Public Liability Insurance is an essential form of insurance and covers you for the costs of damage to property or injury to another person if you’re found liable following your actions at work. The cost of these damages can take a huge financial toll and the last thing you need is to have to dig into your savings to pay damages.
However, if money is tight, you might be wondering how much Public Liability Insurance will add up to.
How much will it cost?
The cost of your Public Liability Insurance will depend on a number of factors, including:
- The type of work that you do for a living - Generally, you’ll find that the cost of your Public Liability Insurance will be higher for riskier jobs such as those working in building and construction where the risk of damage is higher. On the other hand, office based businesses may be considered to present a lower risk.
- The size and location of your small business - If you run a small business with a number of employees, you may find your costs are also higher due to there being an increased number of risks.
- The amount of cover you need - The cost of your Public Liability Insurance will also depend on the maximum amount you want to be insured for when it comes to a claim. The amount you can be insured for generally goes up to $20 million and this will depend on the needs of your business.
These are just some factors that may affect the cost of your insurance policy and each insurer will have its own considerations when assessing your situation.
To get the best price for your Public Liability Insurance, you can shop around and get a number of quotes. It can be tempting to go with the first quote you receive and leave it at that but it’s best to do a bit of shopping around. You may find that there’s not much difference between the quotes but there may be differences in the policies themselves so make sure you read the policy carefully before signing up, or of course consult a good insurance broker.
Professional advice can help
Your insurance broker is the best resource when it comes to finding an effective Public Liability Insurance policy as they can make sure the policy suits your specific needs and have the knowledge to ensure you’re properly covered. If you’re not sure where to go from here with your Public Liability Insurance, have a chat to an insurance broker and they would be happy to help.
Remember, Public Liability Insurance is an essential form of insurance and some tradies will find it difficult to get certain jobs without having it in place.
For further information or to take out Public Liability Insurance, contact All Trades Cover on 1300 826 850 today. For an obligation free quote, fill in our easy online form.