Running a business requires interacting with people from time to time. It carries so much risk getting along with a group of people, with different agendas. Issues cannot be avoided, for example, property damage or injuries. Public liability insurance aims to protect businesses against potential dangers, as mentioned, in day-to-day operations.
This post explains how to obtain public liability in Western Australia, and other factors you need to know.
What is Public Liability Insurance?
Other parties may raise statements against business operators due to negligence. They have the right to tell complaints especially when your business has faults. Public liability insurance is an insurance cover designed to protect business owners in those situations.
Different people are involved in your business, including customers, suppliers, and other third-parties. As the owner of the business, you owe everyone a duty of care especially those who come into contact with your industry. It is like protecting anyone to prevent greater damage to your business’ reputation, overall.
Supposed someone gets injured or dies because of the business acting carelessly, paying for the damages will occur. It also includes property damages, as a result of negligence, that requires charges. The public liability insurance works as long as the general public is affected by your negligence.
Those situations demand too many financial risks for the company, however public liability insurance has got your back. Business owners can keep on trading with the existing issues, or even if worse things happen.
Coverage of Public Liability Insurance
Since things are uncertain in the world of business, including negligence issues, you will need an extra level of protection. Below is a bulleted list of what is under public liability insurance coverage.
· Payment for the damage or loss of property.
· If a person dies resulting from a business operation, there will be compensation.
· A successful public liability claim will award third-party through legal costs.
· A defense cost will be associated.
The above list is custom-made and subject to change, according to your specific needs for protecting the business.
List of Exclusions for Public Liability Insurance
As mentioned, public liability insurance protects a business against negligence claims. The thing is not in all cases. Here are instances where public liability insurance has not covered businesses:
· Damage of properties
· Third-party claims resulting from intentional misconduct
· Employee’s compensation claims due to injuries
· Asbestos claims
· Retributive damages
· Professional negligence claims
Better review your policy to ensure a complete list of negligence claims you are not covered.
Do I need to purchase public liability insurance?
In Western Australia, businesses have no legal requirements to obtain public liability insurance.
The final decision of whether or not to purchase public liability insurance fully depends on the specific needs of your business. Whenever a business deals with the general public like customers, suppliers, and other parties, then it is best to get public liability insurance. The liability insurance will surely protect you from financial risks.
Another factor to consider is whether your licensing body has specific requirements. Learn if your industry is in need of public liability insurance before beginning to operate. For instance, in the field of construction, the operating site starts after acquiring public liability insurance.
To whom public liability insurance is made?
It is always mentioned that in order to obtain public liability insurance, you should consider your specific needs. The main reason is it benefits the risk management strategy for your business. Public liability insurance matters most for whatever strategy you planned with its scope and level of coverage.
We made a shortlist of businesses and industries that invest in public liability insurance to avoid greater risk. Check them out below!
· Manufacturing businesses
· Wholesale and retail industries
· Construction sector
· Accommodation and food industries
· Arts and recreation services
Each business sector has different parts you can easily determine. For example, the manufacturing sector with wider coverage of businesses that involves the general public in all operations. The arts and recreation services, on the other hand, obviously hold a larger crowd when they operate. Moreover, the construction sector needs a number of contractors to operate well.
In other words, these sectors greatly connect with the public and potential from risk.
How much public liability insurance will cost?
Many factors can affect the premium cost of your public liability insurance, aside from the specific needs of the business. It includes the size of the business and the type of operations and industry you are in. This applies to Western Australia.
Get covered for public liability with Matrix
Having a deeper understanding of how public liability insurance works for most businesses in Western Australia sounds convincing to find one.
We have found a Perth public liability insurance that can be suitable for your industry. They give protection for businesses from financial loss due to two types of liabilities, including public liability. Matrix is one of the leading insurance brokers in Australia that has worked for several types of industries for years.
The insurance broker has access to over 120 insurers that would bring the right policy at a competitive premium cost. Matrix serves clients with quality advice to ensure an exclusive insurance experience. Contact Matrix Insurance Group to get insured for public liability!
Some other insurance companies offer different business insurance policies you can pick from. Do compare them to end up with the right company to protect your business.
