How Much Is Public Liability Insurance Australia?

The cost of Public Liability insurance in Australia varies greatly due to several factors. Here’s a breakdown of what influences the price and how to get an idea of the cost for your situation:

Factors Influencing Public Liability Insurance Cost:

• Nature of your business: High-risk businesses (construction, manufacturing) pay more than low-risk ones (office-based services).
• Level of coverage: The more coverage you need (e.g., $5 million vs. $20 million), the higher the premium.
• Business size and turnover: Larger businesses with more potential exposure generally pay more.
• Claims history: A history of claims can increase your premiums.
• Location: Some states or territories may have slightly different regulations affecting cost.
• Insurance provider: Providers have different pricing strategies and risk assessments.

Estimated Cost Ranges:

• Sole Traders/Small Businesses: Might start as low as $50 per month for basic coverage.
• Medium-Sized Businesses: Could range from $50 – $150+ per month depending on the factors above.
• Tradespeople: Prices tend to be slightly higher with averages around $50-$100 per month.
• High-Risk Industries: Prices can significantly increase based on the specific business activities and risk.

How to Get Quotes:

The best way to determine the cost of public liability insurance is to get quotes from multiple providers. Here’s how:

1. Gather Your Information: Have the following ready:

   • Business name, ABN, address
   • Description of your business activities
   • Estimated annual revenue.
   • The desired level of coverage.
   • Claims history

2. Contact Insurance Providers: You can:

   • Visit the websites of major insurers like Allianz, AAMI, NRMA, BizCover, etc.
   • Use an insurance broker for broader comparison
   • Check industry-specific associations, as they may have preferred partners

Where to Get Insights on Pricing:

• BizCover: Their website offers a helpful breakdown of average costs and allows you to get online quotes: https://www.bizcover.com.au/public-liability-insurance-cost/
• Public Liability Australia: Provides details on average costs: https://publicliabilityaustralia.com.au/public-liability-insurance-cost-australia/
• Insurance Brokers: Brokers can compare multiple insurers and often find better deals tailored to your business.

Important Considerations

• Don’t Base Decisions Solely on Price: The cheapest policy might not have the appropriate coverage. Always compare the benefits and exclusions.
• Minimum Coverage May Not Be Enough: Assess your risks carefully. $5 million coverage is often the base, but many businesses might need $10 million or $20 million.
• Product Liability: If you sell or manufacture products, you’ll likely need additional Product Liability insurance.