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Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
According to the Australian Bureau of Statistics, there are about 127,895 small businesses in Brisbane, with about 21,738 additional new business entries in FY 17-18.
The main employing industry in Brisbane is Healthcare and Social Assistance, employing 12.9% of the working population. Professional and Scientific Services employ 11.1% of the working population and Education and Training employs 9.1% of the working population in the area.
The sector with the largest amount of registered businesses is Professional Scientific and Technical Services, which has 21,077 registered businesses, followed by Construction, with 16,136 businesses, followed by Rental, Real Estate and hiring which has 16,034 registered businesses.
Like all small business owners, Brisbane businesses each have a legal responsibility to take reasonable steps for the safety of their customers, suppliers and the community and for their property.
Most Public Liability policies also extend to cover Product Liability. If you sell, supply or deliver goods, even in the form of repair or service, you may need cover for negligence claims against you where your product has caused injury, death or damage.
Even the most careful businesses run the risk of injuring someone or damaging something during their operations. Chances are, like many other small businesses in Brisbane, if you were faced with a public liability claim, the financial impact of paying the claim and associated legal fees (including defence costs) could potentially send you out of business. That’s why you should consider Public Liability insurance to provide the financial protection your business deserves.
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Public Liability insurance covers claims for personal injury suffered by a third party (such as a customer, supplier or member of the public) due to your negligent business activities. It also covers claims for damage to property owned by a third party as result of your negligent business activities. It’s clear that the legal costs of a public liability claim could pose a financial burden to a small business. Public liability Insurance gives you peace of mind by picking up the reasonable legal and defence costs associated with a covered claim.
The following activities are typically not covered by a Public Liability insurance policy:
On average, small businesses in Brisbane pay around $55**per month for a Public Liability insurance policy. Public Liability insurance is one of the most popular types of insurance for businesses. In fact, it is likely to be very important for almost every kind of business, from those that operate in the trades and service industries, to businesses that are predominantly office-based, such as consultancy occupations.
Given the various industries and occupations Public Liability insurance can cover, the cost of it can vary greatly. This is due to several factors including:
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
**We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it’s important to note that the data included within this article was sourced from BizCover customer data during 2018/2019 and is intended as a guide only. It may not reflect pricing for your particular business as individual underwriting criteria will apply. Get a hassle-free quote for your business here.