Question about Public Liability Insurance...

I am in NSW. As a first home owner, we've almost decided to purchase a 2-bedroom unit. The unit is currently leased by a tenant. My conveyancer suggested to get a public liability if we decide to keep them there.

What sort of public liability insurance is it and how much does it normally cost?

What are some of the good insurance companies?

Even if we decide not to keep the tenants there and we decide to move in ourselves, do we still require this insurance?
Firstly, if you do move in yourself then public liability is included in all standard home building and contents insurances.

If you decide to rent out, then landlord insurance will include public liability.
Minimum $10 million for investment properties.

This is normally packaged together with your building/landlord insurance.