If you’re a small business owner, entrepreneur or just someone looking to start their own company and you’re not sure if your public liability insurance is in order, this blog post is for you!
Public Liability Insurance protects against injuries and property damage that may occur on the premises of your business. In other words, it’s one less thing to worry about when running a small business. The question now becomes: do I have enough coverage? If somebody was to injure themselves while visiting your store, how much would it cost to cover them? Is there anything else they could sue you for?
What is Public Liability Insurance for businesses?
Generally, you’re not required to have Public Liability Insurance, however it may be compulsory in certain industries and states. In short, Australian law requires all businesses to have a duty of care, so if you’ve people on your premises or you’re visiting customers’ premises you should consider buying public liability insurance. PLI covers you from injury or property damage when you’re liable for negligence.
How much would the insurance cost?
Buying public liability insurance is relatively inexpensive considering the costs it covers in a potential incident. You should always study the policy, generally it covers loss or damage to third party property, death or injury to third party and legal costs which are always exorbitant.
Who needs public liability insurance?
Most small businesses, cleaners, tradesmen need to protect themselves against all the inherent risks of their trade. The last thing any business owner wants is for something costly and avoidable to happen.
Here are some ways to help reduce risks: -create a safe work environment; -train employees on safety protocols; -have an emergency response plan in place; and, -don’t forget about your own personal safety! It’s easy to think you’re invincible, but accidents can happen at any time.
Insurance coverage provides protection against claims where someone suffers injury or damage because of an unsafe act or omission on your part – including things like slips and falls, trips over objects left lying around, burns from hot water taps left on etcetera.
Find the right insurance provider for my business
Do you know what kind of insurance coverage is right for your company? If not, then it’s time to get in touch with a good business insurance broker.
A good business insurance broker should be like your best friend. They should be someone you trust to tell you the truth about what’s necessary for your business, and to help guide you through the process of getting it all sorted out.
If you’re a business owner who deals with the public, there’s no way around it. You’ll need to have some sort of liability insurance coverage in order to protect your company and employees from lawsuits filed by customers or individuals who are injured on your property.
Public Liability Insurance is one type of Business Insurance that most companies will want as part of their overall protection plan. If not already covered through another policy such as property insurance or business insurance, public liability protection can be obtained from insurance companies or brokers. Get advice from both types before making a decision about what would best suit your needs and budget. Your peace of mind depends upon this!