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There are a number of factors which affect the pricing of this form of insurance, and in this guide we’ll take a look at them.
A public liability insurance policy can cost a business in New South Wales anywhere from $300 for a very small and low-risk business, through to many thousands for a big business.
As with all forms of insurance, the cost of public liability is based primarily upon the chances of your business making a claim, and the likely size of that claim.
If the insurer believes that your business type has a low chance of making a claim, and that any claim would likely be fairly small, then they will charge you a relatively low premium each year.
If on the other hand the insurer believes that your business has a higher chance of claiming, or that the claim amount could be particularly high, then they will charge you a higher premium.
Now let’s take a look at the specific factors the insurers look at when pricing public liability cover.
Factors Affecting the Premium
There are three main factors which will affect the cost of insurance for a NSW business. These are as follows:
- Type of business (i.e. your business activities)
- Size of business (in terms of either staff or revenue numbers)
- The amount of cover required
There are other factors which will affect the pricing, but these are the big three which will have the largest impact on the cost.
Other factors can include the following:
- Working in hazardous locations (such as airports and mine sites)
- Prior claims and incident history
- Use of subcontractors and labour hire
- Working at heights
Again this list does not cover every factor, but there are more of the main things that an insurance broker will need to know below they can provide an accurate quote.
If your business conducts any activities which could be considered to be outside of the norm for your industry, you will need to let the insurance company know, and this could also impact upon the cost of the cover.
There are very few options available to businesses to vary their own insurance premium, but one option is to increase the excess on your policy.
By increasing your excess, which is the amount you must contribute to a claim, you can decrease the premium payable each year.
Whilst this will result in a premium saving, it will increase your costs in the event that you need to make a claim.
Getting a Quote
Whilst it’s important for a business owner to know what affects the pricing of their public liability insurance, the only way to get an accurate quote is to seek one from an insurer or insurance broker.
There are many insurance brokers located in Sydney and throughout NSW who can assist with quotes on public liability cover.
To request a quote on your insurance please click here to visit our online quote form and follow the prompts.
We can then put you in contact with a business insurance broker who understands the NSW market and can provide you with quotes and information on your insurance needs.
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Almost all Sydney businesses can benefit from the protection that public liability provides. It covers a range of risks and can reduce the financial impact of such risks on businesses and their owners.
There are many different insurance types which businesses and self-employed people can benefit from, and public liability is certainly one of the most common.
Public Liability Explained
Public liability is a special form of business insurance which covers the financial costs that arise from certain events which you are legally liable for.
If your business causes property damage or personal injury to another person such as client or member of the public, ordinarily you would be liable for their financial loss or damage.
With the right public liability insurance policy in place, your insurance company will cover the costs instead of having to meet those costs out of your own profits.
Not all events are covered by public liability insurance and there are some important exclusions, however many of the risks that Sydney businesses face each day will be covered.
Public Liability Cost in Sydney
The cost of public liability insurance in Sydney will vary for each business based on a range of factors.
The biggest factors in the cost of public liability include the type of work which is undertaken by the business, and the size of the business in terms of revenue and staffing numbers.
Other factors influencing the cost include the areas you work in, especially for higher risk areas such as airports, railway stations and anything to do with mining.
Generally a business will pay no more or less for their insurance just because they are based in Sydney, however some insurers do vary their premiums based on the geographical location of the business.
Quotes for Public Liability
There are dozens of insurance brokers located in Sydney who can assist you with a public liability insurance quote, however it also possible to use brokers from elsewhere in NSW and even interstate.
If you do choose to use an interstate insurance broker, it is important to ensure they are familiar with any special requirements for NSW businesses.
When comparing quotes on public liability insurance it is always important to compare the features and benefits of each, as not all policies are the same.
For more information on this important form of cover please speak with your local Sydney insurance broker.
Some forms of insurance for tradesmen are mandatory, whilst others are optional – but still a very good idea.
The most popular form of insurance for NSW tradesmen is public liability insurance, and in this article we will take a closer look at public liability for tradies.
What is Public Liability?
For tradesmen in NSW, a public liability policy will protect them against the financial consequences of inflicting unintentional person injury or property damage to a customer or other person.
In normal circumstances you would be liable for the costs of any claim against you, but with public liability insurance you can shift this responsibility to the insurance company, provided that the incident is covered under your policy.
Who Needs It?
Any tradesman who works for himself, either as a business owner or a subcontractor, will most likely need public liability insurance.
Many worksites, especially the larger sites, will have mandatory requirements for all self-employed tradesmen to hold public liability insurance in NSW. In some cases they will also be required to hold income protection.
Regardless of whether or not it is mandatory for you and your business in NSW, public liability cover is simply a good idea for any tradesman or trade business.
How Much Does It Cost?
The cost of public liability insurance varies depending on the type of trade business that you operate.
The fact that the business operates in NSW won’t have a huge impact on the cost, but if you are based in NSW you will have to pay stamp duty at the rate set by the state.
Your public liability insurance cost will be based primarily on the level of risk that the insurance company believes you may pose. A low risk trade and business will generally attract a lower cost, whilst a higher risk trade and business will attract a higher premium.
Getting a quote on your public liability insurance in NSW is quite straightforward. The best option is to contact a insurance broker who can assess your needs and recommend a suitable policy.
Public liability is important for all NSW businesses, and in many cases it will actually be mandatory.
There are plenty of different ways to get a quote on your insurance, and here at Public Liability Insurance NSW we are here to help you find out what you need to know.
Public Liability NSW
Regardless of whether your business in located in central Sydney or out west in Broken Hill, you may need to have public liability insurance to protect yourself and your business.
Although it’s obviously important to get the right cover to suit your business needs, it’s also important to find a policy which provides a good value and a competitive premium.
There are a couple of ways you can find quotes on your public liability insurance NSW. The easiest way is to use an insurance broker.
NSW Insurance Brokers
New South Wales is home to plenty of insurance brokers who specialise in public liability insurance.
A broker will be able to provide you with quotes and information on your public liability, and can help you to choose the quote which offers to best value for your business.
In order to provide you with quotes, your insurance broker will need to know some information about your business. Generally this will include the type of work which you do, as well as the turnover of your business and the number of workers you employ.
Once the broker has this information, they will obtain quotes from the public liability insurance companies who offer cover in NSW, and will then be able to report back to you on which options may be best for your business.
More Info for NSW Business Owners
For more information please speak with your broker, or if you don’t already have one, get in touch with the team at Public Liability Insurance Australia who may be able to assist you in locating a suitable broker either based in or servicing NSW.