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As a small business owner in New South Wales you already have a lot to worry about. From paying your employees, to getting stock delivered on time and generating new business – the list is endless! The last thing you want to think about is paying for unexpected accidents – they do happen!
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.
If a claim is covered by your Public Liability insurance policy, it will cover compensation payable to a third party as well as the associated legal costs. What if a customer was injured after tripping on a box you didn’t put away or your employee damaged a client’s antique property?
Stamp Duty Concession for NSW Small Businesses
On 1 January 2018, the NSW Government introduced legislation to make insurance more affordable for small businesses by providing a stamp duty exemption on certain insurance products. The exemption applies to both Public Liability and Professional Indemnity policies.
To be eligible (as that the time of publication), you must be a Capital Gains Tax (CGT) small business entity and have an aggregated turnover of less than $2 million for the income year in which the insurance is effected or renewed. If you qualify for the exemption, tick ‘Yes’ to the eligibility question when obtaining a quote online and the concession will be automatically applied.
For more information on the NSW Stamp Duty Concession visit Revenue NSW website.
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The average amount a small business operating in the Trades & Service industry in New South Wales can expect to pay for Public Liability insurance is around $91 per month. There is a wide variety of occupations classified within this industry, with each occupation having its own level of risk. This means premiums will vary.
|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 2016/2017 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.|
To provide you with more insight, we have provided analysis of 10 of the most common Trades & Service occupations in New South Wales and their individual average monthly premiums below.
The average amount a small business Retailer can expect to pay for Public Liability insurance in New South Wales is around $68.12 per month. There are many business types that are classified as Retailers, from toy stores and florists to restaurants or catering services. Each business type has its own level of risk, meaning premiums will vary.
To get a better insight, we have provided analysis of 10 of the most common Retail occupations in New South Wales and their individual average monthly premiums below.
The term ‘Professionals’ encompasses a broad range of occupations that usually require specialist training and qualification. From Real Estate Agents and Marketing consultants to IT consultants, and even music teachers. Each profession has its own level of risk, meaning premiums will vary.
To get a better insight, we have provided analysis of 10 of the most common Professional occupations in New South Wales and their individual average monthly premiums below.
With BizCover you can choose public liability policies from 3 limits of liability (levels of cover): $5 million, $10 million or $20 million.
Policies are tailored to the unique needs of individual businesses. One business may require a different amount of cover compared to another.
When deciding on how much cover you should have a think about factors like:
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