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Small business is the backbone of the Australian economy, and has been a great builder of wealth for many families and individuals.
Whilst the focus has been on the mining boom over the last decade, small businesses are still the largest employers in Australia.
There are many benefits to running a small business, but there are also many risks which owners and managers need to manage.
Some risks can be managed internally and perhaps even eliminated, but there are others which are outside of your control. Thankfully many of these risks can be managed through insurance.
Importance for Small Businesses
Arguably, insurance is more important for small and micro businesses than for any other business type.
Whilst a serious incident may be able to be absorbed by a larger company, a similar incident may send a small business into bankruptcy.
There are many forms of cover which are important, but certainly one of the most vital is public liability insurance for small business.
By having the right public liability insurance in place, a small business can help to insulate itself against certain financial losses relating to their legal liability.
What Public Liability Covers
There are two main risks which public liability insurance covers small businesses for, and these are the risks of causing either property damage or personal injury to another person.
If your business activities result in property damage or personal injury to others, and your business is found to be negligent, you could be responsible for considerable costs.
The costs of such an event can be quite small in the case of minor property damage, but when it comes to serious injury involving disablement or even death, such claims can stretch into the hundreds of thousands, and potentially millions.
Instead of having to settle these claims out of your own savings or profits, the insurance companies can cover these costs via your public liability insurance policy.
What Public Liability Doesn’t Cover
There are many risks covered by other forms of insurance, and not public liability insurance. We cannot list all of them here, but we will look at some of the most common queries.
A public liability policy is only intended to cover damage or injury suffered by others. It will not cover any property damage or personal injury that is suffered by you or your own staff.
Whilst a public liability policy will cover damage or injury caused by your employees, it will generally not cover any incidents where a contractor or subcontractor is found to be responsible. For this reason it is important for all contractors to hold their own insurance.
Other Forms of Insurance
There are many others forms of insurance for small business, and the types of cover you require will depend on the specific needs of your business.
Public liability is often seen as the anchor in a business insurance package, but many businesses will also have to consider property, professional indemnity, glass breakage, theft and a range of other covers.
One of the best ways of working out which policies your small business may or may not need is to speak with a qualified insurance broker or adviser.
An insurance broker will be able to analyse your business and work with you to determine what risks your small business faces and what types of insurance are needed to manage those risks.
Small Business Insurance Quotes
Although most small business owners understand the importance of public liability insurance, some are left in the position of deciding whether or not the cost is worthwhile.
Most businesses will find that public liability is actually very affordable, especially considering the protection that it provides. The best way to find out for yourself is to request a quote.
Quotes for small business public liability insurance are available from a range of sources, including directly from the insurance companies, via insurance brokers and via comparison websites.
Here at publicliabilityinsurance.com.au we can assist you with finding out your public liability insurance cost thanks to our network of insurance brokers and advisers.
By completing our online public liability quote request we can put you in contact with an insurance expert who can assist you with quotes and information on this important form of cover.
You have worked hard to build your small business, and one of the best ways to protect your investment is to insure it properly. Contact us today for more information.