What is liability insurance Australia?

Liability insurance in Australia protects businesses from legal claims of negligence that result in injury, property damage, or financial loss to a third party. Common types include public liability insurance and professional indemnity insurance , which cover legal fees, compensation, and court costs.

Do ABN holders need insurance?

If you hold an ABN and run a business , you may want to consider public liability insurance to cover claims of injury or property damage if it's relevant to how you produce an income. Other insurance types, like professional indemnity or business insurance , may also be necessary depending on your industry.

What is not covered by public liability?

Public liability insurance typically does not cover damage to your own property, employee injuries (which are covered by workers' compensation ), professional negligence, or intentional damage. It is important to review your policy for specific exclusions.

Is liability insurance the same as insurance?

Liability insurance is a type of insurance specifically designed to cover claims made by third parties for injury or damage. It is different from other types of insurance, like property or vehicle insurance , which protect your assets rather than third-party claims.

What is an example of public liability insurance?

An example of public liability insurance is a cafe owner who is covered if a customer slips, falls and injures themselves on the premises. The policy could cover the legal costs and compensation awarded to the injured party.