Here’s the lowdown on NSW public liability insurance*
As a small business owner in New South Wales you already have a lot to worry about. From paying your employees, to getting stock delivered on time and generating new business – the list is endless! The last thing you want to think about is paying for unexpected accidents – they do happen!
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities.
If a claim is covered by your Public Liability insurance policy, it will cover compensation payable to a third party as well as the associated legal costs. What if a customer was injured after tripping on a box you didn’t put away or your employee damaged a client’s antique property?
Stamp Duty Concession for NSW Small Businesses
On 1 January 2021, the NSW Government introduced legislation to make insurance more affordable for small businesses by providing a stamp duty exemption on certain insurance products. The exemption applies to both Public Liability and Professional Indemnity policies.
To be eligible (as that the time of publication), you must be a Capital Gains Tax (CGT) small business entity and have an aggregated turnover of less than $2 million for the income year in which the insurance is effected or renewed. If you qualify for the exemption, tick ‘Yes’ to the eligibility question when obtaining a quote online and the concession will be automatically applied.
For more information on the NSW Stamp Duty Concession visit Revenue NSW website.
Public Liability explained further…
Product Liability explained further…
