Policy features may include: • Trade Practices Legislation • Libel & Slander • Dishonesty • Loss of Documents • Defence Costs • Official Enquiries Cover • Professionally Indemnity Insurance generally aims to provide protection for: • Settlements, compensation and/or damages awarded against them;. • Legal costs and other expenses associated with defending a claim.
  • 6. Who is a Professional adviser? Is anyone who gives to another person advice and/or services of a skilful character according to an established discipline might be regarded as a 'Professional' adviser. Why do Professionals need Professional Indemnity Insurance? • A Professional will hold himself or herself out as having a special skill, which can be relied upon by another. Consequently, the law requires that the Professional exercise the required skill to an appropriate level expected by that profession. • Professionals are only human and mistakes do happen. Any financial loss, injury or damage arising from a mistake or failure by the Professional to exercise the required level of skill may mean that an award is made in favour of a person who suffers a loss, damage or injury. A Professional may also be held to be liable for a mistake even though there was no negligence. • In the event that a financial loss, injury or damage arises from a failure to provide that appropriate level of skill, it may result in an award for damages being provided to the third party that suffers the financial loss, injury or damage. The Professional Indemnity insurance provides cover for damages awarded against the Insured Person and/or Company including costs or expenses incurred in defending the claim. Additional Comments • Policy Trigger for a Claim - Financial Loss arising for a breach of professional duty. • It is important that Professional Indemnity Insurance and Public & Products Liability Insurance work collectively to ensure that the main exposures of your business are covered.
  • 7. When should a Retail Business consider Professional Indemnity Insurance? Several key areas for business owners to consider when selling and supplying products: • A business that charges a separate fee for advice should have professional indemnity insurance covering their overall business or the area of their business that provides advice for a fee. As mentioned above, the liability insurance policies generally excludes advice for a fee, so in the event that there is no professional indemnity cover in place, claims arising from advice for a fee would be uninsured. For example:: Computer Retailer • A computer retailer that supplies products and charges a separate fee to program and install software / hardware. • If a Retail Business provides advice in accordance with their product sales and the manufacture instructions and does not provide a separate fee for advice regarding the sales of their products. In the event of a claim arising from negligence in relation to products sales that results in injury or damage, your liability insurance policy should generally respond (subject to the terms and conditions of the policy coverage). • However, for some Retail Businesses, in the event that they are negligence, their clients may not necessarily incur injury or damage, but pure financial loss. We provide the following examples:: Fertilisers Retailer • In the event that the wrong fertiliser was provided, and the crop did not produce,. There may not necessarily be any injury or physical damage, only pure financial loss. Pool Company • Supply of pool chemicals (licencing also requires Pool Companies to maintain Professional Indemnity Insurance) A business owner should always obtain professional advice when obtaining and reviewing their insurance. Insurance products are legally binding contracts and under current legislation it places responsibility on all parties to an Insurance Contract to be aware of the details of that Contract. Insurance companies are not licenced to provide advice and can only explain their product features. They do not advise on the suitability of the cover for a business.
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  • 9. Phone +61 1300 739 861 Fax +61 1300 732 225 Hours 9.00am to 5.00pm (EST) Monday – Friday Email service@optimuminsurance.com.au Website www.optimuminsurance.com.au Office Location Level 1, 27 Belgrave Street, Manly NSW 2095 Contact Us Presentation Disclaimer –– “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by contacting our office on 1300 739 861;” Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”
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