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Public liability insurance is a must for all businesses in the ACT which have interaction with the public. It can offer you protection for your business against a range of claimable events which may lead to a personal injury or property damage claim from a third party.
If you’re looking for public liability insurance in the ACT, Savvy can help you compare your options. Just by answering a few simple questions about the insurance you need, you could have a range of quotes from leading insurers to compare online instantly. Start the process with Savvy today.
Public liability insurance may offer you protection against a lawsuit if a claim is made that a member of the public is injured or their property damaged as a result of your negligence. As a business owner or operator in the ACT, you have a duty of care to ensure members of the public aren’t harmed as a result of your business activity. If a claim is made that you have not exercised sufficient care, resulting in a personal injury, public liability insurance may assist you with the cost of defending your business against such a claim (provided it’s deemed claimable by your insurer).
Cover is available in amounts of $5 million, $10 million and $20 million. The level of coverage you may need will depend on your business’ needs, so it’s important to consider the risks your business faces and what limit is sufficient to cover them. Additionally, whether your landlord has any specific requirements as a condition of granting a lease or if you need a certain level of cover for permits or licences is also a relevant factor to consider.
Savvy can help make comparing public liability insurance easier and more convenient. Just answer a few simple questions about your business and the insurance you’re looking for, and you could have a range of insurance quotes to compare from our trusted business insurance providers.
Typically, public liability insurance covers a business for the following types of claims:
What isn’t covered by public liability insurance?
The following are not usually covered by public liability insurance:
Naturally, the coverage included under all business insurance policies is subject to the eligibility criteria and terms and conditions set in place by your insurer. As such, it’s important to read the PDS and compare policies carefully so you’re aware of what is and isn’t covered.
Being located in our nation’s capital, and a major tourist destination, many businesses in Canberra cater to tourists and visitors. Therefore, they may have a strong reason to take out public liability insurance due to the risks faced by injury or damage claims. However, any business which has contact with members of the public or their property may consider liability insurance to help protect their interests. Such businesses include:
There are several aspects of insurance you should compare when looking at buying public liability insurance. These include:
What the insurance covers you for
All insurance policies come with terms, conditions and exclusions, so it’s important to compare what these are so you have a clear understanding of the cover you’re buying. Make sure you understand what is and isn’t covered in each policy, as some may be better suited to your business than others. If you require multiple insurance policies, some insurers offer business insurance packages, which may be a cheaper way of buying them (though costs will still depend on your insurer’s assessment criteria).
The cost
You may want to find the cheapest insurance policy for your business, but the cheapest quote isn’t necessarily the best insurance policy for your circumstances. While coverage remains the most important factor to consider when comparing offers, it’s still valuable to make sure you aren’t forking out more than you need to for your coverage.
Limits
You can choose the maximum limits of your cover, ranging from $5 million up to $20 million or more in certain circumstances (depending on your insurer’s qualification criteria). How much insurance your business needs will depend on the individual risks and requirements you face. For example, in order to hold a public event such as a concert or charity event, you may need to have $10 million worth of cover in order to be granted a permit by the council.
Add-ons and extras
Read the PDS that comes with your insurance policy to find out if there are any extras or add-ons you may be able to purchase to extend your insurance coverage. Think about what insurance you need for your business and your situation to help determine whether any of these extras (for instance, product liability insurance) would be of benefit to your business.
The nature of your business and the industry you’re in will have a major impact on the cost of your public liability insurance. All industries in Australia are allocated a risk ratio, and this will be applied to your business to determine the appropriate cost of your business insurance. For example, a roofing business will likely pose more of a public liability risk (and subsequently may pay more for insurance) than a recruitment consultant due to their use of tools and work at heights.
How much your policy costs may vary from state to state. For example, the cost of public liability insurance in the NT won't necessarily be the same as that in the ACT, because insurance costs are generally higher in parts of Australia that are prone to extreme weather events such as cyclones. The cost of your insurance will also be influenced by where your business is based, such as whether it’s in a rural location like Tharwa or the centre of Canberra.
The number of employees you have (if any) and your business turnover will also affect the cost of your insurance. Naturally, the larger your business, the more costly your insurance may be.
The cost of your insurance may also be affected by the number of claims you’ve made in the past five years. For instance, those who have made few or no claims over the past few years may be offered cheaper insurance than businesses with an extensive history of claims.
The excess is the amount you will be required to pay upfront in the event your claim is covered by your public liability policy. This may range from $200 upwards with some insurers (while some may be able to offer the ability to pay no excess in some situations, subject to meeting their criteria). However, if you choose a higher excess, your premiums may be lower over the course of a year.
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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.
