Public Liability Insurance New South Wales
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Whether you live in Sydney or Newcastle, public liability insurance is essential for most businesses that have contact with members of the general public. It can offer protection for a range of covered events, including situations where someone is hurt or if their property is damaged as a result of your business activity.
Savvy makes the process of comparing public liability insurance in NSW simple by presenting you with a range of instant quotes from some of Australia’s leading insurers. Just answer a few simple questions about your business and the insurance you’re after and you’ll have competitive offers to consider instantly. Get started with a free quote through us today.
Public liability insurance in New South Wales - what is it and how does it work?
Public liability insurance is a form of business insurance that offers your business protection in the event of claims of injury or property damage as a result of your negligent business activity. If your business has any interaction with members of the public, there’s always a risk that an accident could occur. This could be something as simple as a shopper slipping over on a wet floor, or a customer’s car getting damaged by one of your delivery drivers.
If someone does get hurt, or their property damaged, there’s always the possibility of a personal injury lawsuit. If you or your business is found to be liable, you could face a compensation claim of tens of thousands of dollars, if not more in some cases. Public liability insurance could cover the legal costs associated with such a claim, subject to meeting your insurer’s eligibility criteria.
You can get a range of quotes for public liability insurance right here through Savvy. You’ll be able to compare deals from our trusted insurance providers, offering 100% free, no-obligation quotes online. Start your quote here today.
What does public liability insurance cover my NSW business for?
Public liability insurance can cover your business for the following:
- Third-party injury claims
- Third-party property damage
- Damage to property in your care
- Legal fees to defend the claim
Naturally, all coverage is subject to the eligibility criteria and terms and conditions listed under your agreement. It’s important to read the PDS carefully before deciding which policy offers you the most appropriate cover for your personal circumstances.
What is not covered by public liability insurance?
- Damage to your property
- Injuries to yourself or your workers
- Any damages awarded for professional negligence
- Faulty workmanship
- Product recalls
- Accidents which happened before or after your period of cover
Public liability insurance is there to protect you if a third party makes a claim against your business. It will not cover your own business equipment or assets. If you do require cover for your business equipment, you should consider taking out business assets insurance, which can protect your business against instances of loss of, or damage to, your assets (including theft).
Your employees should also be covered for any injuries sustained at work by workers compensation insurance, which is compulsory for all employers in Australia.
Which types of businesses in NSW need public liability insurance?
Many different types of businesses in NSW should consider taking out public liability insurance, including the following:
- Allied health professionals
- Builders, carpenters and electricians
- Conveyancers and consultants
- Cafes and Restaurants
- Engineering firms
- Event organisers
- Finance and IT professionals
- Graphic designers and architects
- Hairdressers and home businesses
- Landscapers and lawn mowers
- Nurses and other health professionals
- Mobile businesses
- Tradies and sole traders
It doesn’t matter whether your business is based in Sydney or Wollongong; what these businesses have in common is they all face third-party liability risks.
Having public liability insurance is essential for anyone in NSW who deals with the public or their property on a day-to-day basis. Start your quote here through Savvy today to enjoy the peace of mind that comes from knowing you’ve got your business insurance organised.
How do I compare public liability insurance for my business in NSW?
There are several elements of public liability insurance that you should look at when comparing business liability quotes. These include:
- What’s covered: compare the extent of coverage offered and look at the exclusions carefully to see which policy offers the widest coverage
- The cost: be aware that the cheapest public liability insurance may not necessarily always be the best, as a lower-priced policy may come with fewer benefits or a lower claim limit in some cases
- Benefit amount: public liability insurance is usually available in three pre-defined amounts: $5 million, $10 million or $20 million. The level of insurance you’ll need will often be specified by your landlord, council, state or Federal government (if you’re tendering for a contract)
- Optional extras and add-ons: by reading the PDS carefully, you’ll generally be able to determine if you need any add-ons or optional extras which may be offered, such as business interruption insurance
- Bundle options: if you require more than one type of insurance, check whether you’re able to take out this insurance as part of a business insurance package, which includes elements of other types of cover. For example, you may be able to combine public liability insurance and professional indemnity insurance
What factors will affect the cost of my public liability insurance in NSW?
The nature of your business
All businesses are classified according to the insurance risk they pose. The nature of your business and the industry you’re in will play a major part in determining the cost of your insurance. For example, a truck driver will pose a higher insurance risk than a graphic artist due to the risk of traffic accidents.
Your business size
The size of your business will also determine the cost of your insurance in NSW. A prospective insurer will look at how many people you employ (unless you’re a sole trader) and your turnover to help determine the risks associated with your individual business.
Your location
Your location and postcode will also play a major part in determining the cost of your insurance. For this reason, a business located in a busy shopping precinct may present a higher risk than one located in a quiet rural location. In addition, the state you are in is also a major determining factor. For example, the cost of public liability insurance in Victoria won’t necessarily be the same as that in NSW, while a Queensland business may be subject to more environmental risks than a business insured in Sydney.
Insurance excess
The excess you choose will also affect your insurance premiums, with a lower excess generally resulting in higher premiums. For example, you may be able to choose an excess as low as $200, rising to $500 or more per claim you make according to the type of insurance you wish to buy.
Insurance history
As with all insurance policies, your insurance history will also play a part in determining your insurance cost. If you have made several insurance claims in the past five years, you may find your premiums are higher than for a business that has never made a claim.
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Frequently asked questions about public liability insurance in NSW
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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.
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