Can I get a monthly public liability insurance policy?

How do I get a monthly public liability insurance policy?

Steve Sloan, a broker with Insure 247 explains that a monthly public liability insurance policy is not a good option for the insurer or the insured;

“Most policies are created to protect a client during the insured period or if a claim arises from the insured activities within that period, if you take a short-term cover you may lose that protections.

Most insurers offer you an annual policy with cover for that annual period after the expiry date of the policy for unknown claims.

Business people who seek a short-term policy are generally seeking cover because they are being asked to get that cover by a head contractor as it is a condition of their insurance, or perhaps a government tender requires it. If you only take insurance for this period you run the risk of costly claim after you have finished the work and the head contractor can a most like will pursue your business for the debt. And let’s be honest there are not many businesses that can afford a multi-million dollar claim.

let’s be honest there are not many businesses that can afford a multi-million dollar claim

What is the alternative?

Most brokers and some direct insurers will, however, offer instalment options, sometimes through finance companies, these third parties generally make their money on the transaction by charging interest and dividing the total amount over monthly payments, this does not however mean you have a monthly policy.

If you cancel the policy, especially in the first few month, you can lose fees and charges that may result in a shortfall or for you to pay a larger some to cancel the policy. So before you enter into an instalment option check to see the cancellation fees, charges and total cost of the annual policy, but remember if you are planning to cancel you are doing so against the broker’s advice.

More information

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

 

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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

What Is Limit of Indemnity?

What Is Limit of Indemnity?

In your public liability insurance policy it will refer to an Indemnity Period, what does it mean? What do you need to look for?

Public liability insurance protects individuals, businesses and organisations against the financial risk of being found liable to a third party for death or injury, loss or damage of property or pure economic loss resulting from negligence by the insured.

In the Event of Claim

In the event of a successful claim your business is legally liable to pay as compensation for Personal Injury and/or Property Damage occurring within the Territorial Limits as a result of an Occurrence in connection with Your Business up to the Limit of Indemnity, generally 5, 10 or 20 Million dollars.

Limit of Indemnity

“Limit of Indemnity” means the amount(s) stated in the Schedule as the Limit of indemnity or any lesser limit shown in the Schedule of your insurance document. The Limit of Indemnity is inclusive of and not additional to any applicable Excess

 

Is public liability insurance a legal requirement?

Not for all businesses in Australia, but unless you can afford to pay for a multi million dollar claim, liability cover may be considered an essential item on your business budget. Even the Australian government Liability insurance urge businesses to seek the cover.

Read more about on the Australian Competition and Consumer Commission website.

  • See information about insurance in your state or territory.
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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

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Are all Public Liability Insurance policies the same?

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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.

What is Legal Liability

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

 

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Does GST impact on my public liability claim settlement?

Does GST impact on my public liability claim settlement?

There is no goods and services tax (GST) payable on insurance settlements as long as the entity that paid the premium informs the insurer of its entitlement to an input tax credit on the premium at (or before) the time a claim is made.

When an insurer pays out a cash settlement on a claim, it is common practice for them to reduce the settlement amount by 1/11th if the insured is entitled to a full input tax credit.

The rationale for doing this would appear to be that the insurer considers they are only required to indemnify the insured for the actual loss incurred. If the insured is entitled to claim a full input tax credit on the replacement item, the insurer may consider that the entity’s loss is less than it would have been if they could not claim an input tax credit.

If, on the other hand, the insurer contracts with a supplier to provide a service to the insured, and undertakes to pay the settlement monies direct to the service provider in full settlement of the account, the insured is not entitled to claim an input tax credit for those payments by the insurer to the service provider. For this to apply, the insurer must meet the other requirements set out in paragraph 6 of Goods and Services Tax Ruling.

Keep your broker up to date with your current tax status

During your claim, it is important to keep your broker up to date with your current tax status and your preferred settlement option.

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

Steve Sloan
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Steve is a licensed insurance broker with Insure247

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Publiclaibiltycomparison.com.au is brought to you by Insure 247 to assist Australian business compare Public Liability Insurance quotes from leading Australian Business Insurers :

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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

 

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