Public Liability Insurance for Strata Companies
As a strata company or body corporate, you’re required by law to repair and maintain common property, including making sure safety equipment is operational. You’re also required to keep up to date with the regular changes to strata obligations.
If for whatever reason, you forget to make necessary changes to the property and an accident happens, you could fall victim to costly legal fees.
What is Public Liability Insurance for Strata?
Public liability insurance covers compensation for personal injury or property damage as a result of the strata or a member’s negligence.
Public liability claims are considered long-tail claims. It can take years before a claim is settled. So it’s wise to cover your strata company liability limit for the highest amount you can afford to purchase.
Public liability insurance is a type of legal liability insurance. At Lync Insurance, we offer insurance policies for strata companies that cover all types of legal liability, including public liability, office bearers’ legal liability, and workers’ compensation.
Protection From Third-Party Accidents
If a tenant trips on uneven ground on your property and injures themselves, they can decide to sue your strata company. Paying for legal fees and potential compensation payouts can be costly. Public liability insurance is a specific type of legal liability insurance that will cover your strata company in this type of scenario.
Cover For Property Damage
If your strata company winds up responsible for damage to a tenant’s property (for example, due to a water leak that causes a building flood), the tenants can request compensation for their damaged items. Public liability insurance will cover your strata company for the cost of replacing your tenant’s damaged property.
Questions to Ask Your Strata Company
- When was the last time we reviewed our public liability insurance?
- Does our policy provide sufficient coverage?
- Have we entered into any contract arrangements without verifying insurance requirements?
- Have we checked whether our contractors who perform work on the common property have the correct insurance in place?
Finding the Right Public Liability Insurance
It’s easy to get overwhelmed by the number of strata insurance products on the market. At Lync Insurance, our specialist team is highly knowledgeable in strata insurance and can identify which types of coverage your strata company may need. By guiding you through the available policies, we can help you manage the risks of your building.
Have you got more questions about public liability insurance?
