Public Liability Insurance Cost

The premiums for your public liability insurance are calculated based on a number of different factors relating to your business.

There are three main factors which will influence your public liability insurance cost:

  • The type of work undertaken by you and/or the business
  • Your annual turnover
  • The number of staff

These three factors will enable the insurance company to give you a good idea of your premiums, however there are other factors which will be taken into account. These factors can include:

  • The physical size of the projects you work on
  • The dollar value of the projects you work on
  • The types of locations you work in
  • Whether or not you use subcontractors

Depending on the type of work you do, there can be even more factors taken into account when calculating your insurance cost.

How to reduce your public liability cost

There are a number of ways to reduce the cost of your public liability insurance.

The first step is to ensure you are only paying for the cover you need. If your business only requires $5 million worth of cover, then there is little point in paying for $20 million cover. In saying that however, you need to be careful of underinsuring yourself and your business.

There have been examples of businesses paying too much for their public liability insurance due to changes to the business, or due to the business description not being recorded properly in the first place. Check your policy to ensure your business activities are recorded correctly, as you could be paying a rate higher than necessary.

You also need to shop around to ensure you are getting the best deal. The public liability insurance cost can vary from one insurer to the next, so it is always worth comparing premiums between the different insurance providers. Via our website you can obtain a public liability insurance online quote, and this will allow you to quickly compare premiums to ensure you’re not paying too much.

Many businesses choose to pay their public liability insurance premiums monthly to spread out the cost of the cover, however in most cases it does cost more to pay this way. In some cases you can save between 10 and 15% just by paying your premium annually. If paying annually is financially possible for you, then it could be an easy way to save 10% or more on your public liability cost.

Calculating your public liability cost

The best way to find out your public liability insurance cost is to use a service which can provide you will all of the relevant quotes.

Here at our online quoting system will take your details and match you up with an insurance broker who can provide you with your quotes either via email or over the phone.

Not only can they provide you with the quotes, but they can also help you to quickly and easily get your public liability insurance in place with the minimum amount of paperwork and hassle.

To get a quote on your public liability insurance needs simply click on the button below and follow the prompts.