Public and Product Liability Insurance

Public and product liability insurance is one of the most important forms of financial protection for many Australian businesses.

As a business owner you are exposed to many different risks. Some of the more prevalent risks are those that involve a financial loss to other people through your actions. Commonly these losses will involve personal injury or property damage.

Many claims involving property damage or personal injury caused through your business will be covered by either public liability or product liability.

Quite often a single policy will cover both forms of liability, and in this guide we take a look at each of them in more detail.

Public Liability Insurance

Public liability insurance covers you and your business against personal injury and property damage as a result of your actions. This could for example involve someone tripping or falling whilst on your premises, or damage that you may cause to their property whilst it is in your care.

Claims on public liability insurance can range from a few hundred dollars for minor property damage through to a million dollars or more for serious personal injury that results in disablement or death.

Whether you work in an office, in a retail space, on a worksite or at your customer’s premises, things can always go wrong, and it certainly pays to protect yourself financially be having the right insurance in place.

Product Liability Insurance

Product liability insurance also covers you for personal injury, property damage and some other forms of loss, however in this case it is your products that are covered rather than your actions or lack of actions.

A claim on product liability could involve a faulty item you have installed in someone’s home that results in a financial loss. Although the fault in the item may not have been caused by you, you could still be held responsible as you were the one who supplied it to your client.

Product liability can cover not only the products that you manufacture yourself, but also the products of others that you may sell or install.

Although the ultimate blame may lay with the original manufacturer, it certainly pays to have insurance in place. In this case your insurance company can take care of the claim and chase the original manufacturer whilst you can keep working and earning money.

Choosing a Policy

When choosing a public and product liability insurance policy there is a number of different factors that should be considered.

Although most policies are very similar in terms of their core benefits, the different insurance policies available do feature different features and benefits that may suit certain business types.

In order to choose the policy that will best suit your business it may be necessary to review the Product Disclosure Statement (PDS) documents from a range of different insurers. Alternatively, you could use an insurance broker who specialises in liability insurance.

Having the right public and product liability insurance in place will ensure you are not paying too much for your insurance whilst still getting the cover and protection that you need.

Product and Public Liability Quotes

Many SME businesses in Australia work hard to keep their costs down, and insurance is one area where it can be quite easy to make good savings.

You could contact each insurance company separately in order to compare the quotes, however an easier method is to use the online quote form available right here on our website.

By completing the form with your business information, one of the insurance experts in our network will be able to review you information and provide you with a list of the most competitive insurance quotes for your business.

For more information please contact us, and to get a quote on your public liability simply complete our online quote request.

How much is Public Liability Insurance?

Most business owners understand the importance of public liability insurance, but how can you find out how much it costs?

The cost of public liability insurance varies depending on a number of different factors including the type of business and the size of the business. Generally the cost will be higher for larger businesses or those considered a higher risk.

A sole trader working as a qualified carpenter on residential projects may be able to obtain cover from as little as $40 per month, however the sky is the limit when it comes to larger business and those that operate in high risk industries.

How are the premiums calculated?

The insurance companies will calculate your basic public liability insurance cost by considering a number of factors including you annual turnover, the number of staff you employ and the type of industry that you operate in.

There are many additional factors which will also be taken into account, and some of the common factors affecting premiums include importing or exporting goods, working in airports, marine ports or mines, working at heights and a range of other factors which could increase the risk you pose to the insurer.

Generally your premiums will grow higher as your turnover and staff numbers increase, or if you start conducting any type of business activity that the insurer believes increases you risk.

How can I find out my cost?

There are a number of ways to find out how much public liability cover will cost for your business.

Traditionally the most popular method used was to contact an insurance broker, and this is still the most popular method today, however an increasing number of business are now going online to obtain more competitive quotes.

Instead of having to make an appointment to visit an insurance broker, business owners throughout Australia can now use the internet to obtain quotes on their insurance and even to take out cover completely online.

Not all businesses will have the option of obtaining an online quote, as larger and more complex businesses will still have to use the services of a broker to properly assess their business insurance needs.

For small businesses and those which are not considered to be too complex, obtaining public liability quotes online can definitely be a convenient method. If you are planning on taking this path, you need to be 100% sure of what insurance you need, as you will not have a broker there to assist you.

Obtaining a quote from us

Here at Public Liability Insurance Australia we offer business owners the best of both worlds.

Our website gives you the convenience of entering your details and requesting a quote online, but instead of being left on your own you will be assigned to a qualified insurance broker who you can communicate with at any time via phone or email.

By using our system you can obtain quotes and apply for cover from the comfort of your own home or office, and still have the peace of mind knowing that you will be dealing with a real life insurance broker who is only ever a phone call away.

For more information on public liability insurance please contact our office, or if you are ready to obtain insurance quotes for your business simply complete our easy online quote request.