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

 

Event Planners

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Event Planners insurance based on $5 Million Cover with 1 employee up to $100,000 income, quotes from $429 to $948 from Allianz, AIG, Calibre, CGU, Vero, Protectsure, QBE and Zurich

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PUBLIC LIABILITY INSURERS USED INCLUDE:

AIG Public Liability Insurance Quote  CGU Public Liability Insurance  Calibre Insurance  Protecsure public liability insurance QBE Public Liability Insurance  Vero Public Liability Insurance  

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Talk to the Team 1300 046787

± Price will depend on cover required, your occupation, experience, postcode and turnover

Δ Not all insurers will offer quotes for all occupations

Price as at 13/04/2016

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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 Claims Checklist

Public Liability Insurance Claims Checklist

What to do in the event of a Public Liability Insurance Claim?
Public liability insurance is there to protect your business if your business activities damage property or injure someone.

But unlike motor or home insurance, there must be a third-party letter of demand to trigger the claim on the policy.

This can be in the form of an email from the client or in more serious cases a letter from the client’s solicitor.

Public Liability Insurance Claim Check List

First things first

Contact your broker, they have more experience in dealing with complex claims and generally get better results than if you go directly to your insurer. They will be able to assist with the likely course of the claim and better explain the steps need.

Details

Provide the broker/insurer with a third-party letter of demand.
Provide details of the events that caused the claim, including locations, dates, times and the personnel involved.

Where possible provide photos of the loss.

Property Loss

What is the cost of repair, has the work been completed, if so by whom, do you have a copy of the repair invoice?
If Subcontractors are involved

Provide details of any sub-contractor involvement, do they have public liability insurance, and if so with whom, could the loss be attributed to the subcontractor?

Personal Injury Claim

What were the clients injuries? What is the prognosis, has the client detailed the loss of revenue and out of pocket expenses?

Death Claims

Claims that involve death can be traumatic for all involved. Its best to see early advice as each state will have different agencies that may be involved, and culpability can take months to settle, its best to involve your broker, insurer, and lawyer as soon as possible.

Settlement

In our experience simple property claims can be settled in a relatively short period (currently 42 days), however complex property claims, death or injury can take years, you must maintain the policy during this period, ensuring that the premiums are kept up to date.

The average public liability claim is generally only a few thousand dollars, but you have cover for up to the policy cover level, $5 million, $10 million or $20 million, you will have to pay the excess prior to the insurer settling your claim, and some insurers will require a release letter to be signed by you the insured and the third party.

If you have any questions, speak to one of our team, or contact your broker.

 

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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

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