Public Liability Insurance Compared
Are all Public Liability Insurance policies the same?
You know you need public liability insurance to protect your business against claims of third party loss or damage, and there are many Australian Insurers and underwriting agencies that offer cover but are they all the same?
We asked Steve Sloan an Insurance Broker with Insure 247
“No not all policies offered in the Australian market are the same, some may only offer protection to the public for injury or damage as a result of your business activity, but not your injury or loss as a result of your product. To combine both you should look for Broadform Liability cover.”
“Check if you policy has any exclusions, endorsements, alterations that may take effect in the event of a claim.Some may exclude your importing, some may exclude your professional or legal services. They may have heat exclusions in the event of work done away for your premises.”
Does a higher excess save money?
Sometimes you may save a few hundred dollars in premium by increasing the excess payable at claim, however in the event of a claim the excess may end up higher than the value of the claim. It’s also worth checking the excess as some underwriting agencies have a minimum excess of $5000, likewise in the event of personal injury claims some insurers require no excess at all.
Will they all have the same level cover?
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, you should seek the advice of a broker before arranging the quote to see if the level of cover offered is enough to meet your needs.
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