Business owners must have public liability insurance. There is always a chance that a customer will get hurt in your place of business or that you will damage someone else’s property by accident. For some jobs, like builders, plumbers, and electricians, you need to have liability insurance before you can legally work. No matter what kind of business you run or what industry you work in, having the right insurance will help protect your business and reduce your risk. If you are looking for public liability insurance in Sydney then give us a call.
What is public liability insurance?
Public liability insurance protects you and your business from the financial risk of being responsible for injury or death, loss or damage to property, or economic loss due to negligence. Negligence is when someone doesn’t do what they should to avoid hurting or losing someone else. Public liability insurance covers the costs of a lawsuit if a person, business, event, contractor, or community building is found to be negligent.
What does public liability insurance cover?
“Duty of care” means that if you own or run a business, you have a responsibility to people who come to your workplace or do things there. Public liability insurance covers you and your business for legal and compensation costs if you’re found to have broken this duty of care and caused someone to get hurt, die, lose something, or have something damaged because you weren’t careful.
Some common examples of claims for public liability are:
- A customer tripping at your workplace because the ground isn’t even
- A customer could slip and fall on a wet spot on your property
- Materials or equipment at your place of business that hurt a customer or a passerby
Who needs public liability insurance?
If your business requires customers or the public to come to your place of business, or if you go to your clients’ places of business, you should think about getting public liability insurance. Public liability insurance is usually optional, but businesses in all fields should get it because being sued for negligence is unpredictable and could cost a lot of money.
What does public liability insurance not cover?
Liability insurance comes in three types: public liability, professional indemnity, and product liability. Depending on the type of business you have, it may be a good idea to have insurance for each type.
The following things are not covered by public liability insurance:
- Damage to you or your workers
- Damage to property that you or your employees have had
- Illegal or deliberate behaviour
- Poor quality work
- Breach of duty as a professional
- Breach of contract
There are also jobs and business types that aren’t covered by some policies. Talk to a professional advisor about which liability insurance policies are best for your business. Go to the expert for more information about public liability insurance in Sydney.
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