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

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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

 

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.

  • See information about insurance in your state or territory.
  • Compare Public Liability Insurance Quotes from leading Australian 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 inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs

Public Liability Insurance Does My Business Need It?

Sole Trader To A Company Does my Policy Cover Me?

Slippery When Wet $650000 Fine

 

 

Electricians

 

Public Liability Quotes for Electricians

Based on $5 Million Cover with 1 employee up to $100,000 income, quotes from $545 to $948 from Allianz, AIG, Calibre, CGU, Greatchoice, Protectsure, Vero, QBE and Zurich, the quote does not include Queensland Consumer Protection Insurance

Complete the form below or call us on 1300 046 787 13000 Insure

Once completed we will get quotes from our insurer panel to find the right policy at the right price. Australia wide coverage

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PUBLIC LIABILITY INSURERS USED INCLUDE:

Production and manufacturing in Australia is rising and strengthening GDP and overall economy. Employment in processing sector in Australia is growing. Engineer working on fuses and electric parts

Your quotes will come from the Insure 247 Team

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

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

What is public liability insurance?

What is public liability insurance?

If clients visit your business or your employees visit client sites you are at risk of a third party claim, that claim may be for personal injury or property damage.

Why do Australian Businesses need the cover?

Public liability insurance protects you and your business against the financial risk of being found liable to a third party for death or injury, loss or damage to property or economic loss resulting from your negligence.

https://publicliabilitycomparison.com.au/category/public-liability-insurance-faqs/

What if you are a home based business?

Most home policies will include a liability component, however, this would be void if the third party was visiting your home for your businesses activities.

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.

  • See information about insurance in your state or territory.
  • Compare Public Liability Insurance Quotes from leading Australian Insurers

What is Broadform Liability?

Broadform Liability usually covers both public liability insurance and product liability insurance.

Check with our team when you get a quote to see if you require Broadform Liability.

Public and Products Liability Insurance Quotes

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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

PUBLIC LIABILITY INSURERS USED MAY INCLUDE:

AIG Public Liability Insurance Allianz Public Liability Insurance Quotes   Brooklyn   CGU Public Liability Insurance  Calibre public liability Insurance Hostsure Insurance 

protecsure-logo QBE Public Liability Insurance

sportsUnderwriting Vero Public Liability Insurance  

* Insurers may include Allianz, AIG, Altiora, Ansvar, Arena, CGU, Caibre, CGU, Highstreet Underwriting, QBE, WR Berkley, Sports Underwriting, Vero, Zurich

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