As a sole trader or small business owner, you know how important it is to have Public Liability insurance. It protects you if a customer, supplier, or member of the public sues your business because of personal injury, death, or damage to their property. Even if you're careful and take precautions so that no one gets hurt and no property is damaged, you could still be found negligent if an accident happens or someone makes a claim against you. Accidents do happen, and if you do not have business insurance, you could end up having to pay expensive legal and compensation costs that could ruin your business.
There are a lot of different Public Liability policies available, and it's important to consider more than just the cost when choosing one for your business. Here are some key factors to keep in mind when looking for and comparing a Public Liability policy:
Make Sure the Policy Will Cover All Your Business Activities
Some policies will only cover you for losses or accidents that happen at your business premises or on business-related activities. Make sure the policy you choose covers you for any accidents and incidents that happen as part of your business operations, including if you have to deliver items to clients' homes or work from home sometimes.
See If the Cover Level Is Enough for Your Business
Public Liability policies offer different levels of coverage to suit different businesses. Check that the level of coverage the policy offers is enough to cover the risk you pose and to give the protection you need.
Find Out about the Requirements of Your State or Territory as Well as That of Your Industry Association and Other Important Memberships
Each state and territory has different rules and regulations regarding businesses, so it's important to check whether your state or territory is a part of the 1906 Act, which is the national law that governs Public Liability insurance. Also, check if your industry association or other important memberships have any rules or regulations related to Public Liability insurance.
Also, if your industry association or memberships require that you hold a certain level of Public Liability insurance, you may be eligible for reduced premiums by having a policy that meets their standards.
Consider Your Business Risks
Not every type of business will face the same level of risk and will need the same amount of Public Liability insurance. It's important to consider your business type and industry, as well as the likelihood of your being sued by a customer, supplier, or member of the public.
For example, a business that deals with a dangerous product or provides a service that could lead to an accident or injury, like an amusement park or a construction company, might require a lot more Public Liability insurance than a business that deals with something non-dangerous that can't cause accidents, like a photography studio or a hairdresser.
Conclusion
Public Liability insurance protects your business in case your customers, suppliers, or even members of the public get injured or their property is damaged. It's important to choose the right policy, so make sure to consider more than just the cost when it comes to keeping your business protected.
Every business is different, so to get the right amount and type of business insurance, check with your accountant, your industry association, and/or your insurance broker for advice.
New Wave Insurance is here to help you find the right business insurance on the Gold Coast so you won’t have to worry about the unexpected. Get in touch with us today to find out more about our services!