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Cheap Public Liability Insurance

The Problem with Cheap Public Liability Insurance

Comparing Public Liability Insurers

The issue with Cheap Public Liability Insurance

When comparing public liability insurance policies, there is a trap that the insurers don’t tell you when they offer you a cheap premium.

According to Insure 247‘s Broker Steve Sloan, it’s what the Insurers don’t tell you that may result in you carrying the risk when choosing a cheap policy.

“What they have left out”

“Not all public liability insurance policies are the same, insurers are obliged to tell you what they cover not what they have left out.” he said “Insurers wording may include reduced cover option or simply no cover for common claim scenarios”

Care Custody & Control

Mr. Sloan explains “If you look after customers goods check that that your policy covers the amount you require, it’s common for insurers to exclude this cover for couriers, transport companies, mechanics and even pay TV installers.” Some insurers may describe this as goods in physical and legal control.”

The excess

It’s when a claim happens that you truly appreciate the value of a public liability policy, however, some insurers will have a high excess for different claim scenarios. Check prior to purchasing the policy, the excess, and compare other insurers to see if it is a common excess.

Cheap is not always best

When you get your public liability quote, you will be asked what level of cover you require. Cover generally offered is either $5, 10 or $20 million, according to Mr. Sloan $5 Million will normally be the cheapest, however, “It may only be a few hundred dollars more to get the maximum amount of cover”, “$5 million may not be enough to satisfy a government or business tender process.”

Before buying a policy Steve Sloan recommends using the check list below

PUBLIC LIABILITY CHECK LIST

  • IS IT BROADFORM LIABILITY (BOTH PUBLIC AND PRODUCT LIABILITY?)

  • ARE THERE ANY ENDORSEMENTS OR ALTERATIONS TO THE COVER?

  • WHAT ARE THE POLICY EXCLUSIONS?

  • WHAT IS THE EXCESS IN THE EVENT OF A CLAIM?

  • CHECK THE LEVEL OF COVER

If you are still unsure, talk to our team on 1300 046 787, to discuss your requirement.

PUBLIC AND PRODUCTS LIABILITY INSURANCE Compared

Compare Public Liability Insurance

 

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Public Liability Compared

At Publicliabilitycomparison.com.au we quote broadform liability cover, this covers your business against claims for personal injury to another person (other than employees) or damage to property owned or controlled by someone else, or advertising liability. Property damage, personal injury or advertising liability which gives rise to legal liability must happen during the period of insurance and be caused by an occurrence in connection with your business activities, Broadform also cover product liability.

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

 

Advertising Liability Insurance

What is Advertising Liability Insurance?

What is Advertising Liability Insurance?

What is Advertising liability Insurance? You may notice an inclusion in your public liability insurance policy called advertising liability cover, great, but what does that mean? and what does it cover?

Advertising liability insurance provides protection against claims for liable, slander, infringement of copyright, title or slogan arising out of your businesses’ advertising activities and printed material.

It does not relate to claims resulting from the unauthorised appropriation of ideas based upon alleged breach of an implied contract; Incorrect description of any article or commodity; Or a mistake in advertised price.

The cover does not normally apply where the business of the insured is advertising, publishing, broadcasting or telecasting and the cover is confined to infringements and other matters committed during the period of insurance.

If you are still unsure, talk to our team on 1300 046 787, to discuss your requirement.

Public and Products Liability Insurance Quotes

Compare Public Liability Insurance

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Public Liability Compared

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Advertising Liability Insurers

You Need Public Liability Insurance

5 reasons you need public liability insurance

5 reasons you need public liability insurance

It’s estimated that of the 2,171,544 of actively trading businesses in Australia, 1 million of those are sole traders (not paying PAYG). These sole traders face risk while working with the public.

1.Accidents Happen

In Australia in 2016, there were 300-000 personal injury claims. A large number of these claims are covered by workers compensation insurance. Those workers compensation insurers will take legal action to recover the money paid.

If you or an employee of yours was responsible for the injury to a third party, your business would be held liable.

Personal injury claims are not restricted to medical needs it also covers ongoing needs, Loss of Earnings, Pain and Suffering In 2012–13, work-related injury and disease cost the Australian economy $61.8 billion, representing 4.1% of GDP.

 

2. Damage to Property is Expensive

You need public liability insurance because as Insure 247 explains the average public liability third-party claim for property damage in the last 12 month was $2800*, some as small as broken windows $550 and as large as $200,000 for water damage. On average it takes 42 days for public liability insurers to pay the claims.

3. Public Liability Insurance Makes Economic Sense

According to Insure 247, for small to medium business with  1 or 2 employees operating as a trades person or a professional risk, annual public liability insurance premiums should range between +$500-$1000, and then in the event of a claim, there will be an excess payable (Normally around $500).

4. It may be required to work

Government contracts, worksite health and safety and some licensing and industry regulator will require you to have a current public liability policy. Some may also need consumer protection insurance.

5. Consider your risk?

Do you carry stock owned by someone else? Does your business operate around the public? Could you afford a personal injury or property damage claim without insurance?

If you are still unsure, talk to our team on 1300 046 787, to discuss your requirement.

Public and Products Liability Insurance Quotes

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

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Public Liability Compared

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Sources: 8165.0 – Counts of Australian Businesses, *Insure 247 Claims Statistics May 2016 -April 2016, +Depended on Turnover and other underwriting criteria,

Who needs Public Liability Insurance

Do I Need Public and Products Liability Insurance After I Cease Trading?

When your business ceases to trade, what insurance should be maintained?

Remember just because a business closes and/or ceases to trade, it does not mean it’s exposure to risk also ends.

The business and directors and shareholders may still have a liability exposure in relation to products sold, serviced, repaired, installed, imported or manufactured.

Public and Products Liability insurance policies are triggered by the occurrence of personal injury and/or property damage during the period of insurance. If you cancel the policy and a claim is made against you by a person who suffers personal injury and/or property damage after the date of cancellation of the policy, you will not be able to claim under the policy. It is irrelevant when the product was sold or the allegedly defective work was done.

In a recent claim, a kitchen manufacturer/installer installed a wall cabinet in 2013. In 2016, it fell from the wall damaging the cabinet as well as the kitchen benchtop it fell onto.

The insured had some months ago “closed” the business and their policies were cancelled. As a result, there was no cover in place when the damage occurred.

Although run-off cover is more commonly required for professional liability exposures, it’s not unusual for it to be contractually required for public and products liability risks.

If you are still unsure, talk to our team on 1300 046 787, to discuss your requirement.

Public and Products Liability Insurance Quotes

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

1300-Insure

 

Public Liability Compared

Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on the inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs