What is Public Liability Insurance?

Public Liability Insurance covers your legal liability to third parties for personal injury or property damage arising from your insured business activities.
Public Liability Insurance is designed to provide you with confidence to trade without having to worry about the burden and financial impact if injury, or damage was to occur outside of your control, in which you were found negligent.

No doubt if you’re in business for yourself, you’ve heard of Public Liability Insurance. Public Liability Insurance can protect all businesses, from sole traders, to small businesses, to ASX listed companies. No matter the size, no matter the industry, Public Liability Insurance is going to offer a level of protection for your business that you need. Without it, you could see yourself fronting the costs incurred if a claim were to be brought against you.

In this post, we’ll cover a few examples of how Public Liability Insurance can protect you, and how you can benefit from engaging Morgan Insurance Brokers to source cover that’s right for you.

Why is Public Liability Insurance Important?

To protect you from unexpected legal costs that could arise from Public Liability Claims against your business, it is important that you protect your business with a Public Liability Insurance policy that will cover all of your day-to-day business activities. Although usually not compulsory, businesses should consider safeguarding their financial future with an adequate Public Liability Insurance policy. We all know how expensive solicitors are, so imagine having to pay for legal representation to respond to the claim brought against you, whilst also having to potentially reimburse the claimant for their legal fees incurred, and compensation claim as well.

Between 2017-2021, there has been $2.31 Billion Dollars paid out in Public Liability claims in Australia. This highlights the importance of ensuring your business is protected with an adequate Public Liability Insurance policy.

Examples of Public Liability claims

Property Damage

ABC Lawnmowing is engaged to cut John Smith’s grass. A stone has flung up under the mower and damaged John Smith’s glass. ABC Lawnmowing is deemed liable for these damages and their Public Liability Insurance policy will pay for the repair of the glass.

Slip and Fall

Jane Doe has entered XYZ Supermarket and has slipped and injured herself on a puddle of water from a leaking freezer. XYZ Supermarket had known about the puddle but did not secure the area with appropriate signage to warn customers about water on the ground. XYZ Supermarket are found liable for Jane Doe’s medical expenses. XYZ Supermarket’s Public Liability Insurance policy will pay the legal and compensation costs in this instance.

Food Poisoning

Jack Jones visited his favourite buffet restaurant for dinner. A short time later, he came down with a bout of food poisoning. Jack Jones was unable to work for the follow days after, and also incurred medical costs. It was found that the buffet restaurant was liable for Jack Jones illness. The buffet restaurant engaged their Public Liability Insurance and the policy responded to the costs incurred.

Now we know how important insuring for Public Liability Insurance is for your business, so now is the perfect time to review your cover, or take out a new policy to protect yours, and your employees futures!

Not sure where to start? Contact Morgan Insurance Brokers for a tailored Public Liability Insurance policy for your needs. We do all the hard work, so you don’t have to. You’ll have faith knowing that we have your best interests at heart.