Obtaining PL insurance is no legal requirement, although it is recommended if your business is dealing with the public. The higher the risk, the more PL insurance cover you should take out. This should help save your financial backside. However, a trades industry contract may include clauses making it a legal requirement to take out PL Insurance. Furthermore, there may be a minimum amount that should be taken out in order to meet certain requirements. For example, government and school contracts. They may set higher public liability amounts ranging from $10 to $20 million.
In summary, PL insurance offers three main cover amounts. $5 million, $10 million and $20 million. However, this is likely to depend on both the size and the nature of your business. Also, the amount should reflect the level of risk involved. The higher the potential risk, the more you should take out. Above all, we recommend seeking additional advice for the most appropriate amount.
The good news is, Public Liability Insurance is a relatively low-cost coverage. So, if you are a professional consultant or a business owner who is interested in getting Public Liability Insurance coverage, speak to us! Let us discuss your insurance needs and how much coverage your business needs.
The great news is that FD Beck has a free online insurance quoting tool tailored for contractors, consultants or freelance professionals. In fact, our online calculator has almost 150 professional occupations to choose from. FD Beck’s online PI insurance calculator offers limits options of $500,000, $1,000,000, $2,000,000 and $5,000,000. Better still, our online calculator includes other products such as Public Liability and Cyber Insurance. That’s just to name a few.
For over 100 years, FD Beck has protected Australians. Rest assured, we have the knowledge and expertise to handle every aspect of your insurance needs.