Compare online quotes for public liability insurance in Tasmania here with Savvy today.
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As a business owner in Tasmania who deals with the public, having the right public liability insurance is vital. It can offer your business protection from a range of claimable events if a member of the public is injured as a result of your business activity or has their property damaged.
If you’re looking for public liability insurance, Savvy can provide a range of insurance quotes from some of Australia’s leading insurers to compare. After answering a few simple questions about your business, you’ll receive a range of free, no-obligation quotes to consider. Compare your options with Savvy today.
Public liability insurance is a form of business insurance that can offer protection against personal injury and property damage claims. Such claims can be incredibly costly, so having insurance to protect your business could be vital.
Unfortunately, there’s always a risk that an accident can occur. This could involve something as simple as a shopper tripping over a poorly-placed extension cord or even a customer’s car getting damaged in your car park by one of your trolley collectors.
If someone does get hurt or their property is damaged, you could face a potentially costly compensation claim if your business is found liable for the incident. Public liability insurance may partially or fully cover the costs associated with such a claim, subject to meeting your insurer’s qualification criteria.
Public liability insurance can cover your business for the following:
All insurance policy coverage is subject to terms and conditions set in place by your insurer, which are listed in the product disclosure statement (PDS) supplied with your policy. For this reason, it’s important to read the PDS very carefully before deciding which policy offers your business the most appropriate cover.
What is not covered by public liability insurance?
Public liability insurance is designed to offer you coverage if a member of the public makes a claim against your business alleging negligence. However, it won’t cover your own business equipment or assets. If you do require insurance for your business assets, there are other options available to you, such as business owner insurance. This is a package which can offer a range of other insurance types not covered by public liability, including certain covered events relating to your business assets.
Many different types of businesses in Tasmania may consider taking out public liability insurance, including the following:
No matter whether your business is based in Hobart or Launceston, what all these businesses have in common is that they face third-party liability risks. When considering your business insurance requirements, think about the individual risks your business faces and look to ensure the insurance you choose offers as much coverage for those risks as possible.
The key elements of public liability insurance you should look at when comparing quotes with Savvy include:
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The nature of your business and your occupation will be a major determining factor in the cost of your public liability insurance. All businesses are classified according to the insurance risk they pose, with higher-risk industries generally paying more for coverage, and lower-risk companies being offered cheaper policies. For example, a builder will generally pose a higher public liability risk than someone who works in the IT industry, due to their use of sharp power tools and heavy machinery.
The size of your business will also determine the cost of your insurance in Tasmania. Insurers will look at how many people you employ (unless you’re a sole trader) and your turnover to help determine the risks posed by your individual business. Larger businesses with a higher number of employees tend to pay more for their insurance than smaller operations.
Where your business is located will be a major determining factor in the cost of your insurance. For example, a rural shop in Latrobe may have lower insurance costs than a busier store based in central Devonport, although this will be down to how your insurer determines the risk level of your area. The state you are in will also play a part, as the cost of public liability insurance in South Australia may not necessarily be the same as in the Apple Isle.
Your insurance history will also contribute towards determining your insurance cost. If you’ve made multiple claims in recent years, you may find your premiums are higher than for a business which has never made a claim, although this is still one of many factors at play.
A lower excess amount usually increases the cost of insurance. You may be able to choose your excess amount, which is the portion of any claim you will be required to pay if you do decide to make a claim. For instance, setting your excess at $200 instead of $500 will generally lead to a costlier premium.
Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
