Public Liability Insurance
What is Public Liability insurance?
Public liability insurance protects your business against the financial risk of accidents which happen to third parties as a result of your business activities. Personal injury is a serious risk facing most businesses, because the financial implications could be disastrous. Whether or not you are at fault, if someone is hurt while on your premises, or while you are working at another property, claims could be made against your business for medical costs, as well as compensation for any financial loss experienced as a result of the incident.
Public liability insurance also protects you against the costs of damage to the property of a client or member of the public, including the repair or replacement of the damaged item and compensation for losses as a result of the damage. If you are a contractor who works regularly on other people’s property, such as a electrician or provider of cleaning or maintenance services, this is of vital importance.
What is Product Liability insurance?
Product liability insurance protects you against the risk that one of your products causes damage or injury to a person or another business. If your product inadvertently causes harm; whether as a result of design defects, errors in the manufacturing process or because of inaccurate or misleading instructions; you could have to pay compensation costs to anyone who has suffered as a result of using it.
Why do I need Public and Product Liability insurance?
The costs of a product or public liability claim against your business could be very expensive. A personal injury claim, especially if the victim is left permanently impaired or unable to work, could attract a large award of damages. Product liability costs could also be prohibitive, particularly if you sell high volumes and risk having to pay compensation to large numbers of customers.
Public liability insurance is a fundamental operating requirement for many businesses. It provides protection for both consumers and businesses, since most companies would not be able to meet the costs of a claim without insurance. You may need to provide evidence of your insurance arrangements in order to secure business funding, apply for any necessary operating or trading licences, or bid for contracts.
What Public and Product Liability cover do I need?
Before buying your public or product liability insurance you will need to make a full assessment of all the risks which your business faces. You may be surprised at the ways in which your business is exposed, despite the safety and risk management measures you have in place.
There are a wide range of policies available which specialise in addressing different types of risk. The ideal policy and level of cover for you depends on the nature of your business, your turnover and how many employees you have. Most policies allow you to combine public and product liability insurances in one package.
How much will my Public and Product Liability insurance cost?
The cost of your public and products liability insurance premiums may depend upon many factors, including
- How much cover you take out
- The kind of products you make or services you provide
- Whether you have customers or members of the public visiting your premises
- Whether you conduct work in public places or properties other than your own premises
- The scale of your business
- How many employees you have and how they are trained and supervised
You can take public and products liability insurance as part of our Small Business Advantage insurance, brought to you in partnership with Allianz. Combine it with a range of other types of business cover in a single policy.
Public Liability Insurance
For many companies, insurance is a fundamental part of doing business. Public liability cover, for example, may be a basic requirement of your operating licence. In many cases your potential clients, suppliers or investors will want to know that the financial stability of your business is protected. You may need to provide evidence of your insurance arrangements as part of the tender process for contracts, or during negotiations for credit lines or funding.
Even if you aren’t required to take out business insurance, it’s prudent to do so. You’ve worked hard to build up your business and without protection you could lose everything you’ve achieved to a single event, like a storm or fire.
Business insurance can cover you for many types of risk, from theft and damage to lost income or liability claims.
Your business is unique, and so are the opportunities and risks you face. Your insurance needs may depend on a wide range of factors, including
- The nature of the work you do
- The type, value and location of your assets
- Whether you manufacture products or carry high volumes of stock
- Whether you provide advice which may be relied upon by your customers
- Whether you work in public spaces or on customers' premises
- The legal and management structure of your company
- Whether you have employees, and the size of your team
- The physical, financial or reputational risks which threaten your company
The most popular types of business insurance include:
- Public or product liability
- Asset or property insurance
Both these essential insurances are options within our Small Business Advantage insurance, available online.
Other common business insurances include professional indemnity and management liability insurance, which can also be incorporated into your Small Business Advantage policy.
There are also specialised insurances available to mitigate more specific threats, such as transit insurance, machinery breakdown and electronic equipment. If you’re looking for more specialised policy, simply contact our friendly team on 1300 467 872 for information.
You could have immediate cover for all your major risks, without waiting for quotes from brokers. Our Small Business Advantage insurance package gives you the option to take out comprehensive protection against loss or damage to your property, interruption to your business and public or product liability claims plus a wide range of other threats.
If you need more specialised business insurance cover, 1300 Insurance is still the smart choice. We work with every major provider of business insurance in Australia and have close relationships throughout the global insurance marketplace. Our advisors have extensive risk management expertise and detailed knowledge of all the diverse business insurance products available in the market.
We'll also guide you through the underwriting process and support you throughout the lifetime of your insurance policy with a dedicated account manager, claims support and ongoing information.
Our small business insurance package is brought to you in partnership with leading Australian insurance provider Allianz. It enables you to tailor your business cover to suit your needs, all in a single, affordable policy. It’s designed to suit more than 2,000 professions and offer protection against all the major risks faced by most businesses, including theft, damage or business interruption due to natural disasters, and public or product liability insurance.
We also offer packages designed for office-based professionals and for tradespeople and service providers.
The cost of your small business insurance policy is your monthly premium. The amount you pay may depend a number of factors, including
- The type of work your business does
- How many employees you have
- Where your business is located
- How much stock you carry, if any
- The nature and value of your business property
- The size of your business and your annual profits
- Which types of cover you choose to take out.
All these things can determine the type of risks you face and the likelihood you will need to make a claim, which is the information used to calculate your premium.
You can find out what your premium amount will be by clicking on the "Get a Quote" button below.
Our small business online insurance has a 14-day cooling off period. So if you have second thoughts after buying your cover you can cancel it within two weeks and get a full refund, provided that you have not made a claim.
As long as you pay your premiums when they are due, your small business online insurance policy will remain in place for the period shown on your policy document.
If you do not pay your premiums on time we may be entitled to reduce or refuse to pay a claim and cancel your policy.
You can cancel your policy at any time. The cancellation will be effective on the date we receive your request and an administration fee will apply.
If you decide to cancel your policy, we will refund the proportion of your premium relating to the unused period of insurance, less the administration fee and any non-refundable government charges. However, we will not refund any premium if you have made a claim.
When you buy your small business insurance through 1300 Insurance in partnership with Allianz, you can spread the cost of your premiums without paying extra. Whether you opt for annual or monthly instalments, you’ll pay the same total premium to protect your business.
Premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding, and financial institution transaction fees may apply.
It’s really important that you keep up to date with your premium payments. If you do not pay your premiums on time we may be entitled to reduce or refuse to pay a claim and cancel your policy. This means you will not be covered for loss, damage or interruption to your business due to theft or natural disasters, or for public or product liability claims or any other type of cover you have taken out.
Generally, you can claim a tax deduction for the premiums your business pays on most types of business insurance. However, this is not always the case for all types of insurance, so it’s important that you contact your tax advisor for advice on the individual circumstances of your business.
Thanks for your question.
We try very hard to respond to every question we get in a timely manner, but if your question is urgent you might want to call us on 1300 467 872.