How Much Public Liability Insurance

How Much Public Liability Insurance Do You Need?

How Much Public Liability Insurance

How Much Public Liability Insurance Do You Need?

In Australia insurers generally offer 5 Million, 10 million and 20 million dollar cover options, but how much public liability insurance do you need?

According to Steve Sloan a broker with Insure 247 “It will depend on your occupation, risk exposure, and legal requirements”

5 Millions Dollars Cover

$5 million will offer minimal cover that may be enough for a business with little exposure to the public.

10 Million Dollars Cover

$10 million moderate cover will suit businesses with a larger exposure to the public or that may have a business to business risk, or where you are required by contract to maintain that level of cover.

20 Million Dollars Cover

$20 million is a more comprehensive cover, required for business with a high exposure to the public, or companies that enter a local, state or federal government contract or work on one of their facilities.

Public Liability Insurer CGU explain “Every business is different, and there is no ‘one size fits all’ rule for how much public liability insurance your business needs. Sometimes the amount of public liability insurance you need will be dictated by the contracts you work on – for example, some corporate and government contracts will stipulate a minimum amount of public liability.”

At Publicliabilitycomparison.com.au we quote broadform liability cover, this covers your business against claims for personal injury to another person (other than employees) or damage to property owned or controlled by someone else, or advertising liability. Property damage, personal injury or advertising liability which gives rise to legal liability must happen during the period of insurance and be caused by an occurrence in connection with your business activities, Broadform also cover product liability.

If you are still unsure speak to a broker or talk to our team on 1300 046 787, to discuss your requirement.

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

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Public Liability Compared

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

You Need Public Liability Insurance

5 reasons you need public liability insurance

5 reasons you need public liability insurance

It’s estimated that of the 2,171,544 of actively trading businesses in Australia, 1 million of those are sole traders (not paying PAYG). These sole traders face risk while working with the public.

1.Accidents Happen

In Australia in 2016, there were 300-000 personal injury claims. A large number of these claims are covered by workers compensation insurance. Those workers compensation insurers will take legal action to recover the money paid.

If you or an employee of yours was responsible for the injury to a third party, your business would be held liable.

Personal injury claims are not restricted to medical needs it also covers ongoing needs, Loss of Earnings, Pain and Suffering In 2012–13, work-related injury and disease cost the Australian economy $61.8 billion, representing 4.1% of GDP.

 

2. Damage to Property is Expensive

You need public liability insurance because as Insure 247 explains the average public liability third-party claim for property damage in the last 12 month was $2800*, some as small as broken windows $550 and as large as $200,000 for water damage. On average it takes 42 days for public liability insurers to pay the claims.

3. Public Liability Insurance Makes Economic Sense

According to Insure 247, for small to medium business with  1 or 2 employees operating as a trades person or a professional risk, annual public liability insurance premiums should range between +$500-$1000, and then in the event of a claim, there will be an excess payable (Normally around $500).

4. It may be required to work

Government contracts, worksite health and safety and some licensing and industry regulator will require you to have a current public liability policy. Some may also need consumer protection insurance.

5. Consider your risk?

Do you carry stock owned by someone else? Does your business operate around the public? Could you afford a personal injury or property damage claim without insurance?

If you are still unsure, talk to our team on 1300 046 787, to discuss your requirement.

Public and Products Liability Insurance Quotes

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

1300-Insure

 

Public Liability Compared

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Sources: 8165.0 – Counts of Australian Businesses, *Insure 247 Claims Statistics May 2016 -April 2016, +Depended on Turnover and other underwriting criteria,

Who needs Public Liability Insurance