How much is a $1 million liability policy?

How much a $1 million liability policy costs in Australia depends on type of liability and risk, but for public liability for small business or artist, $1M cover is low and costs $250 to $500 per year. However, most insurers in Australia offer minimum $5M public liability, as $1M is considered too low, with $5M costing $300 to $600, $10M $350 to $700, $20M $400 to $800, so $1M not much cheaper. For personal liability for golfer or sports, $1M public liability costs $50 to $100 per year. For professional indemnity $1M cover, cost $300 to $800 per year for consultants, IT, designers. For product liability $1M, $250 to $500 per year. For general liability for small business like café, $1M public liability would be $300 to $600, but most councils require $10M to $20M, so $1M insufficient. For umbrella $1M excess liability over primary, cost $300 to $600. For personal umbrella $1M over home and car, $200 to $400 per year. So $1M liability policy is relatively cheap $250 to $500 for small business public liability, but in Australia you usually need $10M to $20M which costs $400 to $800, only slightly more, so insurers recommend higher cover for small extra cost, as one serious injury claim can exceed $1M easily, with average public liability claim $50K to $200K but serious can be $1M+.