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Public liability insurance for small businesses

Public Liability Insurance: A must-have for Small Business Owners

When you’re running a small business, anything can happen. Something as simple as a customer tripping and falling in your workplace could lead to a compensation claim or an injury lawsuit. Public Liability insurance can help protect your bank accounts and remove some of the worry of being a small business owner.

What is Public Liability insurance?

Public Liability Insurance provides coverage that can protect a person or business against claims by third parties for property damage and bodily injury caused by negligence on the part of you, your employees, or one of your products. A third party could be a general member of the public, a customer, a supplier or even another contractor.

It covers two main financial risks: the legal cost of defending yourself against a claim and any compensation expected to be paid to the third party for injury and damage, including covering their own legal costs where permissible by law. You may require this insurance to cover a business that may be liable for damage or injury to another person or property or to cover you for any professional services you may perform that may lead to claims of negligence and subsequent financial loss. Liability insurance can also protect you in the event of any products that you sell or distribute leading to damage or injury to a customer, another business, or a person.

Why do small business owners consider Public Liability insurance?

In almost every industry, small business owners should consider getting a Public Liability policy because:

  • It’s required by law. Some small businesses may need to have a Public Liability policy to work. This may be mandated by local or federal law or part of a business contract.
  • They lease commercial space. You may be required to have Public Liability insurance if you rent space for your business, such as an office, retail shop, or workshop.
  • They want to protect their bank accounts. Injury and property damage claims can be expensive. It’s common for small businesses to go into debt, declare bankruptcy, or lose their business due to a claim. Public Liability insurance helps prevent these events.

Are additional policy extensions or endorsements necessary with public liabilities insurance?

Atlantic Insurance Client Managers carefully consider each client’s unique needs and tailor a Public Liability cover. Some of the common endorsements we can negotiate are as follows:

Trades Insurance

Victorian Plumbers Endorsement (Consumer Protection)
Queensland Electricians Endorsement
Goods in Care, Custody & Control
Vicarious Liability
Principals Indemnity

Business Insurance

Goods in Care, Custody & Control
Vicarious Liability
Principals Indemnity
Tenants Liability
Contractual Liability
Driving Risk

Atlantic Insurance has been assisting our clients in arranging public liability insurance for over 40 years to arrange specialist coverage. We negotiate unique endorsements to tailor coverage to the industry in which our clients operate.

What happens if you need to make a public liability insurance claim?

It can be incredibly stressful for any business if you receive a letter of demand, writ or summons. Atlantic Insurance prides itself on assisting our Clients in lodging their public liability claims with their insurer and managing them through to cessation. The Client Manager responsible for your insurance coverage will be responsible for managing your public liability insurance in Victoria and Melbourne.

What doesn’t public liability insurance cover?

This type of insurance does not cover your business’s employees. To protect your employees, Worker’s Compensation Insurance is another necessary form of insurance that means you are covered for any injury, death, loss or damage caused to an employee by your business.

This insurance will not cover unlawful business activity or deliberate acts that have purposefully caused damage or loss.

How much does public liability insurance cost?

Liability cover can cost from a few hundred to thousands a year. The cost will vary depending on your business type, business size, or whether the work area is classified as high-risk. To find out more about how much your Liability coverage may cost, contact Atlantic Insurance for a quote.

Public liability insurance at Atlantic Insurance

Atlantic Insurance can offer competitive, comprehensive policies if you require public liability cover for your business. Our tailored advice and risk management knowledge will ensure you select the suitable insurance types for your needs, with a team of Client Managers experienced in covering small, medium and large businesses from various industries. Have you got questions? Contact us today for a no-obligation free quote at (03) 9059 1910.

Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.

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