No matter what type of job that you are involved in, you will need some kind of insurance to cover you in the event of an accident, issues as a result of your workmanship, or if you lose your job for whatever reason. It’s something that you need, but you need to make sure that you choose the right insurance policy for you. There are different kinds of insurance policies out there and depending on what you want to cover yourself for, there is a policy that will suit your individual circumstances. One type of insurance that every business should have is public liability insurance, and the purpose of this is to cover your business if a customer, or anyone for that matter, suffers loss or some kind of injury as a result of your business activities.
If you are a tradesman, insurance is an essential part of doing business, and it is something that you should have. Unfortunately, public liability insurance is not a legal requirement in Australia, but for those who have it, it can prove itself to be invaluable with regards to the longevity of your business venture. The following are just some of the benefits of having public liability insurance.
- It protects your business – Not only are you responsible for your safety, but also responsible for anyone who works for you, and anyone else who ventures onto your work site. At that moment, they become your liability and if an accident were to happen, then it’s going to come out of your pocket if you don’t have the necessary insurance in place. It’s perfect for unforeseen circumstances and nobody knows what tomorrow will bring.
- It keeps you in business – In the event that someone wants to make a claim against you if there was an accident, it may cost you many thousands of dollars and if you don’t have the right insurance, then you’re going to be paying all of that out of your own wallet. In many cases thousands of dollars would put a business, out of business, and so having the right liability insurance will help to stop your business having to close its doors due to unforeseen circumstances.
It just makes sound financial sense to protect yourself in the event of an accident. Hopefully, nothing will ever happen, but in the event that it does, you can be safe in the knowledge that you will be covered.