Things to consider before buying public liability insurance

Things to consider before buying public liability insurance

Liability insurance is likely to be one of the first purchases that your new business is likely to take out. Although it's not compulsory it is needed to protect your business against claims made by a third party for loss or damage caused by you or your staff.

Before you purchase public liability insurance, it's worth looking at a few things that you should take into consideration. Steve Sloan an insurance broker with Insure 247, explains what to look for before you make your purchase.

Level of Cover

First, you need to choose your limit of cover. The cover is generally offered at either 5,10 or 20 million dollars.
If you're covering a contract ask the vendor what limit they require, if you're dealing with state or federal government that's likely to be a 20 million dollar starting point.

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Liability Insurance - Insurers

When looking at the cover offered by insurers it's important to look at the insurer's financial strength, claims ratings and whether they are an Australian based insurer.

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Exclusions and variations

According to Sloan "Not all policies are the same, and some insurers may even offer different covers through different channels. It's important to check any exclusions under the policy especially if they would have an effect on you or your occupation. Insurers are obliged by law to advise you of any variations to this standard contract, that contract will be based on the product disclosure statement (pds for short)"

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Claims rating

An insurance policy proves it's value at the time of the claim, that's why prior to making a purchase you should look at the insurance claims rating. Publicliabilitycomparison.com.au uses claimsrating.com by LMI, they look at each insurers Speed, Proactiveness, Accuracy, and Fairness in the claim process.

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Price

Any business must be aware of its cash flow requirements, according to Sloan "Some public liability insurers will offer policies that are very similar in features and cover, however still be wildly different prices", he urges consumers to "Don't let price be your guide, let value and cover decide your choice"

Buy the right policy for you

If you don't feel comfortable making those comparisons or have any questions pertaining to your risk you should discuss it with a broker.

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PUBLIC LIABILITY INSURANCE

At Publicliabilitycomparison.com.au we quote broadform liability cover, this covers your business against claims for personal injury to another person (other than employees) or damage to property owned or controlled by someone else, or advertising liability. Property damage, personal injury or advertising liability which gives rise to legal liability must happen during the period of insurance and be caused by an occurrence in connection with your business activities, Broadform also cover product liability.

General Advice

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

Liability Insurance

 

The chairs that could cost your business three hundred thousand dollars

Business discussions that could cost your business

Stephen Sloan insurance broker with Insure 247 urges businesses to consider that it's often the small things that can cost your business a lot of money.

could cost your business

In a recent case in the New South Wales District Court, Kmart Australia was  made to pay compensation when an $8 plastic domestic use only chair collapsed when I client sat on it.

Awarded more than $300,000

According to the SMH*

Ms Lewis suffered permanent damage to her lower back, right buttock, thigh, and knee among other injuries.

She was awarded more than $300,000 in damages.

In making her decision to award Ms Lewis the sum, Judge Gibson noted that Kmart had breached its duty of care.

"To keep the photo lab (and its income) flowing, Kmart and its staff allowed the development of a haphazard system of customers taking chairs for sale in other departments (itself a breach of store policy) for use in circumstances where those chairs were unsuitable to the point of being dangerous," she said.

"I am satisfied that the plaintiff has established breach of duty of care. The defendant's failure to provide adequate seating for its customers in the photo lab, training for its staff and regulation of equipment use all play a role in relation to the circumstances of the accident."

Public Liability Insurance Offers Protection

Broker Stephen Sloan explains "Public Liability Insurance cover can protect the business owner where it is found to be negligent. It will also offer some protection for the high legal cost of defending such events.

Going without public liability cover may save you money spent on premiums, however in the event of a claim that saving may cost you your business.

Does Your Business Have A Plan?

It is not that anyone at Kmart intended for the client to get hurt and at no stage did the management of Kmart have any actual involvement in the actions that lead to the injury, however, they do need a system for training for their staff and the regulation of equipment, does your business do that?

It's also worth considering a risk mitigation when purchasing items used by the public or your staff, consider the use and consider is it appropriate for the intended use.

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

Source *Sydney Morning Herald

What Limit Of Liability Do I Require?

What Limit Of Liability Do I Require?

When you start to look for Public Liability Insurance, one of the first questions you must decide is what limit of liability do you require?

What is Limit of liability?

Insurers will offer limits of liability starting at $5 million, and can go up to $50 million.This is the insurer's maximum payout in the event of a claim

Steve Sloan a broker with Insure 247, explains;

You should consider your clients when choosing a limit of liability

If you deal with the public, then $5 million would cover most claim situations.

If you deal with other businesses (B2B) then $10 million may be required.

If you deal with local government, state or federal government, airports or ports then $20 million is probably going to be the minimum requirement.

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

requirement.

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED



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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 Compared

Public Liability Comparison has compared over 1000 risks in the last 21 days, most are common risks such as carpenters, consultants, handyman and plumbers. However some of the risk compared are what we call "Hard to place risks". These cover for these risks are not generally offered by the major insurers such as AIG, Allianz, CGU, Calibre, QBE, Vero and Zurich.

Public Liability Comparison uses the Insure 247 Team, The Insure 247 Team has access to a network of insurers and specialist underwriters

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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

 

Source * www.irmi.com

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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