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It doesn’t matter whether you live in Perth or Rockingham; if your business has any contact with members of the public, public liability insurance is a must. It can cover your business if someone gets hurt or if property belonging to a third party gets damaged, offering protection for a range of covered events.
You can compare quotes for public liability insurance in WA here with Savvy. Just by answering a few simple questions, you’ll have a range of instant quotes from some of Australia’s leading insurers to compare. Get started with a free, no-obligation quote with us today.
As a business owner in WA, you have a duty of care to the public to ensure that no one gets hurt as a result of your business activity. If someone does get injured, or their property damaged, public liability insurance can help to cover costs if you’re required to defend yourself in court.
If you’re found to be negligent, you could face a very expensive compensation claim, sometimes amounting to tens of thousands of dollars. Public liability insurance can help you cover these costs. It’s important to note that all coverage will be subject to your claim meeting your insurer’s eligibility criteria.
There are three levels of public liability insurance available: $5 million, $10 million and $20 million. The level of cover you may require will depend on your business’ situation and any requirements of your landlord or the government department you are in contact with to issue an operating licence.
You can get multiple quotes for many forms of business insurance right here through Savvy. Just answer a few questions and within minutes you’ll have a range of quotes to compare, so it’s simple to start the process today.
Typically, public liability insurance covers a business for the following:
What isn’t covered by public liability insurance?
The following are not usually covered by public liability insurance:
All insurance policies offer different levels of cover and are subject to eligibility criteria and terms and conditions, so it’s important to read the product disclosure statement (PDS) and compare policies carefully so you can be more aware of what is and isn’t covered.
No matter whether your business is based in Geraldton or Mandurah, any business which has contact with members of the public should have public liability insurance. Examples of businesses that frequently take out this type of cover include:
These are some of the areas you should compare when deciding which insurance policy is the best one for your business:
Areas of coverage
This is the most important area to consider before deciding which insurance policy is the best one for your business. Check that the policy you’re looking at offers cover for areas which you feel are the highest risk to your business and familiarise yourself with any exclusions and other terms and conditions which form part of the policy.
Cost
Naturally, we all want to find the best value insurance available, but the cheapest policy on offer may not always be the right one for your circumstances if it doesn’t offer cover in the areas you need. However, it’s still worth comparing offers to make sure you aren’t paying more than you need to for coverage.
Claim limits
Before deciding on the level of cover you require (ranging from $5 million to $20 million), think about your own business needs and check if there are any minimum requirements stipulated by other companies you deal with. For example, if you are a contractor, the firm you work for may have a requirement that all its contractors have at least $10 million worth of cover. Also, consider any requirements of your landlord or government agencies which issue permits or licences you may need to carry out your business.
Add-ons and optional extras
Read the PDS which comes with your policy carefully and look at the optional extras and add-ons which may be on offer. Think about your business’ situation and consider if any of these add-ons are necessary.
Each type of business in Australia is allocated a risk profile, which will have a large influence on the cost of your insurance. For example, a food business may have a higher risk profile than one which does not supply consumables to the public, resulting in a costlier premium for the former.
The scale of your business operation will also have an impact on the cost of your insurance. Larger companies with a higher turnover and a larger number of employees will usually have to pay more for their insurance, as there are more moving parts.
Where your business is based and your postcode will also affect the cost of your insurance. For example, a butcher shop located in a suburban shopping centre in Perth may receive a lower quote than a similar butcher shop in Port Hedland that is located close to pubs and clubs. The state you are in is also a major determining factor. For example, the cost of public liability insurance in Queensland may not be as cheap as that in WA for identical businesses due to the unique environmental factors which can impact the country’s northern regions.
You may be able to choose the excess amount you’ll be required to pay in the event that you do need to make a claim. In general terms, the higher the excess amount you’re prepared to nominate, the lower your premiums are likely to be, though this will depend on your business’ situation and your insurer’s assessment criteria when considering your application.
Your insurance history will also have a bearing on the cost of your insurance. If you haven’t made any claims in the past five years, your premiums could be lower than if you’ve had to make several insurance claims.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
