Most business have a basic idea of what public liability insurance is and what it covers, but there still plenty of common questions when it comes to public liability and what it covers.
In this guide we will run through some of the most common questions that business owners have about public liability insurance.
Who needs it?
Virtually all businesses can benefit from the protection that public liability insurance provides, but more specifically it is required by any business that faces the risk of causing personal injury or property damage through its business activities.
Common business types requiring public liability include retailers, tradespeople and any business where clients come onto the premises.
Some business types are actually required to hold public liability insurance in order to hold their licence. Common examples of this include Tasmanian and Qld electricians, as well as Victorian plumbers.
What does it cover?
Public liability covers a number of different risks, but primarily the cover is designed to protect businesses against the financial consequences of property damage and personal injury.
In the event that you are required to pay financial compensation to a customer or other member of the public, your public liability policy will cover the costs rather than having to come out of your business’s profit.
Does it cover my own staff?
The policy will cover the actions of your own staff that result in personal injury or property damage to other people, but it will not cover any property damage or personal injury suffered by your staff.
How much does it cost?
The public liability insurance cost for each business will vary based on a variety of factors. For some businesses the cost can be as low as $400. This would be for a sole-trader working as a carpenter for example.
Other businesses could pay a lot more depending on the type of work they do and the size of the business. The easiest way to check your public liability cost is to request a quote through our website.
Where can you get it?
Most insurance companies offer public liability insurance to Australian businesses. You can contact the insurers directly to take out cover, or you can use the services of an insurance broker.
Generally using an insurance broker is the preferred option, as they will be able to obtain quotes from multiple insurance companies and help you to choose which is best for your business.
More questions
There are of course plenty of other questions and answers when it comes to public liability insurance. If you have questions which have not been answered above, the best option is to speak with an insurance broker.
If you do not already have an insurance broker who can assist you, please complete our online form and we will be able to put in contact with a suitable public liability insurance broker who can answer your questions.