Home – New Forums New here? Share your story Do I need product insurance?

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  • #995813
    Vesper79
    Member
    • Total posts: 37
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    Hi there!

    I am taking my goods overseas to sell at a event, and first stop is New Zealand (will be doing events in other countries too like the US, UK, Canada).

    I am told by the event organiser I need Public Liability Insurance up to $10m, fine. But then I call an insurance broker and he is trying to upgrade me to all these different types of insurances that I don’t think I need (product insurance? It’s a bangle!) and making a big fuss about how hard it is to get PI insurance for countries like the US and that it will cost alot. Far out, I am annoyed, I don’t want to be upsold, I just want my ONE problem sorted, and that is PI Insurance that covers for me to sell my product at an event in NZ.

    Help!

    #1204061
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
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    Hopefully some helpful members will be along soon with some on-point advice.

    Cheers

    #1204062
    DavidChin
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    • Total posts: 124
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    Hi Vesper

    Congratulations on taking your product abroad.

    Are you referring to product liability insurance rather than PI (professional indemnity insurance). I assume you mean product liability insurance.

    I suggest meeting with an insurance broker to establish a relationship and, perhaps more importantly, convey your situation and needs. Your broker should be able to tailor a product or suite of products to reflect the level of protection you need at your current stage, while also taking into account the nature of your product.

    Good luck!

    #1204064
    Delphic
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    • Total posts: 46
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    Not sure if I am too late, but your general liability policy you can pick up here should be valid in NZ, depending on which policy you purchase. You will find problems when you start dealing in North American markets as insurance restrictions vary state to state and in the main regardless of what your policy says here in Australia, in the event of a claim in the US the local courts will not allow your Australian insurance company to defend you in an action.

    Back to your frustration, I am assuming you are not a very large business and therefore for SME’s insurers package both the public liability and product liability into one, so you are not being ill advised.

    I would suggest that you ask your broker for solutions to your problems and explanations rather than what you are getting. Might be worth speaking to another broker to at least get the comfort you desire.

    More than happy to field a call if you are still flying blind.

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