Why Public Liability Insurance is Important
Tradies and contractors would all agree that working on site can be hazardous at times – there’s always a lot going on and sometimes things do go wrong. Of course you need to insure yourself and your employees but if anyone else comes to harm as a result of the day-to-day running of your business, public liability insurance protects you, your business and your personal assets.
No one likes to think about the worse case scenario but public liability insurance gives you peace of mind, and for some tradies it’s a mandatory requirement. If you’re not sure, we’ve put together our top five reasons why you should get public liability insurance before stepping on site:
Whether you’re self-employed or managing a team of tradies, we understand that you’ve worked hard to build your business and a trusted reputation in the industry. The last thing you want to do is lose your business, your assets and your reputation because someone came to harm as a result of your work. Public liability insurance is peace of mind that you won’t be out of pocket and out of business should someone get hurt as a result of your business.
Is public liability insurance mandatory for you?
Does your licensing body or industry membership require you to have a minimum level of public liability insurance? Many trades require evidence of public liability insurance (usually a Certificate of Currency or a Certificate of Insurance that is issued with your policy) before granting your license or membership. Check the fine print or visit your industry body website to make sure you have the right level of cover.
Increase your credibility
Even if public liability insurance isn’t a mandatory requirement for you in your industry – it does give you more credibility in the eyes of potential employers. Tradies with public liability cover are much more likely to be selected for jobs than those who are not covered.
Duty of care
At the end of the day, you have a duty of care to anyone who comes in contact with your business and the work you do. If the worse case scenario does happen, and someone is badly hurt, then public insurance liability means that medical costs and other expenses will be covered without lengthy delays and court proceedings that could last several years.
The cost of public liability insurance does vary but is generally very affordable and for some tradies, it’s as low as $30 per month. Premiums can range in price – especially if your work is undertaken in hazardous locations. Your insurer will get an understanding of your business and ensure that you get the right level of cover.