Month: June 2012

What’s the easiest way to get your public liability insurance? A growing number of business owners are saying that online is the answer.

The internet has made it easy to shop for and research products from the comfort of your home or office. Online options for home and car insurance became popular a number of years ago, and public liability insurance is following quickly behind.

Buying public liability insurance online won’t be the best option for all companies, especially those with complex needs, but for the average business is can be a good way to go.

Why Buy Public Liability Online?

There are numerous reasons why buying public liability insurance online can work for business owners.

Convenience

All business owners and managers are busy people, and the thought of having to make time to visit an insurance broker is generally not too attractive.

By checking your public liability insurance cost online and even proceeding with the cover online you can save time and get everything you need from the comfort of your own home or office.

Reduced Premiums

This won’t always be the case, but sometimes you will be able to secure a reduced premium by taking out your public liability insurance online.

The reason for this is that the insurance provider is reducing their costs by operating online, and in some cases they will pass these savings onto you as the customer.

What Are The Other Options?

If you’d prefer not to deal with your insurance needs via the internet there are still plenty of other options.

One of the most common options amongst business owners is to use a public liability insurance broker who can meet their needs.

Alternatively, many of the insurance companies will deal directly with you in order to take out cover. Generally this is only available over the phone however, as very few of the major insurance providers have staff who can deal face-to-face with you on business insurance.

Tips for Buying Public Liability Online

If you are going to buy your public liability insurance online there are a few things that you need to look out for.

Not all online providers are the same. Some websites are backed by a licensed insurance broker, which means that they can quote on a variety of insurance companies.

Other websites are backed by a single insurance company, meaning that you are not necessarily being given the best possiblepublic liability insurance quote available in the market.

Some online public liability websites have no facility for providing you with advice, which means that you need to know exactly what you are looking for, otherwise you could risk taking out a policy which does not suit your needs.

What’s The Best Option?

One of the best options is to use a website that allows you to obtain quotes from multiple public liability insurance companies, but still gives you access to qualified insurance brokers who can provide you with support and advice over the phone.

Public liability can be a complex form of insurance, and getting it right is absolutely vital for the security of your company. If you are unsure at all about your needs you should speak with a qualified insurance broker before taking out any policy.

Do you need public liability insurance for your job, business or event?

Public liability insurance is one of the most common forms of insurance required by Australian businesses, and in many cases it is a mandatory form of cover.

Getting yourself or your business covered withpublic liability insurance is generally a straightforward process, and there are a number of ways in which you can get the cover.

In this guide we will look at some of the common methods used to get public liability insurance, as well as the pros and cons of each method.

Information Required

Before we look at the different methods used for getting public liability insurance, it is important to look at what information you’ll need in order to take out cover.

At the quote stage you will generally need provide information regarding the type of work that you and your business will be performing, along with your expected annual revenue and staff numbers.

When you are ready to proceed you will need to provide additional information such as your company name, ABN, start date for the policy and any other information requested by the public liability insurance companies.

Going Direct

In the past it was necessary to use an insurance broker in order to take out public liability, however many of the insurance companies now allow you apply for cover directly with them.

Pros

• Cuts out the middle-man (the insurance broker)
• Can save on premiums (as some brokers charge additional fees)

Cons

• Most direct insurance companies are no licensed to provide advice
• If comparing quotes, there is a lot of running around to do
• Can be a dangerous option if you do not know the policies well

Using a Broker

The most popular method for taking out public liability has traditionally been to use an insurance broker.

Whilst you can use a specialist public liability insurance broker, generally any insurance broker who works with business products should be able to assist you.

Pros

• Licensed to provide personal advice and recommendations
• Can obtain quotes from multiple insurance companies at once
• Can assist with choosing the right insurance company for your needs
• Provision of ongoing service, especially with regards to claims

Cons

• Cover can be more expensive if additional broker fees are charged
• Potential for a broker to provide biased advice due to commissions

Going Online

The internet is quickly become the first place that small business owners go to when considering public liability insurance.

There are a number of online services which allow you to get public liability insurance online with a few quick and secure forms.

Pros

• Can obtain quotes and take out cover at any time of day
• No need to visit an insurance broker or insurance agent
• Some sites have the ability to compare multiple quotes

Cons

• Personal support (i.e. phone support) can be lacking
• Personal advice is generally not available
• You could be on your own at claim time

What is the Best Option?

The best option for you and your business when it comes to how to get public liability insurance really depends on your own needs and preferences.

Many business owners prefer the personal service that only an insurance broker can provide. This is especially true of more complex businesses which may not fit within the standard insurance categories.

