Public Liability Insurance appears to cover someone on you property who is not there working (Workcover) who injures themselves on your premises.
It's the banana skin in the supermarket insurance.
Not so long ago, it was usually $5,000,000, but the "standard" now appears to be $20,000,000.
A Google search turns up lots of Insurance company spruiking, but nothing about the real value or experience of it.
I am happy to pay a reasonable premium for reasonable cover, but isn't this just an easy upsell to 99% of the market.
Also looking for a reputable broker.
$20,000,000 Public Liability Insurance. Really?
GOFYS on 25/02/2018 - 13:23
Comments
Really?
Yes
No, Really? Like, Really Really?
So, you only want (say) $5mio instead of $20mio. What if there is a major accident on your premises and the courts make a judgement of $15mio against you? Your insce will cover the first $5mio, leaving you to fund the balance - bankruptcy court here we come.
Not a great argument… What if there is a judgement against OP (with $20m insurance) for $35m, and insurance only covers the first $20m?
The way insurance works, if there aren't many claims over $5 million, then the risk of a $20 million incident is very low and the premium is worked out accordingly.
There's obviously an additional part of the premium to cover between the $5-20 million range, but it won't be 4 times the $5 million cover premium.
Just like car insurance.
Don't bother to insure at all. When you have a claim against you, then contact OzBargain.
Really!