Tradie Insurances- The basics on Public Liability Insurance in NSW

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Most tradies have heard about Public Liability Insurance and for good reason – it’s one of the most well-known and widely used forms of insurance in Australia. Public Liability Insurance will protect you against the cost of damage to property or injury to another person that has happened as a result of your actions at work.

If you’re a tradie working in NSW, it’s important to understand why this type of cover is essential.

Getting the right public liability insurance cover in NSW

Public Liability Insurance is essential for tradies working in NSW as it protects you against the unexpected. No matter how careful you are in your work, it can be all too easy for accidents to happen. For example, you could find yourself liable if someone trips on your equipment or you inadvertently cause damage to property. If you’re found liable for damages after a successful claim, it can cost you thousands of dollars and you could find yourself having to cover medical bills, rehabilitation, repair, replacement or a number of other costs. Even if the claim is unsuccessful, you could be up for legal bills if you needed to hire a lawyer to assist you.

If you work in NSW, you’ll find that a lot of worksites make it mandatory to have Public Liability Insurance in place before you enter and if you work as a subcontractor you’ll often be asked if you have this cover in place. Although there’s no legal requirement for Public Liability Insurance in NSW, the fact that it’s mandatory in some setting just highlights the importance of this form of insurance.

The cost of your Public Liability Insurance will depend on the type of work you do and the risks involved. Generally, a higher risk job means higher insurance premiums while if you work in a low risk area you might find you have reduced premiums. As a general rule, the minimum amount you can be insured for with Public Liability Insurance is $5 million. The standard amount most businesses choose to be insured for is around $20 million, although there is no upper limit. Your insurance broker can help you decide how much you need to be insured for by having a closer look at your specific business situation.

Speak to the professionals for your tradie insurances

Wherever you are in Australia, including NSW, it’s important to make sure you have the right level of cover.  After all, you don’t want to find yourself in a situation where you have to use your own money following a claim or, worse still, struggling to come up with the funds. If you work in NSW and aren’t sure if you need Public Liability Insurance, take a moment to speak to your insurance broker and they’ll be able to advise you.