Public Liability Insurance

Starting and running a small to medium-size business is a challenging task. From struggling with growth to dealing with customers and staff, there is enough to be worrying about without being blindsided by a public liability lawsuit.

Most business owners simply focus on the public liability portion of these insurance policies without fully understanding the risks they are exposed to for product and contractual liability as well.

And by not planning for the right coverage levels, you could be exposing your business to unnecessary risks.

What Is Public Liability Insurance?

Whenever your business comes into contact with the public, there is a risk that accidental damage can be caused to a person or their property. This is the case whether you own a retail store with plenty of foot traffic, or you’re a plumber taking care of a job at a client’s home.

But even in situations where only your products come into contact with your customers, e.g., online eCommerce stores, any damage your product may cause can open you up to lengthy and costly lawsuits.

Public liability policies are designed to provide your business with the protection against the losses that can arise from fighting personal injury and/or property damage lawsuits and possibly being forced to pay out large sums of money in compensation and penalties.

What Risk Factors Could You Be Exposed To?

Here are some real-life and very common risks that you could be exposed to.

Public Liability Retail

A customer walks into your retail store and trips over something that has fallen off a shelf unnoticed. Despite there being no negligent behaviour, and this being a pure accident, any injuries the customer suffers can become your liability.

You could be forced to hire lawyers to represent you in court and pay a compensation claim decided by the court.

Public Liability Construction

Use of subcontractors is very common in the construction industry, but this also exposes businesses to certain risks. If a subcontractor damages the property of your commercial or residential client and they don’t have their own public liability policy, then you can be held liable.

While you should always ensure that the subcontractors you deal with have their own insurance policies in place, there are some other precautions you can take.

A small business insurance policy for public liability can cover subcontractors, which can help protect your business if one of your contractors has not kept their own liability cover up-to-date.

Product Liability

A restaurant prepares meals with contaminated food, and several customers become ill. Even if the contamination is the fault of the supplier of the raw products in question, you’re exposed to serious legal battles that can quickly run into hundreds of thousands of dollars.

Your business will be the first line of defence, and it can become a very long and difficult battle to prove who the liable party is. Even if you don’t end up being held liable by a court, the legal costs alone can be crippling to any business.

Contractual Liability

This is a significant risk that many business owners completely underestimate. If a transport or shipping company hires a commercial container and this gets damaged in transport or through a storm, then your business could be liable for that damage, despite it not technically being your property.

This can also be the case if you hire that same shipping container out to another third party. Insurance policy language is very carefully formulated to cover these contractual liability situations, and it is important to review any third party contracts a client or vendor may have.

Why Dealing With Aspire Insurance Is Your Best Option

Expert Advice With 24/7 Support

Starting with the consultation and quoting process, all the way to helping you deal with potential insurance claims, your insurance representative at Aspire Insurance Solutions have the experience and expertise to make a stressful situation more manageable.

You won’t have to worry whether you actually have the right insurance policy to provide the best level of protection, and in a claim situation, we can advise on and handle the majority of the claims process for you.

Tailored Solutions

Every business has different types of risk exposure, and our team at Aspire has the experience of dealing with businesses of all sizes and in all types of industries. This has given us a unique insight and understanding of how to best tailor insurance coverage for you.

By choosing the right coverage amounts and policy wording, you can make sure that you strike the right balance between being financially protected and having a cost-effective policy in place at the same time.

Annual Cover And Premium Review

Just like any other financial products on the market, the insurance sector is constantly coming up with new and improved ways to offer businesses the protection they need.

Whether this is to cover new types of claims or simply providing a better claim handling process, you should always review your existing policy at the time of renewal.

There is, of course, also a financial interest in doing this as the prices of different insurance providers are in constant competition for your business.

By partnering with Aspire Insurance Solutions, you will receive a full annual review of your cover to provide you with the best possible renewal quotes.

Face To Face Advice

If you’ve searched for public liability insurance quotes, then you’ve probably found plenty of online calculators that allow you to buy directly on the website. While this can reduce the price of a policy, it can pose a risk if you don’t fully understand the policy wording.

At Aspire, you will be dealing directly with a specialist insurance representative who will fully advise you on what level and types of coverages you need to fully protect your business from financial risks.

Contact Us Today

For a completely free assessment of your potential risk and a quote to provide optimum cover for those risks, call us today on 1300 886 781. We can take care of the entire process to make sure you can focus on running your business.