New tools, a powerful laptop, a shiny new ute… those are exciting business purchases for a tradie. Business insurance? Not so much.
Public Liability insurance is a grudging purchase for many; often bought just so they can get on site. And once you’ve got the job and shown proof of insurance, you might be tempted to cancel that policy.
But before you cancel, consider what could happen if you do.
A Public Liability requirement might be written into your contract, meaning that if you cancel your policy before the work is completed, you could be hit with a breach of contract lawsuit.
But, what if Public Liability isn’t required for you current job? Why not cancel that policy and save a few bucks?
Public Liability insurance isn’t just there to make site managers happy. It helps protect you and your business from third-party property damage and injury claims—some of the most common incidents on many worksites.
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Take this real-life Public Liability claim example from BizCover:
A concreter was working on site and put up a security fence around their work area. However, they didn’t properly secure the fencing. High winds blew the fence over, damaging a third-party owned vehicle. The owner of the vehicle sent a letter of demand outlining the damages to their vehicle and requesting $6,045 for repairs.
The concreter’s insurer reviewed the evidence—photos of the damage and worksite and the invoice for repairs—and agreed to pay the Public Liability claim.
Of course, if the concreter had cancelled their policy, they would have been out of luck and out of pocket for the claim!
Ready to protect your business? BizCover offers multiple cover options including Public Liability, Portable Equipment, Theft, Personal Accident & Illness, and more! Compare multiple policies online with BizCover and get covered instantly – it only takes minutes!
For on the go cover, go BizCover.com.au or call 1300 805 821.
