When applying for public liability insurance, why do you they ask if you import?
Steve Sloan from Insure 247 explains that insurers want a good understanding of the risk, prior to offering public liability cover.
In the event of a claim the insurer may choose to sue your supplier if the product causes a financial loss or injury, it is easier for them to recuperate the loss from local supplier.
Why does importing product end up increasing my premium?
Many countries do not have the same quality control as Australia, and importers need to be aware of any local regulations or standards. This is especially in the case of food, supplements and baby products.
What if I don't tell the insurer that i import?
In the event of a claim the insurer can investigate, and any non-disclosure on your insurance proposal may result in the claim being declined, leaving you out pocket and possibly uninsurable in the future.
How do Insurers rate importers?
For insurance quotes, most insurers will rate importers as a manufacturer. There are some exceptions, New Zealand may not be classed as importing because of uniform standards.
What countries will see higher public liability premiums
Importing from China, India, United States and Europe may increase your premium.
Steve Sloan has been working with the Insurance industry since 2002.
From a marketing background Steve has overseen some game changing roles in the industry before starting the Insure 247 commercial brokerage.
Steve has Diploma of Insurance Broking and was the founder of Quotesonline, Greatchoice and Publicliabilitycomparison.com.au
Insure 247 Pty Ltd ACN 612944215 an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433.
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