Liability Insurance is an important part of your business insurance package that will cover the costs of damage to property or injury to third parties should you be found liable for damaging actions in the course of your job. The cost of liability damages can hit you hard financially, from a few hundred dollars to potentially millions in serious cases. The last thing you want to do is dig into your own savings to pay for these damages. However, how much will it really cost you to put Liability Insurance in place?
What Determines the Cost of Liability Insurance?
The cost of Liability Insurance can be determined by:
- The nature of your work – You’ll find that if you work in a higher risk job your premium will be higher, whilst those in lower risk jobs will have lower premiums. High risk trade jobs include electricians or those working at heights, whilst lower risk jobs include handymen and cleaners.
- The size and location of your business – If you run a small business with a number of employees, you may find your costs are also higher due to there being an increased number of risks. More people equal more risks to insure.
- The amount of cover you require – The cost of Liability Insurance will also depend on the maximum amount you want insurance for. This amount will vary from $5 million to $20 million. $5 million often being the mandatory requirement on many work sites. However depending on risks it may be wise to obtain a higher level of cover.
Getting The Best Liability Insurance Price
Getting the best price for your insurance package can involve shopping around for your quote, calling insurers directly, and comparing policies. This can take up valuable work time and effort. You might find there isn’t much difference between prices, but you may not notice the difference in policy wordings. It’s always best to consult an insurance broker for your Liability Insurance quote prior to signing up. They can check over the policy and make sure you are getting the most comprehensive policy for your buck.
An insurance broker can be your best asset in finding an effective Liability Insurance policy to suit your specific needs. They will have the knowledge to customise a package and access to multiple insurers to save you time and effort better spent elsewhere. Their goal is always to get you the best price and policy.
To discuss insurance packages for your business and obtain a Liability Insurance quote in Perth, contact All Trades Cover on 1300 826 850 today. We specialise in trades people and contractors. Visit the website at alltradescover.com.au. Or fill in the easy online form for a quick insurance quote. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.