Lost your client keys?

Lost your client keys? Your Public Liability Policy may cover you

If your business involves you having keys to clients premises, your at risk of a third party property claim in the event that you lose those keys.

Imagine the horror of not be able to find the keys, what if they were stolen and the thieves use it to strip out your clients property, are you liable?

keys

Am I covered?

What if your clients keys are used by you and 100 other people, will you be liable for the replacement cost of all the keys?

What if they are stolen from you car, will your businesses public liability policy cover the resulting loss?

According to Stephen Sloan an insurance broker with Insure 247, you may be able to calm your nerves in the event of lost or stolen clients keys  .

“A public liability insurance policy is in place to cover loss or damage to a third parties property or personal injury. So if due to your negligence the keys are lost, the resulting consequential loss would be covered.”

“However in the case they are stolen from your car, your car policies public liability may offer you cover”

It is important to compare public liability insurance policies

“It is important to compare public liability insurance policies as some may have limits on property in physical and legal control that will impact your claim

Before making your claim here are details to prepare for your broker or insurer

  • Details of the loss
  • Your policy number
  • A letter of claim from the third party
  • A quote for the repair of the damage to the third party

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

 

GET YOUR PUBLIC LIABILITY INSURANCE QUOTE CLICK HERE OR

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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.

See Also

WHAT IS GOODS IN PHYSICAL OR LEGAL CONTROL?

 

Is Public Liability Insurance Compulsory in Australia?

Sole Trader To A Company Does my Policy Cover Me?

What Should You Disclose When Applying For Public liability insurance

 

 

 

 

The difference between a trading name, business name and company name?

When arranging public liability insurance, the insurers will ask for your business name. Should you provide them with your trading name, business name or company name?

According to ASIC;

Business name
A business name is simply a name under which you conduct a business. You must register a business name in Australia, unless you trade under your own name, or fall within an exemption. For example, if you trade solely in the Cocos (Keeling) Islands. Registration on the Business Names Register identifies who is behind a business name.

Trading name
Before 28 May 2012, the Australian Business Register (ABR) collected names used by entities to carry out their business activities. The ABR displayed this name as a trading name. Trading names will be displayed on the ABR until 31 October 2018.

Company name
A company is a separate legal entity registered with ASIC. A company has its own name which is required to include the legal terms or abbreviations ‘pty’ and/or ‘ltd’ at the end of the name.

A company may choose to register a business name if it wants to carry on a business using its name without the legal terms, or if it wants to use a different name.

Brand names and Franchise names
Many businesses have a brand name that is used by different entities. For example, ABC business may have ABC Operations, ABC Logistics, and ABC Security. Franchises and other business structures may provide a license to an entity to use a name. Each entity, including franchisees and licensees, operating with a business name must register the name on the Business Names Register.

Registered business names may be distinguished by a word or phrase, e.g. ABC Operations and ABC Seymour. The word may be a suburb or town, a year, a colour, an entity name or another word relevant to the business.

Names that are identical or nearly identical to an existing registered business name are not allowed.

Source ASIC

 

Who should the insured be?

According to Steve Sloan from Insure 247 the insured party needs to match the insured’s activity and the entity that is at risk. When you complete your request use the companies ABN and make sure the policy matches the names associated with that ABN.

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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 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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What does Designated Contracts Mean On My Public and Products Liability Proposal

When you complete a Public Liability Insurance proposal form, it will ask “Do you have any contracts to be designated?” What does this mean?

Generally your insurer will provide indemnity to your business in respect of liability
that may be assumed under Incidental Contracts.

You may however be asked by a supplier or landlord to waive your right to sue or even extend the coverage to them as an interested party.

If you have signed a contract like this without advising your insurer you may have entered into contracts with the undernoted parties and this maybe outside your polices coverage.

Designated Contracts

An example can be found in many lease agreements

“The Tenant uses and occupies the Premises and the Building at its own risk and releases the Landlord from all claims resulting from any damage, loss, death or injury in connection with the Premises except to the extent that such claims arise out of the Landlord’s negligence”

Contractual Liability Coverage for designated contracts only may available so we suggest you should discuss it with your broker.

Click Here to Arrange a Quote 

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CLICK HERE FOR A CLAIM COMPARISON OF PUBLIC LIABILITY INSURERS

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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