If you’re a tradie starting your own small business, it’s essential that you have Public Liability Insurance in place to protect your business financially. After you’ve already no doubt had to spend quite a lot of money to get your business going, the last thing you need is find yourself at the receiving end of an expensive claim for damages. Protect your business, as well as third parties, by putting the right liability cover in place.

Why do I need Public Liability Insurance?

There are a lot of benefits to having your own small business but there can also be risks involved that you need to manage. While you can lessen the chance of things going wrong by having the appropriate policies and procedures in place, some risks can’t be avoided no matter how many measures are taken. When you have your own business, you’re no longer relying on an employer to worry about the practicalities like insurance and your small business could face serious financial implications, or even bankruptcy, if there is a serious incident.

Public Liability Insurance will cover your small business if you’re found liable after damage to property or injury to another occurs as a result of your business’ actions. If a third party makes a successful claim, you could find yourself and your business seriously out of pocket – even if the incident that led to the claim was fairly minor. Medical bills, rehabilitation costs, repairs and any number of other expenses all add up and your liability insurance will cover these costs for you. Additionally, Public Liability Insurance can cover legal costs that are linked to claims for damages.

As a small business, you have a responsibility to have the right level of Public Liability Insurance in place so your clients can be assured that you’ll be able to provide appropriate compensation if something goes wrong. You need to be accountable to third parties by having the right cover in place so any successful claims for damages are paid.

The right Public Liability Insurance cover for you

In terms of choosing a level of cover, insurers will generally offer three levels of cover including $5 million, $10 million and $20 million. The level of cover you go with for your small business depends on the size of your business and the risks involved with your work.

When it comes to taking out Public Liability Insurance for your small business, it’s best to have a chat to your insurance broker who’ll be able to discuss the specifics of your business and ensure all areas of risk are covered. All Trades Cover specialise in offering insurance to tradies and we will be able to advise you on the right level of cover for you.

For a Public Liability Insurance quote or for any questions about insuring your small business, give us a call at All Trades Cover or fill in our easy online form.

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