Public Liability Insurance NSW
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What you need to know about Public Liability insurance* in NSW
As a small business owner in New South Wales you already have a lot on your plate. There’s the never ending balancing of the books, marketing campaigns, staff to pay, zoom calls to make, the list goes on and on! Whether you’re an IT wizard from Burwood, a dog groomer from the Blue Mountains or a café owner in Thredbo, Public Liability insurance is something your NSW business needs to consider.
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.
Your Public Liability insurance policy also provides your business some much needed financial protection if you are faced with a claim. It will cover compensation payable to a third party as well as the associated legal costs. One less hassle you don’t have to worry about.
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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What is typically included*?
- personal injury suffered by a third party (e.g. a customer, supplier or member of the public);
- damage to property owned by a third party due to your negligent business activities
- legal and defence costs associated with a covered claim
What is typically NOT covered*?
- Injuries to your employees
- Damage to your own property
- Costs of rectifying faulty workmanship
- Professional negligence
- Contractual liability
- Events occurring before or after the policy period
How much do Trades & Service pay for Public Liability Insurance?
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.
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.
How much do Retailers pay for Public Liability Insurance?
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.
How much do Professionals pay for Public Liability Insurance?
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.
Why choose BizCover for your Public Liability insurance in NSW?
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Cover to match your needs
You can tailor policies from selected leading Australian insurers to suit the needs of your business, and we are there to help!
Your Cover Options
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:
- Do any of your contracts require a minimum level of public liability cover?
- Has your industry body set a minimum level of public liability cover for membership?
- Does your business or trade licence require a minimum amount of public liability cover?
- What kind of accidents could occur due to your business operations and what could be the potential cost of a claim?
Frequently Asked Questions
Public Liability insurance is a crucial form of cover that protects all different types of businesses from landscapers to personal trainers, real estate agents and restaurant owners. Every business is different and has its own exposure to potential risks, so there isn’t a standard price for Public Liability insurance.
The most accurate way to find out how much Public Liability insurance is going to cost your NSW business is by having a chat to our team at BizCover.
If your business involves working with third-parties like customers, suppliers and members of the public, then you may want to consider Public Liability insurance. It is designed to protect a mix of businesses, from the yoga teachers in Bondi, to restaurant owners in Cabramatta right down to the hairdressers in Bega!
Not only does it provide protection against claims for accidental injury or damage to a third parties property but depending on your type of business it may be a requirement.
You can have peace of mind knowing that your Public Liability insurance policy protects you anywhere in Australia. So you can work anywhere from Byron to Birdsville!
The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.
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