No matter how careful you are in the day to day running of your business, things can go wrong. Unfortunately, there are times when a simple accident could see you on the receiving end of an expensive claim. For these reasons, businesses need to ensure that they have public liability insurance in place. To help you out, we’re sharing some of the top questions we get asked about public liability insurance.
What is public liability insurance?
Public liability insurance offers you financial protection if you cause damage to a third party as a result of your actions at work. This could include damage to property or injury to a person. Along with covering the cost of successful claims, your liability insurance will also cover legal bills if you hire a lawyer during the claims process.
Why do I need liability insurance?
Accidents happen and you need to be protected financially when they do. Something as simple as a client injuring themselves while visiting your office or an employee damaging client property on site could see you thousands (or even hundreds of thousands) of dollars out of pocket. Public liability insurance gives you, and anyone dealing with your business, peace of mind that you’ll be covered financially if damage occurs.
Is public liability insurance compulsory?
No, there isn’t a legal requirement in Australia for you have public liability insurance. However, there are some professions where you won’t be able to receive your licence or professional membership unless you can provide proof of cover. Additionally, many employers won’t take you on unless you have liability insurance in place.
How much does public liability insurance cost?
It depends. There are a number of factors which are taken into consideration with public liability insurance which will impact on the cost of your premiums. These include the type of work you do, the size of your business, the number of employees and the location of your work. Basically, the riskier your business then the higher your liability premiums will be.
Who do I speak to for more help?
If you need a bit of a helping hand with your public liability insurance, the best person to speak with is your insurance broker. They have the professional knowledge and industry contacts to find you a liability cover policy with the right level of cover at a competitive price. They’ll also speak directly with the insurer on your behalf at claim time – easy!
For public liability insurance Australia, speak with the experienced team at GSK Insurance Brokers. We’re one of Australia’s leading insurance brokers, and our expertise and commitment to personalised service sets us apart from the competition. We’ll identify your risks and find the best insurance solution for your situation.
If you need more information about public liability insurance in Perth, contact us at GSK Insurance Brokers today on (08) 9478 1933. Get an online quote for public liability insurance, by filling out our easy online form.