This page has moved to: How do I get public liability insurance?
If you work as a subcontractor or self-employed tradesman on worksites, many of the building and construction companies will have mandatory requirements in place for this form of cover.
In this guide we will take a look at what public liability covers and how much it costs along with some other important information.
What Does It Cover?
Public liability will cover a tradesman for property damage or personal injury caused to others, provided that the incident falls within the wording of the policy.
Basically if you have acted negligently in your work and someone else has suffered property damage or personal injury as a result, your public liability policy will cover the costs involved.
It’s important to note that this form of insurance will not cover you for damage to your own property or injury to yourself. These risks can be covered by other forms of insurance however.
Why Do Tradies Need It?
Not all tradies will need public liability, but if you are self-employed or work as a subcontractor you will either be required to have it by the building companies, or at the very least it will be strongly recommended.
When you are on wages you are covered by your employer’s insurance if things go wrong, but once you switch to subcontractor status you are on your own. This is why public liability is so important.
Check out our subcontractor insurance guide for more information.
How Much Does It Cost?
The cost of the cover for any tradesman will depend on a number of factors including the type of work you do and the size of your business in terms of revenue and staffing numbers.
For a carpenter working as a sole trader with an average turnover the cover can be as cheap as $400 to $500. On the other hand if you run a large business and/or undertake high risk operations, the price can stretch well into the tens of thousands.
The easiest way to find out how much your cover will cost is to contact an insurance company or broker. A good idea for any tradie is to use a broker who specialised in trade insurance.
Whilst public liability is a fairly straightforward form of cover for most Qld tradies, it can get quite complex depending on the structure of your business and the type of work you do.
If you are unsure about your needs or the policy options available the best bet is to speak with a qualified insurance broker. To get in touch with a broker simply click on the quote button on the right of the page.
But where can you get cover in Qld? Thankfully the answer is that you can get it from many sources here in our great state.
There are numerous ways in which to take out public liability insurance. You can go through a broker, you can go online or you can go straight to the insurance company.
Which option is best for you depends mainly on your own needs and preferences. In this guide we will look at some of the more popular options.
This is where most businesses have traditionally gone for advice and service on public liability and other forms of business insurance.
The benefit of using an insurance broker is that you can rely on their knowledge and experience to ensure that you are getting the right cover to suit your business.
In many cases you can also rely on the broker to do the running around for you, ensuring that you’re getting the most competitively priced insurance.
The only real downside is that many brokers charge a broker fee to cover their time. This may be as little as $50 added to the premium, but for larger policies that fee can grow quite high.
If you can find a decent insurance broker who will charge you no or low broker fees, then you could be onto a good thing provided that they have the ability to do what you need them to do.
If you are located outside of Qld but still do business in the state, then you’ll need to ask your broker if there are any special public liability insurance requirements for Qld that may affect your business.
For those business owners in Qld who prefer not to use a broker, the next most popular option is to approach the insurance companies directly.
This can be a good option in some cases, as you can potentially save some money on the broker fee that your broker may have charged.
The downside is that everything is now your responsibility. If you decide to set up your insurance on your own you will have to deal with the consequences if you have done something incorrectly or haven’t read the documents well enough.
We have a list of public liability insurance providers here.
Since we all have less time now days many Qld business owners are going online to sort out their public liability insurance.
There are different methods that these websites use in order to get you insured. Some have direct links into the insurer’s systems to provide you with quotes, whilst others are backed by insurance brokers.
Some of the best websites are those that are backed by ‘real’ insurance brokers who can help you through the process via email and phone to ensure you are getting the right cover for your needs.
Getting it Done
However you choose to get your public liability insurance in Qld, the main this is to get the right cover to suit your business needs as well as your budget.