If your business activities involve dealing with third parties, it’s definitely worth investing in a comprehensive insurance package, such as Public Liability Insurance.
Why? Public Liability Insurance protects you and your business against the financial risks of being found liable to a third party for death or injury and loss or damage to property. If you don’t have this cover in place, then it will be up to you to find the money to fund the possible legal costs, and everything else that comes with it.
This is why having Public Liability Insurance for your business is so important. With that though, comes the importance of having the right cover in place. If you don’t have the right cover, there is potential for things to go seriously wrong.
So, what exactly does Public Liability Insurance cover and what could go wrong if I don’t have the right cover? Let’s take a look.
What is Public Liability Insurance?
In short, Public Liability Insurance protects you and your business against the financial risks of being found liable to a third party for death or injury and loss or damage to property.
Public Liability Insurance covers individuals, businesses, events, contractors and even a community building.
Examples of a public liability claim. A person tripping over and hurting themselves in your office reception area, or a tradesman, while working on a job, accidentally damaging a client’s property.
What could go wrong if I don’t have the right cover?
It’s all well and good to have insurances in place, but they need to be right for you and your business, to ensure they’re going to cover you adequately when the rubber hits the road.
So, what could go wrong? Well, here’s a couple of things that come to mind:
Credibility could quite possibly be one of the most important aspects of your business. If you don’t have credibility, you don’t have clients, and of course, if you don’t have clients, you don’t have a business.
Depending on the type of business you run, the absence of Public Liability Insurance can, in fact, result in losing potential clients. Yes, some businesses simply will not deal with other businesses without this cover, particularly businesses which are considered to be more at risk.
Why risk your businesses’ credibility?
Finances. Yet another major aspect of your business and of which without, your business will not operate.
The effects of recovering a claim without Public Liability Insurance could potentially be financially crippling, not just to your business, but your personal life as well. Think about it. How will you afford to pay out a claim worth hundreds of thousands of dollars? Will you have to claim bankruptcy? Perhaps even sell your family home?
It’s not something you ever want to have to think about, but you may very well have to if you don’t have the right insurance cover in place.
How do you know if you have the right cover?
So, how do you know if you have the right Public Liability Insurance cover? Or any insurance cover for that matter?
By seeking professional advice, of course.
At Matrix Insurance, we have years of experience in assessing the insurance needs of businesses and finding the right cover for them. We service the whole of Australia with a clear focus on business insurance.
Contact us and get the right insurance cover for your business, before it’s too late.