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Public Liability insurance and Product Liability insurance are usually put in place to protect your business from legal costs or actions related to personal injury or property damage caused to a third party or their property due to business operations. These policies play a crucial role in safeguarding your professional services and ensuring peace of mind for your business. By having adequate coverage, you can focus on doing what you do best while knowing that you have protection.
These injuries have the potential to directly impact either a member of the public or damage third-party property. In many cases, especially when dealing with commercial leases or visiting customer locations, it is generally required to have an insurance policy in place that provides coverage for your liability. This ensures that you are protected and can safeguard against any unforeseen incidents. It is always better to be prepared and have the necessary coverage to protect yourself and others in case of any unfortunate events.
The rise of “no win, no fee” legal teams, along with the easy availability of information online and continued media coverage, clearly highlights the importance of a company having an appropriate insurance policy to protect against potential legal action. Businesses must be proactive in safeguarding their interests and mitigating risks. By having a comprehensive insurance policy, companies can ensure they are well-prepared and equipped to handle legal challenges.
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“A cafe worker was working in her cafe when a customer slipped on a spilled drink, suffering a broken hip. The customer sues, and the business is found liable to pay a sizeable compensation claim, as well as significant legal costs. The cafe owner policy covers the cost of the claim so that the cafe owner can meet the liability costs.” – Claim Source: Steadfast Insurance website.
Personal injury claims are on the rise here in Australia, which has resulted in a notable increase in Public Liability Insurance claims. Whether it’s a minor mishap at a bustling cafe or a construction worker amidst a team of 100 tradespeople on a job site, every business operates with its own business. ABN should have a well-defined policy to safeguard against unforeseen incidents. It’s crucial to prioritise protecting your business and ensure that you’re adequately prepared for any potential liabilities.
The expenses linked to incidents that may result in personal injury or property damage can often amount to hundreds of thousands of dollars, depending on the claim’s magnitude and the extent of the loss that took place. It’s quite a significant sum, considering the potential consequences involved.
Regarding liability policies, the cost can vary significantly based on your business structure. It can range from just a couple hundred dollars annually to a few thousand. However, it’s worth having in place to protect yourself in case the unexpected happens. To learn more about the average price of Public Liability Insurance policies, check out our article. We’ve got all the details you need!
We get it! Running a business requires a ton of effort, and as a business owner, you’re expected to juggle multiple aspects of your operations. But worry not because we’ve made our process super simple! Our dedicated brokers work closely with each business owner, ensuring a solid understanding of your needs and requirements. There are no surprises here; we take pride in being transparent and upfront without hiding behind complicated jargon or fine print.
Anyone who has registered an ABN should consider a public liability insurance policy. Regardless of the size of your business, how it operates or where, you should have a policy in place to protect yourself and your business. If you’re a sole trader you should also consider that as an individual, personal assets can be at risk when compensation claims are made.
Yes, any business with a registered ABN should consider public liability insurance in order to be covered for the activities that they are doing as a business. This covers things like personal injury or property damage to a third party.
A liability is essentially anything that your business is liable for. As an example, if you damaged someone’s property while quoting a job, you are liable for the associated repair costs.
If you don’t have public liability insurance and a claim arises then there is a good chance that you will be required to pay the associated costs on your own. Your policy adds an additional layer of protection where if you are deemed to be liable for the damages then your insurer will pay for the claim in line with your policy conditions.
They are essentially the same thing however, covering different things. Public Liability is damages or injury to the general public due to the services that you are providing. Whereas product liability is your liability for images or damages due to a product that you have provided. This could be something that you have sold to a client or manufactured as an example.
The cost of public liability insurance depends on a number of factors, including the level of cover you require and the nature of your business. Generally speaking, businesses with higher risks (such as those involving manual work or the use of machinery) will need higher levels of cover than those with lower risks (such as office-based businesses).
However, public liability insurance is generally fairly affordable, especially when compared to the potential costs of defending a claim without insurance. Talk to Priority today about the needs of your business and the insurance risks worth covering.
If you're running a business, there's a good chance you'll require more insurance coverage than Public and Product Liability. The specific types of policies needed can vary greatly depending on the nature of your business. For example, a café would have different insurance needs than a tradesman. We suggest chatting with an Insurance Broker to get a comprehensive evaluation of your business and determine exactly what you require. They'll be able to provide expert guidance tailored to your specific situation. Don't hesitate to contact us and ensure you have the right insurance coverage!
Here are a few other types of insurance that your business might want to consider, just as an example:
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Security companies have specialised operations and therefore need specialist insurance products. It is important that your company is adequately covered for the works that you are doing including monitoring, patrols and firearm usage.
Several insurance providers do not offer coverage for asbestos removal operations. Therefore, it is crucial to have appropriate insurance protection in place to mitigate the risk of substantial claims arising from pollution, contamination, or bodily harm.
Nightclubs, pubs, and bars necessitate specialized insurance packages that cater to various potential risks and liabilities. Alcohol consumption, dancing, food consumption and gambling all should be covered appropriately. We provide specialised insurance packages for these venues.
Earthmoving and excavation contractors are prone to potential liability issues and it is important that you understand what your policy covers and what it doesn’t. Ensure that if you are working near any fixed property that you’re covered if you cause damage.
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