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Public liability

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How much does public liability cost?

The cost of public liability insurance in New Zealand typically averages between $40 – $70 per month. This cost can vary widely depending on the type of business, its size, the level of risk, and the amount of coverage desired.

What is the average cost of public liability insurance? 

Businesses in New Zealand typically pay between $40 – $70 a month or around $500 annually for their public liability insurance. 

Fields with higher risks of accidents, injuries, or property damage, such as construction, cleaning, and manufacturing, are more likely to pay higher premiums for their public liability insurance.

Understanding public liability insurance cost factors

What influences the cost of public liability insurance? Several variables can impact the premium you’re quoted, lets look at the crucial factors.

How does business size impact public liability cost?

Larger businesses tend to attract higher public liability insurance costs. The rationale is straightforward: bigger businesses usually have more employees, customers, and suppliers, which inherently increases the chance of an accident occurring that could result in a liability claim. Consequently, insurers adjust premiums accordingly to balance this heightened risk.

What is the effect of industry type on business public liability cost?

Your business sector significantly influences your public liability insurance cost. Businesses in industries that have a higher risk of accidents or injuries—such as construction, agriculture, or manufacturing—will likely face higher premiums. On the other hand, low-risk industries such as professional consultancy or digital services often pay less.

How does your policy limit alter your commercial public liability cost?

The level of coverage you choose directly affects the cost of your public liability insurance. A higher limit means the insurer could potentially have to pay out more in the event of a claim, so this will increase your premiums. Conversely, selecting a lower limit can reduce your premiums, but it also means you’ll have less protection if a claim is made against your business.

Public liability insurance provides cost effective protection for your business.

Public liability insurance is a safety net for your business. It’s a plan that covers costs if someone gets hurt, or their property is damaged, because of your business activities.

Why public liability is cost effective

One of the great things about public liability insurance is that it’s cost effective. The cost of your coverage (or premium) is based on how much risk your business has. If your business only has a small chance of causing an accident, you’ll pay a small premium.

How public liability helps with legal Costs

Now, sometimes people might make claims against your business even if you didn’t do anything wrong. You’d still need to defend yourself in these situations, and legal defenses can be expensive. Thankfully, public liability insurance also covers these costs, saving your business from hefty legal fees.

Having public liability insurance in New Zealand keeps you protected

Remember, even if there’s only a small chance of something going wrong, it’s always better to be prepared. Public liability insurance ensures that your business is always protected, without breaking the bank.

It’s crucial to have general liability coverage if you:

  • Have a business premise accessible to the general public 
  • Interact with clients or customers
  • Deal with customer property
  • Rent or hold a commercial property

How can you save money on public liability insurance?

Understand your public liability insurance excess

Excess is a significant aspect of any insurance policy, including public liability insurance. In simple terms, excess is the amount you agree to pay out of your pocket before the insurance company steps in to cover the rest of the claim. For example, if you have a $500 excess and a claim worth $2000, you will pay the first $500 and your insurance company will pay the remaining $1500.

To save money on public liability insurance, you can choose a policy with a higher excess. This means you’re taking on more financial risk yourself, but it also means your insurance premium (the money you pay regularly to keep your insurance policy active) will be lower. However, be cautious and make sure the excess amount is something you can comfortably afford in case you need to make a claim.

Engage our public liability insurance brokers at Gerrards

Here at Gerrards, we know the ins and outs of public liability insurance. Our team of insurance brokers is equipped to guide you through the process of selecting the most suitable and affordable insurance policy. We have an extensive network of insurance providers, and our job is to negotiate on your behalf, compare offers, and secure the best rates for you.

Instead of spending your time and effort trying to understand complex insurance terms and comparing numerous quotes, let us do the hard work for you. By entrusting this task to us, you not only save money but also time. Remember, we work for you, not the insurance companies. Our mission is to get you the best possible deal while ensuring that your needs and requirements are fully met.

Public liability risk management

Implementing robust risk management measures can also help you save on public liability insurance. Insurance companies determine your premium based on how much risk your business poses. If you can show that your business follows good practices to reduce potential hazards and claims, your insurer may offer you a lower premium.

You might be wondering, what does good risk management look like? It could be as simple as regular staff training, implementing safety guidelines, maintaining a clean and safe work environment, or making sure equipment is up-to-date and well maintained. By reducing the chance of accidents or mishaps in your business, you present less risk to insurers, leading to lower premiums.

If you’re unsure of what risk management strategies to implement, we at Gerrards can help. Our team can offer you insurance advice and resources to ensure your business is as safe and risk-free as possible, ultimately saving you money on your public liability insurance.

Top professions that need public liability

In New Zealand, Public Liability Insurance can provide comprehensive and cost effective protection for many professions.

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