What is a drivers risk extension?

What is a drivers risk extension?

If as part of your business you or your staff drive or test drive client cars it’s worth checking your insurance policy to ensure that you have what’s called the motor trade extension or the “drivers risk extension”.

Although a standard public liability policy includes damage that you cause to other peoples’ property, this does not extend to damage that you cause to a client’s vehicle whilst driving it. If you ever drive your clients’ vehicles, you should also include the driving risk extension in your public liability policy.

Damage to or theft of a customer’s vehicle that is your care custody and control while road testing is a major risk, it’s likely that in the event of an accident, your clients’ insurer we’ll sue your business for the resulting damage or loss.

There is also a risk of being sued, in the event that you were one of your staff injure somebody while on that test drive or moving the vehicle around.

Who should consider a drivers risk extension?

This is not just mechanics, panel beaters, truck repairers, but also car groomers, valet car parking etc.

You may also have extended your risk by offering clients a courtesy vehicle and you should check to ensure that the cover on the car includes the person driving the vehicle and guard against you been sued by any damage of that they do.

So remember claims as a result of injury or damage, in a vehicle is most likely to be excluded under normal public liability policies if you are unsure speak to a broker ask him to review your policy and your requirements.

Note: This cover may not extend to claims as a result of faulty workmanship if you feel this may be a risk once again you should talk to a broker.

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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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

 

Event Planners

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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

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Public Liability Insurance Claims Checklist

Public Liability Insurance Claims Checklist

What to do in the event of a Public Liability Insurance Claim?
Public liability insurance is there to protect your business if your business activities damage property or injure someone.

But unlike motor or home insurance, there must be a third-party letter of demand to trigger the claim on the policy.

This can be in the form of an email from the client or in more serious cases a letter from the client’s solicitor.

Public Liability Insurance Claim Check List

First things first

Contact your broker, they have more experience in dealing with complex claims and generally get better results than if you go directly to your insurer. They will be able to assist with the likely course of the claim and better explain the steps need.

Details

Provide the broker/insurer with a third-party letter of demand.
Provide details of the events that caused the claim, including locations, dates, times and the personnel involved.

Where possible provide photos of the loss.

Property Loss

What is the cost of repair, has the work been completed, if so by whom, do you have a copy of the repair invoice?
If Subcontractors are involved

Provide details of any sub-contractor involvement, do they have public liability insurance, and if so with whom, could the loss be attributed to the subcontractor?

Personal Injury Claim

What were the clients injuries? What is the prognosis, has the client detailed the loss of revenue and out of pocket expenses?

Death Claims

Claims that involve death can be traumatic for all involved. Its best to see early advice as each state will have different agencies that may be involved, and culpability can take months to settle, its best to involve your broker, insurer, and lawyer as soon as possible.

Settlement

In our experience simple property claims can be settled in a relatively short period (currently 42 days), however complex property claims, death or injury can take years, you must maintain the policy during this period, ensuring that the premiums are kept up to date.

The average public liability claim is generally only a few thousand dollars, but you have cover for up to the policy cover level, $5 million, $10 million or $20 million, you will have to pay the excess prior to the insurer settling your claim, and some insurers will require a release letter to be signed by you the insured and the third party.

If you have any questions, speak to one of our team, or contact your broker.

 

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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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs

Why Are Public Liability Premiums Increasing?

Are Public Liability Premiums Increasing?

According to Steve Sloan from Publicliabilitycomparison.com.au public liability premiums are increasing, and here’s why.

Insurers Hardening Market

“Insurers have been through a cycle of lower premiums that have reduced the returns to their shareholders. They are now in the position where they need to raise the premiums to improve the situations. Lower premiums coming to an end

Many public liability insurers that last year were offering lower premiums to get new policy holders are raising the premium on renewal

More excess in the event of a claim

Others are raising the standard excess in the event of claim, most have gone from the first $400 to $500, making claimants think twice about claiming in the event of small third party property losses.

Stamp Duties

Most states use insurance stamp duty to balance their budget. NSW in particular removed stamp duty only to reinstate in a move that left consumers and insurers confused and out of pocket, as NSW controls so much of the insurance pool, the administration costs of the changes were reflected in premiums across the country.

Insurers mergers and acquisitions

Some of the insurers that’s offer public liability insurance for tradies and small business have gone through some ownership and management changes. This includes brands like Calibre, Vero and Zurich.”

Steve Sloan recommends getting a comparison every time your policy is due for renewal. “Let the market cycles help you get the best premium, but check with your broker to make sure the policy wording and inclusions are the same or better than your existing cover.”

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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation, and needs