Do I Need Public Liability Insurance?
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As a small business owner, you can’t control every detail in your business, meaning there will be mishaps and mistakes. Unfortunately, even the smallest error can result in a lawsuit. Neglecting to have public liability insurance can not only bankrupt your small business but also open the door to your personal assets being up for grabs. To mitigate this risk, you will need to understand what public liability insurance is, the coverage details, its importance, and how to find the right insurance company for your needs.
What is Public Liability Insurance?
Public liability insurance is protection for business owners when you interact with members of the public, which could be your customers or any other third party, from any liability brought to you or your business dues to injury either on premises or while you're providing your services. Check out our article which goes into more detail about what public liability is.
The cost of public liability insurance will be based on the industry you operate in and the size of your business. For example, those in the construction industry, such as electricians and plumbers, will need higher coverage because any mishaps can result in significant lawsuits, and they are generally at a higher risk of a claim. Small businesses often see smaller policy fees compared to larger companies, so you can be sure your business won’t go broke obtaining insurance.
What Does Public Liability Insurance Cover?
Public liability insurance covers a wide variety of things. At the most basic level, insurance can cover injury or property damage sustained by a third party as a direct result of your business’s operations. For example, let’s say you are a personal trainer. If one of your pieces of equipment malfunctions and injuries your client, you could be on the hook for damages.
Having public liability insurance in place can protect your personal assets from damages and give you peace of mind in the event of a lawsuit. Other policies can be added on to your public liability insurance coverage based on your specific needs, making it important to contact a professional, like upcover, who can provide you the tools to find market leading insurance for your business.
Why Is It Important?
Despite not always being required by the Australian Government, you should still consider adding on a policy to protect your assets. Businesses in the construction and allied health realm are often required to have some form of public liability insurance from their employer because of the high-risk level. If you are planning on growing your business and securing more contracts, consider checking out our instant quote generator to get an estimate on your policy online in seconds.
Moreover, public liability insurance is especially important in the event of a lawsuit. Sole traders and partnerships often have minimal business and personal asset separation, meaning if you have little or no coverage, you might be required to pay any lawsuit fees with your personal assets. Public liability insurance can help you avoid massive financial impacts both on your business and yourself.
Small Business Owners Trust upcover To Help Them Find Market Leading Insurance
Finding the right insurance company for your small business may seem like an overwhelming task. The goods news is that one company stands out from the rest. upcover has helped plenty of small business owners get market leading insurance for their small business, ensuring everything they're covered when they need it. Visit our instant quote generator to get an estimate on your policy in seconds.