Coverage Amount will depend the size/type of your business premises, what industry is your business in, the type of work you are conducting for your customer, and whether the project contract stipulates such requirements for Public liability Insurance.
A renovation company may potentially require a higher public liability coverage than a retail store, as renovation works in client’s premises may cause damages to existing property or fittings, or to neighbouring property. Likewise, a retail store would require a higher coverage amount as compared to an office set up due to high customer traffic in a retail setup.
The scale of work done for your customers needs to be evaluated throughly as a consideration to determining the coverage amount. The compensation amount for damages varies greatly, depending on the value of existing property & items, as well as the worksite premise. Take for example, renovation works in a museum or medical center can possibly damage historical artifacts/ high end medical devices & equipments when workers are negligence in their work; if the work site premise is a public place where traffic flow is high is considered to require higher coverage amount as compared to a private and enclosed space of work. Some private contracts will also state the minimum coverage amount as a pre-requisite before commencement of work as part of the letter of award.
We invite you to speak to us to find out how much insurance is required to get you covered fully for your nature of work. Talk to us to find out more.