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.

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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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What is goods in physical or legal control?

Goods in physical or legal control

What is goods in physical or legal control?

With many public liability policies, you will see the inclusion of cover for goods in physical or legal control, many people believe that this offers the policyholder protection for their laptop or smartphone, unfortunately not.

What are goods in physical or legal control actually?

This covers your customer’s goods that you may be repairing, storing or it may be goods purchased by your clients that are awaiting delivery or pick up. It also covers goods that your company has accepted responsibility to insure under a formal consignment agreement.

This cover offers your business protection from loss or damage to those goods.

What level of cover should you have?

Check with your broker to see how much cover is in the policy, for example, most will have $250,000 as a standard offer, then consider the potential loss.

For example, if you’re a mechanic repairing a 2012 Ferrari 458, with a value of $400,000,  it may be best to discuss with your broker to get an increase on the level of cover for goods in physical or legal control.

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

 

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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

 

Why do I need to full out a proposal for Public Liability Insurance quotes?

Why do I need to full out a proposal for Public Liability Insurance quotes?

Public Liability Proposal Form

Some times Insurers like to see more about your business prior to quoting, they may ask you to complete a proposal, this also helps then better understand your Public Liability Insurance needs better.

Will I need to fill out a different proposal for every insurer?

At Public Liability Comparison we also use one proposal and send it to many insurers.  Other insurers may require a signed proposal prior to putting the insurance in placeThen if you get insurers, some insurers may request a completed proposal before releasing the papers.

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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. Please read the Product Disclosure Statement and contact us if you require any clarification.

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