The amount of public liability insurance cover your business requires is a decision made by you. Risk factors you might like to consider are the extent of contact you have with your customers or members of the public, the industry you operate in and the type of work you perform, or your contractual obligations to hold this type of insurance.
Smaller home-based businesses may select a lower level of cover if they have limited contact with other people. However, the nature of the business may also be a relevant consideration. For example, a business that produces and/or sells products may select a higher level of cover to protect the business against personal injury or third party property damage that could arise as a result of those products.
Conversely, businesses that deal with large amounts of foot traffic (bars, live venues, shopping centres, etc.) generally select a higher level of cover. Having close contact with more people increases the chance of an accident, which results in a public liability claim. Contractors and trade workers often require a certain level of cover to meet their contractual obligations or to obtain specific licenses.
Public liability insurance can be a cost-effective way to protect your business against legal expenses associated with public liability claims that could potentially be expensive. So, why not see what’s out there with our business insurance comparison service? You can also talk to an expert on 1800 645 617.