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

 

What is not covered in Youi Business Liability Insurance

business-liability-insurance

Youi Business Liability Insurance

We recently use LMI-Policy comparison to see how Youi Business Liability Insurance compared with the Steadfast policies used on Publicliabilitycomparison.com.au

Youi does not cover Advertising Injury a standard feature with a Steadfast policy

The other related benefits not covered include;

  • Care Custody & Control – Premises Leased or Rented to Insured
  • Care Custody & Control – Premises Temporarily Occupied by Insured
  • Care Custody & Control – Employees Property
  • Care Custody & Control – Vehicles in Free Car Park Owned or Operated by Insured
  • Claims Preparation Costs
  • Pollution – Costs of Cleaning up Nullifying Removing etc Following Sudden Accidental Release Dispersal

All of these Related Benefits are standard in the Steadfast policy offered from insurers like AIG, Allianz, Calibre, CGU, QBE, Vero and Zurich.

What is Advertising Injury

“Advertising Injury” means: Injury arising out of defamation, or any unintentional breach of the misleading or deceptive conduct provisions of the Trade Practices Act 1974 (Commonwealth) or Schedule 2 to the Competition and Consumer Act 2010 (The Australian Consumer Law (ACL)), or any Fair Trading or similar legislation of any country, state or territory; or any infringement of copyright or passing off of title or slogan; or unfair competition, piracy, misappropriation of advertising ideas or style of doing business; or invasion of privacy; committed or alleged to have been committed during the Period of Insurance in any advertisement, publicity article, broadcast or telecast and caused by or arising out of Your advertising activities.

If you are still unsure about public liability insurance speak to a broker call 1300 046 787 13000 Insure

Public and Products Liability Insurance Quotes

Compare Public Liability Insurance

 

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Public liability comparisons

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

 

Policies compared

YOUI-BusLiab_0714 1/07/2014

Lumley General and Products Liability
GLIPDS25000_0411 1/04/2011

Vero Business Insurance
V6778_V3_0314C 1/03/2014

Zurich Business Insurance
PCUS-007459_V2_0214 12/03/2014

 

This comparison has been independently compiled by Policy Comparison International Pty Ltd.
The comparisons provided above have been prepared as a guide and they are not intended to be exhaustive. Comparisons are based on the Insurer’s standard policy. Actual terms and conditions may be subject to amendment by negotiation or where the Insurer applies endorsements to suit particular circumstances. While the utmost care has been taken in the preparation of the guide, it should not be used or relied upon as a substitute for detailed advice or as a basis for making a business, financial or insurance decision.
The product itself is only one criterion that should be considered when making a decision on what policy to accept. Other criteria are claims service, the financial strength of the underwriter and price. A decision on any one criterion alone is certainly not recommended.