Using a website to find out your public liability insurance cost can be a great way to get the ball rolling, and just because you get a quote online doesn’t mean you have to proceed with the policy online.

There is no single method which is best for everyone. It could be a good idea to get some quotes online, then use the services of an insurance broker for any areas where you require assistance.

Whilst most Australians now go direct to the insurance companies for their home and car insurance, when it comes to business insurance, brokers are still the preferred option.

There are many benefits in using an insurance broker for your public liability insurance and other forms of business cover, and in today’s guide we will take a closer look at some of those benefits.

Getting the Best Premium

Now more than ever business owners are looking to cut costs and get the best value for each dollar spent. Insurance can be an easy area in which to make serious savings, but you have to do it properly.

You could do all the shopping around yourself, but aside from getting quotes from multiple insurers you also need to know enough about public liability insurance to ensure you are comparing apples with apples and getting the right cover for your needs.

You could take the time to explain your business operations and needs to multiple insurance companies, or you could deal with a single insurance broker who understands your business and can get multiple quotes from various insurers in a much shorter time frame.

An insurance broker can help you to find the most competitive premiums thanks to their access to multiple insurance companies, often through a single system that is not available to the general public.

A broker will generally be the best avenue for securing the lowest public liability insurance cost for your business.

Added Confidence

All business owners are very smart and capable people. You need to wear multiple hats to ensure your business runs smoothly every day, and with enough time any business owner or manager could look after their own insurance needs.

But if like most business owners you don’t have days to spare, you could risk trying to sort out your insurance in a short period of time without being able to properly research everything involved. And even then, could you be 100% confident in what you’ve done?

An insurance broker lives and breathes insurance, and you can be confident that they will be doing the right thing for you and your business. And if things go bad, you can enjoy some level of comfort knowing that the insurance broker will hold mandatory professional indemnity insurance.

Industry Specialisation

Whilst any business owner will know their own industry very well, not all will know how their industry affects their insurance requirements.

There are a growing number of specialist insurance brokers who provide advice and service to businesses in specific industries.

Common industries for brokers to specialise in are those which have specialised insurance requirements. These include the medical and health industries, as well as the trades and building industries.

By using a broker who specialises in public liability and other forms of insurance for your industry you can enjoy the added confidence of knowing that you broker understands your industry and the specific risks that you need to protected against.

Keeping Paperwork Simple

Insurance can be loaded with paperwork and red tape, but many of today’s brokers have implemented systems which help to keep paperwork to a minimum.

Your insurance broker can also help you through the public liability application and paperwork process so that you can concentrate on running your business instead of shuffling papers.

Claims Assistance

Perhaps one of the greatest benefits of using an insurance broker is having someone there to assist you in the event of a claim.

Whilst property claims can be quite straightforward, public liability insurance claims can sometimes become very complex and can stretch out over months or even years.

You could handle the claim yourself in conjunction with the public liability insurance companies and your solicitor, but the preferred option for most business owners is to have an insurance broker on their side that understands how the claims process works and can guide them through it.

There are many benefits in having an insurance broker who can assist with your public liability and business insurance. If you would like to be put in contact with a suitable broker please get in contact with us or complete our online quote form.

If you’re an electrical contractor in Queensland, you’ll probably already know that you need a special type of public liability insurance.

The Qld state government requires that all electrical contractors in Qld be licensed, and in order to obtain or renew your licence there are certain requirements in place for insurance.

What Are The Requirements?

All licensed electrical contractors operating in Queensland must hold a broadform liability policy which includes cover for consumer protection.

These requirements affect not only electricians located in Qld, but also electricians working in Qld that may already be licensed in a different Australian state.

Broadform Liability Insurance

Broadform liability is essentially the same as public liability insurance. The policy should cover you for public liability and product liability. This means you are covered for any damage that you cause, as well as damage caused by the products you supply.

The current requirement for broadform liability is a policy which provides at least $5 million in coverage.

Consumer Protection Insurance

In addition to broadform liability your policy must also include coverage for consumer protection insurance up to a minimum of $50,000.

Not all insurance companies offer consumer protection insurance, and it is important to choose a policy which has the specific clause required for a Qld electrical contractors licence.

Certificate of Currency

In addition to requiring a unique form of insurance, the Qld state government also requires a unique certificate of currency in order to obtain or renew a licence.

The required certificate of currency carries the state government logo along with specific wording about the cover. The certificate must also be stamped and signed by your insurance broker.

When taking out insurance through a broker you should always ask them first if they can provide the unique certificate required in Qld, otherwise you will be wasting your money on the policy.

