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Home - Business Insurance - Public Liability
PUBLIC LIABILITY
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 ‘pure economic’ loss resulting from your negligence.
It also covers any related legal fees, costs and expenses. Premiums depend on the type
of business you run, your turnover and the number of employees you have.
The cost of obtaining and maintaining a public liability insurance policy is minuscule
compared to the massive compensation bills which can occur if you are not adequately
insured. Obtaining a public liability insurance policy can protect you against
compensation claims in the event of an accident to a person or an object occurring
through your own fault or around your property or business. Compensation claims
currently range from a few hundred dollars to a few million, depending on the severity
of the circumstances. If you are not adequately equipped to settle such compensation
claims you and your family could wind up losing everything you have ever worked for,
including your house and possessions, to settle the compensation claim.
Public liability insurance for your business
Public liability insurance is highly recommended if you are operating a business as
compensation claims are on the rise and it is better to be safe than sorry. Your
business may be required to obtain public liability insurance if it exposes your
clients to potential dangers or risks. Furthermore it is becoming increasingly common
for businesses and clients to demand proof of public lability insurance prior to
embarking on projects with each other as this will provides both parties with
protection in then event of an accident and a compensation claim being made.
How much cover should you take out?
Most businesses have cover between $5 million and $20 million, but we recommend that
the minimum cover should be set at $10 million as claims for injuries can take many
years to settle.
Talk to a professional
There are many conditions and exclusions that can be applied to public liability
policies. It is therefore important that you discuss with us any that are applicable
to your policy.
Click here to enquire about Public Liability insurance
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