Engaging with others is one of the most enjoyable parts of the workday for many people. From baristas to builders and tour guides to tradies, almost all jobs imaginable involve contact with people outside of the business.

The problem is that if something were to go wrong and someone external to your business suffers an injury or damage is sustained to their property, those contacts can turn sour.

Public liability insurance covers you financially for such unfortunate situations. If your business interacts with the general public, customers, passersby or patrons, it's only smart to carry public liability insurance. Here are three of the best reasons for getting a public liability insurance quote today.

Money

The main reason an Australian business takes out public liability insurance is for financial security.  Ask yourself if you could afford to pay for the medical bills, damage repair, rehabilitation and legal costs if you're held liable for an incident. A small business needs to manage its costs, but failing to have insurance isn't even worth thinking about.

Peace of mind

There are numerous moving parts involved in running a business. You don't want to have sleepless nights wondering if an employee, driver or contractor has accidentally caused injury or damage.

Unexpected and unforeseen accidents

By their own nature, accidents are unintentional. However, you or a representative of your company can still be held legally responsible, especially if a court regards the behaviour as being negligent. Even if you decide to settle, the cost is covered by public liability insurance.

Litigation costs

Fortunately, Australia isn't as litigious as the U.S. However, people still take businesses to court for injuries and damages, typically because of a lingering impact after an accident. When you get a PDS (Product Disclosure Statement) and quote, make sure you check them thoroughly to identify any limits relating to delayed or continued settlement and legal defence costs.

Getting an insurance quote

Spend some time getting and comparing two or three public insurance quotes. You might find that the cost of premiums varies greatly, which is due to coverage limitations and unique risk factors. An individual insurance policy should cater to your needs, not provide blanket cover at a premium cost. 

You should also avoid simply opting for the cheapest premium, as that can leave you vulnerable to policy limitations. An insurance company can tailor a quote to your business and provide a detailed explanation of the coverage so you know exactly what to expect.

Contact a professional to learn more about public liability insurance.