Liability Insurance Quotes

The easiest way to obtain a quote on your public liability insurance is to use a broker. Most brokers will be able to assist, but for Qld electricians it is probably best to use a local broker who knows the local rules.

A broker will be able to assist you in determining your public liability insurance cost and will also be able to ensure you have the right cover in place for your licence requirements.

To be put in contact with a suitable insurance broker, please get in contact with us or complete our online public liability quote request.

Wherever in Melbourne your business is located, public liability insurance is one of the most important forms of protection you can get.

Public liability protects Melbourne businesses from the financial consequences of property damage and personal injury, as well as a number of other forms of liability.

Melbourne Public Liability Requirements

Whilst there are no requirements that are specific to businesses operating only in Melbourne, there are requirements for certain business operating throughout Victoria in general.

One such example is that of plumbers operating in Melbourne and throughout Victoria, who must hold a public liability insurance policy along with included coverage for consumer protection insurance.

For any plumbers taking out public liability it is important to ensure that the policy meets the Victorian requirements, as not all insurers issue policies that do.

What is Public Liability Insurance?

It is important for any Melbourne business owner to understand exactly what public liability insurance is.

Public liability is designed to cover the costs of certain claims against your business for incidents which involve property damage or personal injury suffered by others. Typically these incidents are the result of negligence or simple accidents.

Most policies also include product liability, which covers a business for damage or loss caused by the products they supply or install. There are some restrictions in this area, so it is important to check exactly what your policy covers.

Insurance Brokers in Melbourne

Most small business owners and operators in Melbourne obtain their public liability cover through insurance brokers.

Melbourne is home to hundreds of insurance broking firms. Some brokers specialise in certain industries, whilst others are more general in nature.

An insurance broker will be able to assist you with service and advice on public liability cover, and they will also work to find the most competitive premiums for your business.

In the unlikely event that you unable to locate a suitable broker in Melbourne, there are thousands more brokers throughout Victoria and Australia.

Melbourne Public Liability Cost

The cost of public liability insurance in Melbourne is determined by a number of different factors.

The amount of cover required will have an impact on the cost, as will the type of business that you operate and the size of the business in terms of revenue and staff numbers.

The easiest way to get a quote is via an insurance broker. A broker will be able to assist you in determining your public liability insurance cost along with any other questions you may have.

If you do not already have an insurance broker, you can complete the quote form located here on our website and we will put you in touch with an insurance broker who has experience with assisting Melbourne businesses.

There was a time when the local insurance broker would look after every business in town, but things have changed dramatically over the years.

Business owners are now looking for more personalised and specialist advice and service on their insurance, and this has seen the rise of the specialist insurance broker.

Rise of the Specialist

It should really be no surprise that specialist insurance brokers have appeared and prospered.

In most other industries there are different businesses that specialise in different areas. Of course there will be some large businesses that operate in multiple areas, but many see the benefits of being a master of a single trade rather than a jack of all trades and a master of none.

Many of the specialist insurance brokers concentrate on a single industry such as the medical or trades industries, whilst others specialise in certain risks that cover multiple industries, such as importing and exporting insurance.

Some specialist brokers focus on particular types of insurance. There are some who target small niches such as performance car insurance, whilst others may target a single form of cover such as public liability insurance.

Benefits of Using a Specialist Broker

The most obvious benefit of using a specialist insurance broker is the fact that they know your particular industry and are in tune with the risks you face and the protection you need.

A generalist insurance broker may insure a personal motor vehicle in the morning, a public liability insurance policy for a tradesman at lunchtime and a transit insurance policy for an importer in the afternoon.

Whilst the broker may be very good at their job, can they really have a good understanding of your particular industry when they are jumping all over the place every day?

A specialist insurance broker spends all of his or her time dealing within businesses just like yours. They know which insurance companies offer the best cover and value for your industry, and they know how to get the best cover for you.

Choosing a Broker

If you have made the decision that using a specialist insurance broker is the best option for you and your business, the next step is to choose a broker.

It is important to use a broker who really does specialise in your industry. There are plenty of brokers out there who claim to specialise, but after a little online research you may find that they are claiming to specialise in dozens of different industries!

A good specialist broker should really make the effort to be a part of your industry. They should be attending relevant trade shows and events, they should be in your local industry press and they should have a genuine interest in your industry.

Specialist or Generalist?

The truth is that there are thousands of insurance brokers out there who do not specialise, and there is probably nothing wrong with the service and advice that they give their clients every day.

But if you really want to know that you are getting the best service and advice, and that you are getting access to the best insurance products available to your industry at the best price, then using a specialist broker could be the way to go.