We've partnered with BizCover to help you compare business insurance policies.*
If your business deals with members of the public, then there’s a good chance that you are exposed to potential legal hazards and risks on a daily basis. For example, people can trip and hurt themselves in your venue, or you could accidentally damage client property while working in their home. In these scenarios, a customer, supplier, or a member of the public may choose to sue you for damages.
But how do you find a policy that fits both your business and your budget?
Public liability insurance is designed to provide protection* for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
As with all insurance products, there’s a range of factors to consider when assessing public liability insurance, which means there’s no “one size fits all” policy.
Cheaper forms of insurance will come with lower premiums, but may offer you a lower threshold of cover or more limited coverage in return. Alternatively, opting for a more expensive option will cost you more but may bring a greater level of cover – and therefore peace of mind. It pays to understand what you are buying and to review the terms, conditions and exclusions contained in the policy documents and product disclosure statement.
Insurance providers can offer protection that extends well into the millions of dollars depending on policy limits. When it comes to operating a business, a suitable level of public liability insurance could help safeguard your financial interests.
It’s also important to recognise that different policies cover different things, and some are more relevant to certain industries, businesses, and occupations than others.
For instance, a company that sells adventure gear from a brick and mortar store will probably need to consider more cover compared to an online retailer that has minimal customer interaction. It’s worth doing some research to find out exactly what your public liability policy covers and to make sure that it encompasses all aspects of your business.
At iSelect we’ve partnered with BizCover to help you easily compare business insurance policies. After entering the details about your business, you can review quotes on offer from a range of business insurance providers. Get started online today, or call us on 13 19 20!
* As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document or Product Disclosure Statement. The information set out above is general only and should not be relied upon as advice.