If you run a small business, chances are high that you have a variety of insurance plans to help protect your company. Without these forms of protection, you run the risk of having to shut down your business entirely just because you can’t afford to pay someone based on a claim they make against you. As such, one of the most important types of insurance plans for contractors and small business owners is Public Liability Insurance.
Public Liability Insurance has a variety of benefits for smaller companies since they likely won’t have a way to cover the costs of any damages or losses claimed by a third-party as a result of their line of work on their own. Here’s what you need to know about Public Liability Insurance and whether or not your business needs it.
Benefits of Public Liability Insurance
As mentioned earlier, one of the major reasons to get Public Liability Insurance as a small business owner or independent contractor is because of the protection it provides you for a low cost. Remember that if you’re found liable, even someone falling on your property could wind up costing you thousands of dollars. The last thing you want as a business owner or sole operator is to be on the hook financially for property damages or a personal injury claim without a safety net.
Finding a solid Public Liability Insurance policy helps protect you personally, as well as your business, from incurring these kinds of financial costs on your own. Your policy will likely cover a wide range of damages as a result of your business’ operations, from injury and property damage to damages to somebody’s possessions and even death.
Is your small business legally required to have Public Liability Insurance?
In Australia, having Public Liability Insurance is only compulsory for some businesses; however, that doesn’t mean it isn’t a good idea to have it anyway. For example, while plumbers and electricians may need proof of Public Liability Insurance before they can even operate their business, any small business owner can benefit from liability insurance.
If you deal with the public in any way, it’s a good idea to get yourself a Public Liability Insurance policy, even if you aren’t legally obligated to. This includes careers like accountants, caterers, and even home and window cleaners. Especially if you have members of the public who visit your place of work, you manufacture products, work at others’ homes, or host events, Public Liability Insurance can be an incredibly smart move. Remember that just because something isn’t legally mandated doesn’t mean it isn’t still a good idea and ultimately in the best interests of you and the customers you serve.
How can you get the best deal on Public Liability Insurance?
As is the case with many business fees, any savvy business owner or contractor will want to get the best deal possible on their insurance policy. After all, substantial monthly costs can drag down your bottom line, ultimately making it harder to grow your business. That being said, there are a few different factors that can ultimately affect the cost of your insurance premium. These factors include elements of your business such as its size, location, industry, and if you’ve had any previous claims.
Thankfully, it’s easier than ever to compare public liability insurance with iSelect and similar online tools. Being able to shop around for different policies and see how each factor ultimately impacts your coverage and rate can be particularly useful for business owners or contractors wanting to maximize their budget. By using a website like iSelect you’ll be able to have the peace of mind that you’ve made the right financial decision for your line of work without compromising on quality.