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How much Public Liability insurance do I need?

Determining how much Public Liability insurance your business needs may depend on the level of risk your business faces, as well as other factors like industry or contractual requirements.

It would be nice to have a crystal ball to know exactly how much cover you should have, but the amount of Public Liability cover you chose is ultimately up to you to decide.

Checking with potential clients and finding out what they expect as an acceptable level of cover is also a good way to gauge what level of protection your business may need.

Many government and private contracts will stipulate a minimum amount of Public Liability insurance that a business needs to have as part of the contractual requirements. And depending on your occupation, you may also need a certain level of cover to meet licencing or industry body requirements.

Take the time to consider the scale of work that you do and ask yourself whether you have an adequate level of financial protection to cover a liability claim that could potentialy run into thousands, if not, millons of dollars.

BizCover offers cover limits of $5, $10 or $20 million for standalone Public Liability policies.

Below is an overview of what is typically covered under a Public Liability insurance policy:

  • Compensation awarded to third-parties if they suffer physical injury, illness or death as a result of your business activities (on your premises or another location)
  • Compensation awarded due to Injury or damage caused by products that you may manufacture, distribute or sell
  • Compensation awarded due to loss or damage of other people’s property as a result of your business activities
  • Loss or damage caused by non-physical “advertising injury”, such as libel, slander, invasion of privacy, copyright infringement, misappropriation of advertising ideas
  • Your legal defence and court costs incurred as a result of defending a claim made against your business