Public Liability Policies

22 April 2013

Public liability policies can cover a wide range of events, including injury or damage to a client or other person's property, and financial loss (because of your work) to a client or other person.

If your business is ever accused of causing injury or damage to others, a business liability policy can aid you in covering associated costs.

Your insurance provider will help you to determine exactly what your company is liable for, and will make a decision whether to opt for a financial settlement before the case reaches a court based on this.

Here are a few things to keep in mind when it comes to public and business liability policies:

Have you checked your coverage recently?

In the event that you are taken to court for causing injury to people or property, your insurance provider will be responsible for paying whatever compensation is awarded by the judge.

However, they will only pay for damages that fall under your specific policy, and will only pay as much as you are insured for.

It is therefore a good idea to regularly review your company's liability policy to make sure you know exactly what you are covered for, and update this if necessary.

What about your staff?

Liability policies cover the damage that your employees do to others' property or personnel. They do not cover any injuries incurred by your employees themselves.

You will need a separate insurance policy to cover them.

Is it a legal requirement for your business?

Particular trades and businesses are required by law to have some form of liability insurance before they can even get a contractor's licence. Such trades include plumbers in Victoria and electricians in most states.

If you would like more information about setting up public or business liability insurance, contact Elders Insurance today.

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