Why Public Liability Insurance Is Essential For Any Business
If you run a business that deals with customers and other members of the public, public liability insurance is essential. It can help you avoid costly lawsuits and damage to your reputation if something goes wrong.
There are many types of business insurance available, but the right one for you depends on what type of business you have and the risks involved. For example, a restaurant with frequent visitors might need more comprehensive coverage than a small consulting firm that operates from home. Similarly, a company that only sees a few clients per week may not need as much coverage as interstate removalists moving furniture in and out of homes on a daily basis.
The Importance of Public Liability
Whether you’re a self-employed consultant, a construction or building company, or a large international corporation with multiple offices, having public liability cover is a must. It protects you if a customer or member of the public suffers injury on your premises, damages their property, or claims that a defective product or service caused their injury.
You can get a public liability quote from CGU instantly online or call us on 132481 to discuss options with the team.
The main benefit of having public liability cover is that it will protect your business from the financial impact of a claim made against you by a third party. For example, if someone suffers an injury while on your premises and you don’t have public liability insurance, the claim could cost you a fortune to defend.
If you’re thinking about getting public liability insurance for your business, it’s a good idea to speak to an experienced insurance broker who can advise you on the best policy for your specific needs and budget. It’s also a good idea to consider other forms of business insurance, such as tradesperson’s insurance, commercial property insurance, and workers’ compensation insurance, to ensure you have the most comprehensive coverage.
When do I need public liability insurance?
If your business deals with members of the public, it’s important to consider purchasing a policy. If your clients or customers visit your premises and hurt themselves or the services your provide may cause damage to their property, it can lead to expensive medical bills and repair costs. If you were involved in an incident and do not have public liability cover, it is best to seek independent legal advice for your small business.
For example, a client visiting your office for a meeting slips and falls on an uneven floor and hurts their hip. You’ll need a policy that will pay for the medical expenses and repair costs.
Depending on your type of business, your public liability insurance could also cover legal costs if a client or member of the public sues you for injuries or property damage that was caused by your company’s actions. You can also get additional products like product liability insurance to add protection to your policy.
You can also purchase a public liability policy as part of your commercial property insurance package. These policies will provide protection for your own business property, including your owned or rented building premises, tools, and equipment, as well as any assets you take with you on the job.