For businesses in NSW, one of the most commonly required forms of insurance is public liability.
Public liability insurance protects NSW businesses by insuring them against the financial consequences of any property damage or personal injury that they cause, provided that it falls within the coverage of the policy.
Your public liability insurance requirements will depend on the type of business you run, and whether or not you operate in any other Australian states.
Public Liability Explained
It is important to understand exactly what public liability insurance is. Essentially the cover will protect your business in the event that you cause property damage or personal injury to another person.
When you cause property damage or personal injury you are liable for the financial consequences. Normally these costs would need to be covered by the business, but with public liability insurance the costs can be covered by the insurance company.
Public liability insurance is commonly available to NSW businesses in amounts of $5, $10 and $20 million. Some insurers also offer cover of $15 million and other various amounts.
NSW Public Liability Cost
The cost of public liability insurance in NSW depends on a number of different factors.
Common factors influencing your public liability insurance cost include the type of work you do and the industry you operate in, as well as your annual revenue figures and staffing numbers.
Your public liability cost can also be impacted upon if you work in locations which are deemed to be higher risk, such as airports, railway stations and mining areas.
If you would like to know the public liability insurance cost for your business, one of the easiest methods is to use an insurance broker who can obtain quotes from multiple insurance companies.
Obtaining Public Liability in NSW
There are a number of ways in which businesses in NSW can take out a public liability insurance policy.
Most Australian insurance companies offer public liability insurance in NSW and can provide quotes and service over the phone. The only downfall with contacting insurance companies directly is that they generally cannot offer you personal advice which is tailored to your needs.
An insurance broker on the other hand can provide you with personal advice and recommendations. Traditionally insurance brokers have been the preferred method for obtaining public liability insurance in NSW.
For more information on public liability cover please speak with your insurance broker. If you do not have a broker feel free to get in touch with us and we may be able to put you in contact with a suitable insurance expert.