Does importing products from overseas impact my business insurance?
It is important to protect your business when you are importing products to Australia from overseas.
It is also extremely important that your insurer is aware of any import/export activities or you could be in trouble at claim time
Did you know?
In Australia if you import products from overseas you are deemed as the manufacturer. This means that if a product that you have imported causes injury or illness to one of your customers you could be held legally liable.
Insurers therefore need to rate your business as they would a manufacturer.
If your business description reads ‘retail of xxxx’ it might be time for a review.
Why should I be responsible for faulty products manufactured by an overseas factory?
As the importer of the products, you are responsible for ensuring its safety. It is impossible for consumers to take legal action against an overseas manufacturing company so you are legally liable for the products that you import/sell.
This means you will need to ensure you have good quality control measures in place and that goods are tested to ensure that they are of acceptable quality and meet Australian standards.
What kind insurance do I need to consider if I import from overseas?
Property, Stock, Contents & Equipment
Regardless of your situation, here at Insure Gold Coast we have the knowledge and expertise to help you find the appropriate cover for your needs.
Please note - this blog post provides information only. The content of this post, including any information contained in it, has been prepared without considering your requirements, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. You should review the product disclosure statement for any product that the information relates to it before acquiring the product.