If you’re a sole trader or small business owner, there’s no doubt you’re aware of the importance of protecting your business and your customers with Public Liability insurance. It offers protection should a customer, supplier, or even member of the public, sue your business for personal injury, death, or damage to their property. And whilst you probably take every care not to injure someone or damage their property, it doesn’t mean you won’t be found negligent should an unwanted accident occur, or someone attempts to make a claim against you. As cliché as it sounds, accidents happen. If you don’t have Public Liability insurance you face the risk of being out of pocket for hefty legal and compensation costs that can potentially cripple your business.

Despite strong price increases in the business insurance market, SMEs are continuing to benefit from flat pricing.

An oversupply of capacity and competition in the insurance market over the last few years has helped drive down the price of professional/business insurance for Australian SMEs. Since the start of FY 2012/13 SMEs have benefited by a drop in rates of 24 basis points.