25 Dec No Comments admin Uncategorized

Avoiding legal trouble can sometimes prove to be difficult if you’re operating a small-scale business or work as a freelance photographer.

This doesn’t mean that those who are managing multinationals or corporate don’t face legal problems; it’s just that they are covered by limited liability. This means that in case of financial loss or property damage, they are only responsible for the money they have invested in the business.

However, small-scale business owners can also get public liability insurance to minimise the damage to their business.

Why is Public Liability Insurance Important?

Every entrepreneur knows that operating a business comes with risks. Risks can range from an unsatisfied client threatening a lawsuit, to employees causing damage to a customer. Such situations are always unpredictable. The one thing they do have in common is that they affect the image of a business and result in monetary loss.

One of the most common types of accidents is a customer hurting themself. This happens when a customer visiting your shop or office trips or accidentally hurts himself. This results in a lawsuit. The court sees this as the responsibility of the business owner.

5 Tips to Secure the Best Public Liability Insurance

Buy a ‘bundle’: When opting for public liability insurance, you can even get product liability insurance as a package. This will help you if a product belonging to your business does damage to a customer.

Check if it covers everything: Some public liability insurance policies do not cover general liability. Make sure you have everything covered by your insurance policy so that you do not need to spend extra money on insurance.

Check with the federal law: In Queensland, electricians are required to secure at least $5 million before they are able to acquire public liability insurance. Make sure to check with the law regarding your business as different laws apply to different businesses.

Don’t opt for the cheapest quote: That isn’t the best idea. The cheapest quote may not cover everything your business requires and could leave you in debt; or worse, with a failing business that is ready to shut down.

Assess the potential risks to your business: If you own a restaurant, and a customer allergic to dairy accidentally consumes food with dairy in it, you will be facing a lawsuit. It is important to think about potential risks and then decide the type of insurance cover you want.

For more information on the best type of public liability insurance, contact us. We provide you with the best free insurance quotes online.