Press Releases
Sydney, Australia – 24 March 2006 – QBE Insurance Australia today launched PURPL, a new packaged insurance product that provides public liability, product liability and financial loss cover to help protect businesses from a wider range of risks.
QBE’s PURPL (Packaged Underwritten Risk and Professional Liability) product integrates six types of liability insurance into one policy to provide businesses with affordable, comprehensive cover:
- Public Liability
- Product Liability
- Advertising Liability
- Professional Services
- Directors & Officers Liability
- Employment Practices Liability
“PURPL was developed in response to the changing business environment in which companies face increasing risks and compliance demands,” said Michael Scala, General Manager – Intermediary Distribution, QBE Insurance Australia. “In particular, small to medium-sized businesses (SMBs) need to protect themselves against potentially expensive liability claims that can impact their financial health and reputation significantly.”
PURPL is ideally suited to businesses that provide consulting or design services along with their product sales; for example, companies in the retail, wholesale or manufacturing industries. These companies may not be aware that their existing liability insurance may not cover their designs or advice, leaving them exposed to
potential claims. For instance, a hardware store that provides advice on how to erect a shed that it sold could face a claim if the customer follows that advice and the shed collapses because it was erected incorrectly.
PURPL can also benefit contracting companies (such as those offering cleaning, painting or electrical services) that are increasingly being required by their customers to have professional liability insurance. For example, an electrician who re-routes wires without sign-off from a design professional could face a claim from the property developer if electrical supply problems occur.
As all six types of liability cover are provided in one policy from one insurer, a PURPL policy is quick and easy to purchase and maintain since there is one quote, one application, one premium, one renewal and one claims process. This makes PURPL more affordable and attractive for SMBs than purchasing each type of liability cover separately.
“PURPL provides companies with comprehensive liability insurance cover in one integrated package, giving them the peace of mind necessary to get on with business,” said Mr Scala.
PURPL is available now from intermediaries across Australia. More information about
PURPL can be found on the website: http://www.qbe.com/australia/prolib/purpl.html