What does ISR stand for?

Industrial Special Risks – insurance designed to protect large or complex businesses beyond standard coverage limits.

What types of risks are generally covered?

Damage, loss, theft, fire, natural disasters, accidental damage, and business interruption losses.

What are the benefits of ISR Insurance?

Comprehensive coverage, consolidated protection, and risk management guidance.

What are the drawbacks?

Some exclusions (e.g., war, nuclear events, certain machinery breakdowns). Risks are not included in an ISR unless explicitly specified, for example, machinery breakdown.

How does ISR differ from other insurance types?

It combines multiple coverages (property, interruption, theft, glass) under one flexible policy – unlike standard or liability-only insurance.

How can I obtain the right coverage?

Consult with an insurance broker who can help assess your risks, provide guidance, compare policy wordings and negotiate with insures on your behalf.

Broadform Liability Insurance *

Broadform liability insurance offers protection for day-to-day business risks, including third-party injury and property damage claims, for businesses interacting with customers, suppliers, or the general public. Working with an insurance broker can help businesses understand broadform liability insurance policy options and obligations.

What is Broadform Liability Insurance? *

Broadform liability insurance is a specialised, high-limit policy that typically combines public liability and product liability into one. It covers the legal defence costs, compensation, and medical expenses that could arise from claims alleging third-party injury and property damage related to your business operations.

Australian small-to-medium businesses that interact with clients, operate from physical premises, attend job sites, or supply products can benefit from this insurance. Unexpected claims can pose challenges for business operations, so this insurance helps manage financial risks to keep your company running smoothly even if something comes up.

Companies need to consider their business activities when deciding the liability limit, policy period, and listed exclusions of the insurance. Talk to an insurance broker to find a policy that fits your business operations, contracts, and leases.

Financial Protection Against Claims

Broadform liability insurance is designed to assist with the financial impact of third-party claims for injury or property damage connected to your business operations. This may include compensation amounts and associated legal defence costs covered under the policy.

Cover for Products You Supply

If your business manufactures, distributes, or sells products, cover can extend to claims arising from those products after they have left your control. This can help manage exposures linked to alleged defects or failures.

Support for Legal Defence Costs

Policies commonly include cover for reasonable legal costs incurred in defending a covered claim. This can be significant, as legal expenses may arise even where allegations are not ultimately proven.

What Does Broadform Liability Insurance Cover? *

Broadform liability insurance covers:

Third-party injuries occurring on your business premises
Property damage caused by business operations
Medical expenses related to products sold and manufactured
Legal defence costs for covered claims
Liability related to contractors or subcontractors (subject to policy terms)

Get Suitable Cover for Your Business Today

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Frequently Asked Questions

Is Broadform Liability Insurance Mandatory for Australian Businesses?

Broadform liability insurance typically isn’t legally mandatory in Australia, however, it may be required for certain contracts, leases, and industry agreements. Some client contracts may specify minimum limits, which an insurance broker can help you with to ensure that your policy meets requirements.

What is the Difference Between Public Liability and Product Liability?

While both public and product liability protect businesses from third-party claims, public liability focuses on business activities and premises, while product liability focuses on goods. Broadform policies usually combine both to ensure your business is protected in all areas.

How Much Cover Does a Business Need?

$5 million, $10 million, and $20 million are all common policy limits. The amount you need depends on contracts, industry standards, and risk exposure. An insurance broker can help you assess appropriate limits based on your business details.

What Does Broadform Liability Insurance Not Cover?

Broadform liability alone doesn’t cover professional advice, intentional acts, damage to your own property and employee injuries (which you need workers’ compensation for). Exclusions and conditions of policies vary by insurer, and you may need to add on additional policies to cover certain events.

Does it Cover Subcontractors?

Yes, some policies extend to subcontractors, specifically covering third-party injury and damage at the property site, but it’s subject to terms. Clear contractual arrangements and disclosures to the insurer are important for preventing coverage gaps.

Are Legal Costs Included Within the Limit of Liability?

The treatment of legal costs varies by policy. While some broadform liability insurance may include legal costs within it, defence costs may be in addition to the limit of liability for others. Carefully review the wording of your insurance to understand how costs are applied.

Understand Your Liability Exposures*

Speak with an insurance broker to explore how broadform liability insurance may support your business risk management approach and help you assess suitable cover options.