What You Need to Know About Public Liability Insurance Australia

Public liability insurance is one of the most well-known forms of business insurance and this is for good reason – it protects you against claims for damages which may otherwise be financially crippling for your business. Given the importance of liability insurance, it’s good to get a bit more in depth information about this policy. Today, we’ll be taking a closer look at what you need to know about public liability insurance.

What is public liability insurance?

Public liability insurance is designed to protect you financially if a third party makes a claim against you in the event of damages which have occurred as the result of your actions at work. This could include damage to property or injury to a third person. Your liability insurance will also cover legal costs associated with hiring a lawyer during the claims process.

Why do I need public liability insurance?

If you find yourself at the receiving end of a successful liability claim, you could be responsible for a number of costs including medical bills, rehabilitation costs, repairs and replacements. This could potentially cost your business thousands, or even hundreds of thousands, of dollars. Additionally, although public liability insurance isn’t a legal requirement, some trades need to have proof of cover before they can get their licence and many employers won’t take you on unless you have liability insurance in place. Liability cover offers you important financial peace of mind in your day to day work.

What doesn’t public liability insurance cover?

There are a number of situations where your liability insurance won’t cover you. These include if you’ve carried out an intentional act of damage or engaged in unlawful behaviour. It also doesn’t cover any damage or injury that is suffered by you or your employees – that sort of cover would be under a different policy. The exclusions on different policies may vary so make sure you read your Product Disclosure Statement (PDS) so there are no surprises at claim time.

How much will my liability insurance cost?

The cost of your liability insurance will depend on a number of factors including the size of your business, the location of your business, the number of employees you have and the type of work you do. The riskier your business is assessed as being, the higher your premiums. For example, if you work on a mine site then you can expect to pay higher premiums compared to someone who works in an office environment.

Here at GSK Insurance Brokers, we offer public liability insurance along with a number of other policies to protect your business. We have a loyal customer base which stretches across Australia and have a focus on providing exceptional customer service. For a personalised business insurance package which covers your areas of risk, speak to our brokers today.

For a public liability insurance quote, contact GSK Insurance Brokers today on 1300 687 962.