How Much Public Liability Insurance Do Tradies Need?

Public liability insurance is a legal requirement for businesses, tradies, and contractors. It's also something you really don't want to be without. But how much public liability insurance do you need? And what kind of cover should you get? Read on for more information.What is Public Liability Insurance?Public liability insurance is a policy that protects you from legal action if you cause injury or damage to somebody else. For example, if a tradesperson accidentally damages someone's property and they want to pursue legal action against them for the damage, public liability covers that claim.The importance of this type of insurance can't be stressed enough - but it's not all about making sure you're covered in case something goes wrong. Public liability also protects against claims made by third parties following an accident on your premises and ensures that they'll receive compensation if they're injured while working on your site (or even just visiting). This might seem like one of the more obvious types of insurance required by tradies, but there are still some important things to keep in mind when getting quotes.Much the same way you should understand what your insurance policy covers; you need to be aware of what your public liability policy will not cover. While some policies have different caveats built in, there are several events which are universally not covered by public liability insurance.

• Acts by you or your employees that purposefully cause property damage or personal injury
• Acts considered unlawful
• Damage to your or your employee?s personal property
• Personal injury to you or your employees

Typical Cover Amounts ($5m, $10m, & $20m)The three typical cover amounts are $5 million, $10 million, and $20 million. These cover the three typical options of public liability insurance:

• The first option is to have a $5 million public liability policy which will cover claims of up to $5 million.
• The second option is to have a $10 million public liability policy which will cover claims of up to $10 million.
• The third option is to have a $20 million public liability policy which will cover claims of up to $20 million Dollars.

There are many reasons why an individual or business may require increased limits:

• If you own or operate more than one premises
• If you employ any staff (whether part time employees or full-time employees) then your needs could change significantly
• If there was ever an incident involving members of the public, such as someone tripping over on your property or if they were injured due to poor lighting conditions at night then their claim could be higher than usual
• If you are operating in a high-risk industry such as construction or mining, then you may need higher limits of public liability insurance.

How Much Cover Do I Need?How much public liability insurance you need depends on the nature of your business, as well as your industry. The higher the risk, the more expensive your premiums will be. For example, if you are an electrician working in residential buildings or offices then it's unlikely that there will be many incidents or accidents. However, if you're a carpenter and work in commercial buildings without supervision then there is obviously a higher chance of mistakes occurring which could cause injury to someone else.Similarly, if you have a small team of workers compared to larger companies then this also affects how much cover needs protecting against accidental injury claims as each worker has less chance of causing injury than one person operating alone.The same applies when considering where public liability insurance is required - for example restaurants need more cover than retail stores because they serve food directly to customers who may sue them if they get sick after eating something contaminated.Contact us today to find out how much cover you need.How Much Does it Cost?The price of public liability insurance depends on the amount of coverage you need. It can range from as little as $100 per year for a low-risk profession, to more than $1000 for those in high-risk professions like construction.The cost will also depend on your gross income, and any other insurances you have in place that protect your financial future. For example, if you?re self-employed with no staff or employees, it?s likely that you won?t need as much cover as someone who employs others ? because their business is larger and more likely to cause injury or damage in some way through negligence on behalf of themselves or their employees.Speak to a broker to find the right public liability cover for youTo find the right level of public liability insurance for your business, speak to a broker. Brokers are trained to help you find the type of cover that best meets your needs and fits within your budget. They can help you understand what?s covered, what's not and how much cover you need based on your situation.As with any other insurance, it's important that you choose carefully so that you have the right amount of cover for both your business and personal needs. Get in touch today for a free quote on public liability insurance.