Much as you try to prevent them, accidents happen. No matter what line of work you’re in, there is always potential for something to go wrong. If it does, your business may be held liable.
What is Public Liability Insurance?
Public Liability Insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage of property or economic loss resulting from your negligence.
Put simply, Public Liability Insurance provides protection against legal and court costs in the event that someone is injured, or has their property damaged while you are providing a service to them.
Public Liability Insurance can help you and your company survive unexpected legal costs resulting from negligence.
Our Insurance Partners
Our systems do the hard work, quickly matching the insurance that best suits your business.
We do all the hard work analysing insurance policies and their covers to match them against your business risks and needs.
Our expertise insuring thousands of businesses means we know the questions to ask you.
We find the right insurance for your needs and because we operate online we have lower costs to pass more savings on to you.
You can access and update your information at any time of the day and night, when it suits you most.
The Importance of Public Liability Insurance
In today’s ‘compensation culture’, Public Liability claims are on the up. Easy access to ‘no win no fee’ legal services which help individuals claim compensation have increased the likelihood of a business experiencing a claim in this area. The risk has become so prevalent that many companies and organisations now insist on their suppliers having Public Liability insurance cover in place.
Public Liability is necessary for covering not just your own actions but also those of your employees who may accidentally injure a client or member of the public while carrying out their work. Claims of personal injury or property damage can be incredibly expensive, even if you’re not ultimately found to be at fault. Public Liability insurance safeguards your business by providing cover against legal defence costs and compensation pay-outs.
It’s important to keep in mind that this type of insurance only covers claims made by external parties and not those made by your own employees, which requires a separate policy.
What Risks May a Public Liability Policy Cover?
Today’s business owner is exposed to a huge variety of risks on a daily basis, whether they’re running a busy restaurant, heading up a building project or working for a not-for-profit organisation. Any business that comes into contact with clients or whose product/offering comes into contact with clients is at risk of a Public Liability claim.
Every business is different, and so are the risks that they face. In the case of Public Liability, these risks are almost impossible to predict. Such as:
- A tradesman visiting a client mistakenly takes out the power of the entire building, resulting in several businesses losing valuable hours of work. The tradesman could be liable for any lost income as well as the cost of repairing the problem.
- A client is visiting an office is injured after tripping over equipment. The office owner may be held liable for any damages and costs incurred as a result, such as medical expenses or loss of wages due to the injury.
- The owner of a gym experiences a water pipe burst in the changing room where patrons store their bags during exercise. Laptops and mobile phones are damaged beyond repair. The gym owner may be held liable to cover the replacement of these electronic devices.
- A waiter is serving a hot beverage at a café and accidentally spills it on a customer, burning them in the process. The café may be held liable for ensuing medical expenses.
As a small business owner, the continuing success of your business rests upon your ability to manage, mitigate and transfer risks. It is possible to reduce the risk that you are exposed to by evaluating and taking steps to minimise them. However risk cannot be totally eliminated, so it is imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business, employees and the general public.
What Are the Key Things That May Be Covered By a Public Liability Policy?
A Public Liability policy should cover:
- Your business, including its subsidiaries.
- Your employees, including any directors and partners, while they are acting within the scope of the duties assigned to them.
Who Needs Public Liability Insurance?
Public liability insurance is recommended for all businesses, no matter what size they are or what industry they operate in.
Even small start up businesses and home businesses are at risk of a Public Liability claim if they interact with customers, suppliers, and other third parties. For example, if you work from home and don’t have visitors to your office, you could still suffer a public liability claim against your business if you accidentally damage a client’s property on their premises. The costs incurred as a result can be crippling and, in some cases, even put the company out of business.
How PSC Direct works for you
As specialist small business insurance brokers, PSC Direct uses our considerable experience to provide multiple quotes for you. Combining our expertise insuring thousands of other similar businesses with our detailed database of insurers and insurance products; we’re best placed to advise you on the right insurance for your business.
We have strong relationships with the leading underwriting agencies and insurance companies. We can source the most appropriate business insurance policy for you, covering you for what you really need, at the right price.
We can help sole practitioners, small, medium and large businesses protect the businesses you are growing and ensure your assets are covered in the event that disaster strikes.
With our strong relationships to a broad range of highly-rated insurers we are able to advise you on business insurance, professional indemnity insurance, and professional indemnity insurance specifically tailored to meet the risk exposure of your business.
We can also provide advice on a range of additional insurance policies and cover that can affect your business and make sure you have the right insurance at the right price.
72% of Australian businesses fail after experiencing a major loss.
The right business insurance will ensure you are not one of them.
While good insurance covers you for most things – Professional Indemnity, Professional Liability and Property, great insurance covers you for the specific risks that your business faces. We understand that every business is unique and you need a policy that addresses the specifics. We make sure that when you have a claim that’s out of the ordinary and complicated, you’re covered.