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Public Liability Insurance protects you from legal liability for injuries or property damage inflicted on third-parties, like customers or members of the public in Singapore.
Imagine if your customer were to slip and fall in your restaurant just because your employee had just mopped the floor. Or if you ran a home-moving company, and your staff accidentally scratched the walls of your client’s home while moving bulky items.Â
Such incidents are so common at work, no matter what preventive measures your business has in place. The cost associated with repair and restoration should never be taken lightly as your client may pursue legal recourse to seek compensation for damages.
If you want to protect your company against expensive litigation, then this insurance policy is perfect for you.
What does Public Liability Insurance cover?
1. Legal Expenses: Pays for lawyer fees to defend against claims of injury or property damage
2. Legal Damages/Settlements: Pays for legal compensation for injuries or property damage
Examples of Public Liability Claims:
a.  A customer who walked into your store slips and falls. They suffer physical injuries. They file a civil suit against you. Public Liability Insurance would pay for your lawyer’s fees, and also pay for the legal damages awarded to the injured customer.
b. While you were conducting repair works in a public place, you accidentally damage another building’s walls. The building owner files a civil suit against you, and you decide to settle. Public Liability Insurance would pay for your lawyer’s fees, and the legal settlement agreed for the wall damage.Â
Do I need Public Liability Insurance in Singapore?
 This insurance is crucial if:
You have customers regularly entering your business premisesÂ
You perform work in public places
- You are renovating your business premises
You do not have large amounts of cash to pay lawyers fees and legal damages, which can easily cost several hundred thousand dollars
Public Liability Insurance is standard practice in industries like:
- Retail stores
- F&B businesses
- Renovation contractors/Construction businesses
- IT Services and Management Consulting businesses
- Marine Surveyors
- Logistics businesses
How much Public Liability Insurance do I need?
If your revenue is less than $5,000,000 a year, you should look at coverage amounts between $1,000,000 to $2,000,000. This will usually be more than sufficient to cover lawyer fees and court-awarded damages.Â
If your revenue is more than $5,000,000 a year, or you operate in industries with extensive third-party legal liability (e.g. high foot-traffic shops, multiple chain stores, a large amount of work conducted in public), you should consider $3,000,000 and more in coverage.
How much does Public Liability Insurance cost?
Public Liability Insurance is generally very affordable. The cost of premiums starts from $9/month for $500,000 in coverage (premiums will vary depending on your industry). That’s cheaper than a Netflix subscription!
With Provide, you save up to 25% on your premiums. Our digital operating model creates lower overheads, and we pass these cost savings back to our clients.Â
