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.

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

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Public Liability Compared

 

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

 

Why Are Public Liability Premiums Increasing?

Are Public Liability Premiums Increasing?

According to Steve Sloan from Publicliabilitycomparison.com.au public liability premiums are increasing, and here’s why.

Insurers Hardening Market

“Insurers have been through a cycle of lower premiums that have reduced the returns to their shareholders. They are now in the position where they need to raise the premiums to improve the situations. Lower premiums coming to an end

Many public liability insurers that last year were offering lower premiums to get new policy holders are raising the premium on renewal

More excess in the event of a claim

Others are raising the standard excess in the event of claim, most have gone from the first $400 to $500, making claimants think twice about claiming in the event of small third party property losses.

Stamp Duties

Most states use insurance stamp duty to balance their budget. NSW in particular removed stamp duty only to reinstate in a move that left consumers and insurers confused and out of pocket, as NSW controls so much of the insurance pool, the administration costs of the changes were reflected in premiums across the country.

Insurers mergers and acquisitions

Some of the insurers that’s offer public liability insurance for tradies and small business have gone through some ownership and management changes. This includes brands like Calibre, Vero and Zurich.”

Steve Sloan recommends getting a comparison every time your policy is due for renewal. “Let the market cycles help you get the best premium, but check with your broker to make sure the policy wording and inclusions are the same or better than your existing cover.”

Public Liability Compared

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

Insurance Claims tips for small business owners

Insurance Claims tips for small business owners

When you’re put in a position of having to make a claim on your insurance, it can be traumatic. It’s not the claims process itself that is traumatic — in fact, making a claim is usually quite simple — but whatever event has happened to make you need to make an insurance claim is typically unpleasant and can often carry with it significant emotion and stress.

As such, it can be helpful to know what to expect and how to go about making a claim. When you are armed with this knowledge, it can make an often painful and frustrating event that little bit easier to deal with.

Report the incident

This might seem obvious, but call the police and emergency services if a serious accident has taken place or if your business is essentially a crime scene — for example, if a robbery, some other kind of theft, malicious damage or vandalism has been committed. If the safety of your business premises has been compromised, do not enter and instead act on the advice of police or other emergency services personnel.

This may seem less obvious, but one of the best things you can do in the event you need to make a claim is to advise your insurance company or broker of the situation as soon as possible. Even if you don’t have all the information necessary, it’s good to chat to your insurer about what’s happened ASAP. They can then explain the claims process for you and clue you in to any steps you may need to take or evidence you’ll need to gather.

Chatting to your insurer or broker immediately after a claimable event has taken place can also be quite calming. You’ll typically find that claims personnel and brokers are quite understanding in times of trauma or accidents. They are there to help you, so you should certainly make the most of the advice they can offer.

In general, it is best to submit your insurance claim as close to the event as possible. Doing so will ensure that the details of the claimable event do not become fuzzy or difficult to corroborate, and it will also ensure any time limits will not be breached.

Things you should take note of

As soon as you can after a loss or event, it is important that you note as much information as possible about what’s happened so that you can pass these details on to your insurer.

Obviously, the relevant details here will vary depending on what type of insurance policy you have, but in general, these are some things you should try to take note of/do as soon as possible:

  • The time and date of the event
  • The specific location
  • A description of what happened
  • Details of anything you have done to minimise the loss
  • An estimate of the loss
  • Eyewitness accounts and contact details of any eyewitnesses
  • Photos — take photos of anything you think might be relevant, but particularly any damage

 

Read your PDS

If you’re unsure about how the claims process works or what you need to do, locate your insurance PDS. Insurers will always detail how to go about making a claim in this document. The PDS will also note any excesses you need to pay and how long you can expect to wait before your claim is processed. If you use a broker, give them a call.

Tell the truth

While it might be easier to gloss over some of the detail or leave pieces of information out of your claim, this is never a good idea. Leaving things out tends to come back to bite you where insurance claims are concerned. Even if you are concerned that your claim will be denied, you must still tell the truth and include any details that are relevant for the insurer to know.

Some pre-claim tips

The claims process will typically be a lot swifter and smoother for you if you have done the following prior to entering into an insurance contract or throughout the duration of your insurance contract:

  • Read the PDS — we know we mentioned this above, but you should take note of what’s covered and what’s excluded in any potential policy to ensure you don’t go through the claims process only to find what you’re claiming for isn’t actually covered.
  • Pay your premium — it might seem like a no-brainer, but if you don’t pay your premium, your claim will be denied.
  • Review your policy each year at renewal to make sure you’re still covered for everything you need to be covered for.
  • Update your insurer or broker if any of your business’s details change.
  • Take photos of your assets.
  • Make sure there is a system in place, such as saving to an external cloud, whereby you can access computer logs.
  • Keep copies of all receipts and invoices — you never know when your insurer will need you to produce them.

Source: knowrisk.com.au

Public Liability Compared

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

 

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

Insure 247 Pty Ltd ACN 612944215 an Authorised Representative of Ausure Pty Ltd ABN 94 096 971 854 AFSL 238433.

Insure 247

Protecsure Enhances Liability Cover for Small Business

Public Liability Premiums Reduce

 

Public Liability Insurers Claims Ratings

Public liability insurers claims ratings

Public Liability Insurers Claims Ratings

Public Liability Insurers Claims Ratings by LMI.

How does your Insurer compare?

LMI ClaimsComparison have relied upon a range of data to rate the claims service of each of the listed Australian Public Liability Insurers Claims Ratings

PUBLIC LIABILITY INSURERS CLAIMS RATINGS Claims Rating Claim Contact Details
AIG Australia

AIG Public Liability Insurance Claim Comparison

starstarstarstar 03 9522 4000
Allianz

Allianz Public Liability Insurance

starstarstarstar-half 13 26 64
Brooklyn Underwriting

Brooklyn

starstarstarstar-half 02 8274 8177
Calibre

Calibre Public Liability Insurance

starstarstarstar 1300 880 037
CGU Insurance Limited

CGU Public Liability Insurance

starstarstarstar-half 13 24 81
Chubb

Chubb liability insurance

starstarstarstar (02) 9273 0100
QBE

QBE Public Liability Insurance

starstarstarstar  133 723
Vero

Vero Public Liability Insurance

starstarstarstar-half  1300 888 073
Zurich

zurich-public-liability

starstarstarstar-half  132 687

 

Source: www.claimscomparison.com

To see how we rate, please visit www.claimscomparison.com/HowWeRate.aspx

Last updated: 16th July 2016

PUBLIC AND PRODUCTS LIABILITY INSURANCE COMPARED

Compare Public Liability Insurance

1300-Insure

Public Liability Compared

 

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