People want to be comfortable during the summer and winter months which is why air conditioning and heating technicians are always in demand. Of course, your work isn’t without it’s risks. Whether you’re installing or fixing air conditioning or heating units, damage or injury to a third party can easily occur. So, how do you protect your business from these risks? Well, that’s where public liability insurance comes in.
What is public liability insurance?
Public Liability Insurance can protect contractors against outstanding costs associated with damages to third party property or injury to third party persons as a result of performing their daily work. It also covers your legal costs if you need to hire a lawyer during the claims process. Costs associated with a claim can run from a few hundred dollars for minor claims to millions of dollars in the case of an extreme or serious fatal situation. Just some of the costs you could be liable for following a claim include medical bills, rehabilitation costs, repairs and replacements – all of which can have a serious financial impact on your business without insurance in place.
Why is public liability insurance important?
Without public liability insurance in place, you need to pay for third party damage or injury with your own money following a claim. This can be financially disastrous in your business and in some cases has such a financial impact that you won’t be able to operate. While public liability insurance isn’t a legal requirement for air conditioning and heating technicians in Australia, it’s highly recommended. In some cases, an employer will require a Certificate of Currency verifying that you have liability insurance in place and you won’t be able to enter some worksites without it. This is particularly the case for mine sites.
How much will public liability insurance cost?
There are a number of factors that an insurer will consider when it comes to calculating your liability insurance premiums. These include the type of work you undertake, whether you have employees, the location of your work, the turnover of your business and your claims history. Your premiums wlll also depend on what level of cover you require. Remember not to settle for the cheapest premiums you come across – you need to be confident that you have good quality cover in place so you’re not caught out at claim time.
As a contractor, it’s essential that you have the right level of business insurance in place and we understand that you want this process to be as simple as possible. That’s why Contractor Cover have combined the most common forms of insurance cover into one convenient package – no more messing around with multiple policies.
To learn more about insurance cover for air conditioning and heating technicians, contact Contractor Cover today on 1300 438 268.