When it comes to public liability insurance, Perth business owners often questions whether it is actually necessary. In simple terms, public liability insurance covers you for liabilities towards injury or property damage caused by your business activities. It may also help with legal bills for any claims filed against you. If you’re still unconvinced about whether your business needs this crucial cover, we’ll explore why it is so important here.
The Benefits of Public Liability Insurance
This form of insurance is crucial for any business where members of the public visit or engage in any activities on the premises. This can include businesses such as beauty salons, retail offices, medical centers. Even home based businesses can benefit from public liability cover, as it provides protection against any claims due to faulty goods or services. A policy can protect you and your business against the potentially hefty financial consequences of unfavourable incidents.
For many Australian businesses, public liability is mandatory, but in some cases, it may be optional. In addition to covering the potentially massive costs of third party damage claims, this cover can also provide financial assistance when defending a claim.
How Liabilities Arise
A liability can occur due to a number of reasons, but all of these can be covered by public liability cover. For example, an accidental fall in a shop can create a claim for an injured customer. However, there may also be a liability where an aggrieved party who claims a breach of an implied obligation that has led to damage.
Even trades can be at risk of public liability claims. Imagine that you are working in a public space and a member of the public trips on a cable, tool or ladders, you’ve left on the ground while you work. This could result in a massive claim, as the person wants their medical bills and expenses in addition to compensation for their pain and suffering. This could compromise a business owner and force them to cease trading. Even disputing a claim could create massive legal bills, but insurance cover can cover these costs.
Protecting Your Business
Speaking to an insurance broker can provide you with the details and advice about your insurance cover needed to protect your business. An experienced broker will ensure that the recommended policy is appropriate for your operation and provides adequate protection for your risk profile. Your broker will assess your business profile and help to find the policy best suited to your requirements. In many cases, your public liability cover can be packaged with your other insurance policies for an even better deal. Additionally, in the event of a liability claim, your broker will be able to assist you with the claims process to make the process as painless as possible.
If you are in need of public liability insurance, Perth based GSK Insurance is here to help. As an established broker, we can assist you with all your business insurance needs including public liability insurance. We would be delighted to discuss your requirements to help you secure the best possible deal.