Public liability is an essential level of cover for tradies who want to be sure they are protected in any situation. While this level of cover is important, it can also be a struggle to get right.
After all, there are a range of different things to keep in mind when it comes to choosing a public liability insurance policy, with these aspects often poorly understood by tradies. To help, here are three things you need to consider when selecting liability cover.
Consider everyone affected by your work
Public liability insurance is specifically designed for third parties who might be affected by your work, so the first step in getting the right policy is understanding these issues. For example, if you are often working outside, consider the risks that pedestrians and those around your project might be exposed to.
Often, just taking the time to understand your environment can ensure that you are not posing a risk to members of the public, while also giving an insight into the level of cover you need.
What are the exclusions?
Every insurance policy comes with exclusions, with these changing between different providers. These exclusions can often make it more difficult for companies to get the right level of cover for their operations, especially if your company is changing quickly.
Understanding what your public liability insurance does and doesn't cover is going to be essential for keeping your business running smoothly. It will also ensure that any new project you take on is going to be protected against potential problems that can easily arise in the building process.
What is the right amount of cover?
Public liability cover will often provide a set amount for any problems that occur with a tradesman's work. While this normally runs to a few millions, in some cases this may not be enough cover for your business, especially if you are taking on larger projects.
In this situation, any costs over the amount insured for will be coming out of your business, making it essential that you choose the right levels of cover for your operations.