Public liability insurance is an important type of coverage for Australian companies to have at all times, because these policies prevent those organisations from paying out of their own pocket if members of the public come to harm while interacting with the companies. In some cases, organisations may not have enough awareness around their own need for this coverage – it's important that they rectify this lack of knowledge before it becomes relevant.
What kinds of insurance do real estate brokers need? According to Gallagher Australia, these firms should have multiple types of coverage, with public liability joined by professional indemnity, employee practices liability and cyber. Insurance Business Australia reported on the recent reminder from the insurer, which indicates that not enough real estate companies were covering their bases when it comes to types of protection.
Gallagher's statement explained that not only should real estate companies have public liability insurance in place, they should ensure their business continuity plans and risk management frameworks anticipate the kinds of incidents that could injure members of the public when dealing with any of the company's assets or services. This comes alongside a need for employee liability coverage of several kinds, with companies making sure they are covered in case an employee causes harm or if they are sued by their own worker.
Firms of all kinds may be held liable for an injury to a member of the public, which means even small- and medium-sized enterprises have a need for insurance. Fortunately, InsuranceNews.com.au reported in late 2019 that costs for SME public liability coverage were falling, spurred by the ability to buy policies through online marketplaces. The news provider added that increased competition coming with the active insurance market has brought policy prices down significantly, according to data collected by industry site BizCover.
Now, with a greater ability to buy affordable public liability coverage, the over 2 million SMEs active in Australia have a better chance of protecting themselves from liability. If a member of the public does come to harm when dealing with an SME, the decision to buy liability insurance may prove critical in protecting that business from suffering the direct legal consequences.
If you've been hurt when on the property of a large or small company, of any industry, you may be eligible to make a claim. You typically have three years from the injury to bring your case, and the quicker you act, the better your chances can be. Call Gerard Malouf & Partners' personal liability at 1 800 004 878 or email your enquiry.