There can often be lot of confusion over public liability insurance, and the protection and security it brings to your business is often underestimated. To you, and many other small business owners, it may understandably seem like an expense you don’t need. However, taking proper public liability insurance cover is essential in safeguarding the future of your tradie small business.
Is Public Liability Insurance Compulsory?
Legally speaking, the answer in Australia is no. As the owner of a small business, you have not committed a crime by not taking out public liability insurance. So the final decision is always up to you. If you decide no, the legal consequences could potentially cripple the business you’ve worked to build.
Is There a Difference Between Public Liability Insurance and Professional Indemnity Insurance?
Yes, although these are often confused, and cross over in certain policy areas, there are distinct differences. Professional indemnity insurance protects you from claims that might arise from professional advice you give to clients. This might be through negligence, error or omission and your client might take legal action to recover losses.. It does not include injury or property damage. Public liability insurance does insure injury and damage, but not general contract disputes.
How Can Public Liability Insurance Protect Me?
Put simply, public liability insurance can save both the reputation and finances of your business if third party injury or property damage occurs. For Australian small business owners, it is an important step in showing both potential clients and authorities you have done your due diligence by preparing for these highly unlikely scenarios. Their safety is your responsibility. The level of cover can vary between insurers, but imar covers all bases. Below is what you will be insured for when taking out our cover:
- 3rd Party Personal Injury
- 3rd Party Property Damage
- Advertising Liability
- Legal Costs
Is Public Liability Insurance Worth It?
Ultimately, the decision is up to you as the owner of your small business. It is, after all, an ongoing expense for something which may not happen. However, the potential consequences also mean it can be a huge risk not to think about purchasing Public Liability Insurance.
To fully protect the future of your business, please see the below information and contact us to find the best cover for you. imar caters to all business types, with Public Liability Insurance options ranging from $5 million to $20 million.
As always, your insurance is up to you. For great insurance and peace of mind, give us a call.
Let’s talk! There are 3 easy ways to get a quote for public liability insurance:
- Call 1300 540 156 to speak to our dedicated tradie broker team
- Fill out our online Contact Our Experts form
Go online and fill out the Quote form
You should consider if the insurance is suitable for you and read the Product Disclosure Statement (PDS), Financial Services Guide (FSG) and policy wording before making a decision to acquire insurance. Please ask us for more details before we provide you with our services. Our FSG is available on our website.