When it comes to insurance for your business, public liability insurance tends to be a non-negotiable form of cover. Although it is generally not a statutory requirement, many employers will expect you to have liability cover in place and you won’t be able to enter many work sites without it. Public liability insurance covers a range of scenarios but, as with all forms of insurance, there are certain exclusions which apply and it’s important that you understand exactly what your liability does and doesn’t cover. Let’s take a look.
What is public liability insurance?
Public liability insurance is designed to protect your business financially against third party claims following damage to property or injury to a person that has occurred as a result of your actions at work. It also covers legal bills if you need to hire a lawyer during the claims process. If you’re found liable following a claim, it can have serious financial implications for your business which is why it’s important that you protect yourself with liability insurance.
What doesn’t public liability insurance cover?
There are a number of common exclusions which can be attached to your public liability insurance policy. These include:
Damage to employee property – if damage occurs to property belonging to the business or employees, this won’t be covered under your public liability policy. This would need to covered with a separate policy.
Intentional or illegal acts – if it’s deemed that your actions are illegal or deliberate, you won’t be covered through your public liability insurance.
Professional advice – if damage or injury occurs due to professional advice that you’ve given, this won’t be under your liability insurance. Instead, this would be covered under a separate professional indemnity insurance policy.
Taxes or punitive damages – in some instances, the court may deem that your actions have been particularly negligent and award additional fines or punitive damages. You may also be required to pay for additional taxes. These costs will not be covered by your public liability insurance.
Asbestos – if you’re working asbestos, your public liability insurance won’t cover damage or injury which results from dealing with asbestos. This will need to be provided by additional specialist cover.
Remember that the exclusions attached to your public liability insurance will vary depending on your policy. Take the time to read the fine print so you can be confident that your policy suits your specific business needs.
Protecting Australian contractors
As a contractor, it’s essential that you have public liability insurance in place to protect your areas of risk and there is also additional insurance cover that you’ll require for ongoing protection. Contractor Cover make life easy when it comes to insurance for Australian contractors thanks to our clever contractor package which includes all of the main policies required by contractors.
For public liability insurance for your business, contact Contractor Cover today on 1300 438 268.
