5 Things To Consider About Public Liability Insurance For Your Small Business

There are lots of things that go into making your business a success. Through solid planning having an idea about some of the risks your business may be exposed to, can help your business stay strong for the long haul. 

One step that you can take, is being aware of your Public Liability insurance*. It’s a common type of business insurance and something that many different types of small businesses may need to consider when running their business. 

There may be plenty of different Public Liability insurance offerings in the market, but keeping some tips in mind when it comes to selecting your policy can help safeguard your business for when you need it most.  

These are 5 things to keep in mind when taking out Public Liability insurance. 

Understand what business activities you are covered for 

With Public Liability insurance policies, there is no such thing as a blanket cover that insures and protects every type of business. With such a variety of businesses, there are different types of Public Liability policies to suit the needs of your business. 

Make sure you take some time to check your policy and its wording to ensure your policy is protecting you for the type of business activities you perform. You also want to double check the exclusions, conditions and any endorsements. 

Without checking these details, you could be potentially left with the risk of being uninsured if a claim were to occur.  

Do you have enough cover? 

It may seem like a simple one, but having the right amount of cover in place is something which is usually determined by multiple factors, like the type of business you operate and the level of risk. 

For example the types of risks a busy pizza restaurant has will be different to say that of an architect who works from home. The potential claims from a restaurant environment are increased due to the nature of the business, interacting with members of the public and being exposed to food and drinks.  

Having an idea of the scale and type of potential claims your business could face, can help to understand how much cover your business may need. 

Is Public Liability insurance required for your business? 

For certain types of businesses, it may be a requirement to have your own Public Liability insurance policy. If you are unsure, check with your relevant industry association or body. 

If you work with contracts, you may also want to check if you are required to have a policy and if so the minimum amount that you may required to have. This is sometimes a common requirement for those working on building sites, operating within gyms/studios and even part of a rental agreement with the commercial landlord.  

Managing your risk exposure  

As a small business owner, there is an element of responsibility when it comes to creating a safe workplace environment for yourself, your employees and third-parties which may interact with your business.  

Being aware of any potential risks and taking time to regularly assess your business practices can help to identify ways to reduce risks within your workplace. Examples of potential dangers that can be avoided include things like ensuring stock and boxes are not left around on the ground while customers are in your store and not leaving long cables and tools lying around when working on a building site. 

Whether you’re a tradie, an accountant or have your own retail, Public Liability insurance is something many small business owners consider when looking at ways to safeguard their business from potential risks.  

The financial impact of a claim on your business could cause devastating results, potentially causing the closure of your business for good, a drama no business owner wants to be faced with. 

Finding cover to suit your business and budget 

There are plenty of options in the market for small businesses to select from when it comes to purchasing your Public Liability insurance.  

At BizCover, we know how important time and saving a few dollars can be. That’s why we do the shopping around for you, comparing Public Liability insurance policies from NZ insurance providers in the click of a mouse.  

It’s important to understand what exactly your policy is providing cover for, so take some time to go over the policy wording. Our friendly Business Insurance Specialist are only a phone call away if you have any questions and need some help with your policy.  

Visit bizcover.co.nz and get insurance for your small business without the stress so you can get on with your day. Get on the phone and give us a call, you can find us at 0800 249 268. 

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited. 

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