Finding Public Liability Insurance with a Broker
Public liability insurance is a vital form of insurance cover for a wide range of businesses. It offers essential protection when a third party suffers a loss or damage as a result of your business’s activities.
If your business sees you regularly dealing with clients or the general public, public liability insurance is something you most likely should consider taking out. If a third party suffers an injury or property damage as a result of your business, they might decide to launch legal action to recover any loss.
This is where a public liability insurance policy comes in. It provides cover for the cost of your legal defence if you find yourself the subject of a liability lawsuit, as well as for any compensation costs you may be legally required to pay.
Having this cover in place can be the difference between the survival of your business and having to declare bankruptcy. Public liability gives you the peace of mind that comes with knowing you will be covered if a customer decides to take legal action against you.
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- What is the Difference Between Professional Indemnity Insurance and Public Liability Insurance?
- What is the Role of Public Liability Insurance Brokers?
- Do you Really Need a Public Liability Insurance Broker to Help you Find Cover?
- Things to Consider When Choosing Public Liability Insurance Brokers
- Find Public Liability Insurance Brokers
What is the Difference Between Professional Indemnity Insurance and Public Liability Insurance?
If you’re in the market for business insurance, chances are you’ve come across two very similar sounding policies in the form of professional indemnity insurance and public liability insurance. While there are some similarities between these two types of cover, there are some key differences you should be aware of as well.
Public Liability insurance protects you against claims where you are liable to pay damages where you are the subject of a liability lawsuit.
Professional indemnity insurance is designed for professionals who offer advice or a service to their customers. If you make a mistake or omission while offering your professional services to a client, and this results in your client to suffering a loss, they may file a claim of professional negligence against you. Professional indemnity insurance offers protection against such claims, providing cover for legal and court costs as well as any damages or compensation you may be required to pay.
With this in mind, professional indemnity insurance is designed to provide cover in the event you breach your professional duty. However, it’s important to remember that all businesses have a responsibility to the general public. So rather than cover breaches of professional responsibility, public liability insurance covers you for breaches of your general responsibility as a business owner.Back to top
What is the Role of Public Liability Insurance Brokers?
One of the decisions you have to make when shopping for public liability insurance cover is whether or not you want to purchase cover through an insurance broker. The ability to buy direct from the insurer can sound appealing to some business owners, but there are many advantages to taking out cover through an insurance broker.
Just as it’s the job of an accountant to look after your best financial interests, it’s a broker’s job to take the necessary steps to look after your insurance needs in the best way possible. A good insurance broker will have a wealth of training and experience, and have the expert knowledge required to give specialised insurance advice for your business. Brokers will take the time to understand the ins and outs of your business and then offer advice specifically tailored to your situation.
A broker can then track down a number of suitable policy options for your business and then help you compare them. After weighing up the pros and cons of a number of policies, your broker can then ensure that you choose the right public liability policy for your needs.Back to top
Do you Really Need a Public Liability Insurance Broker to Help you Find Cover?
As mentioned, it is possible to go direct to an insurer to purchase your public liability cover. While this may be a suitable approach for some, for the vast majority of businesses it makes much better financial sense to enlist the services of an insurance broker.
The main benefit of brokers is that they are insurance experts. Day in, day out, brokers specialise in finding the right insurance cover for their clients. They have an in-depth understanding of the Australian insurance market and of the range of policies available, and they have access to a broad spectrum of policies across the market.
Public liability insurance, and any form of business insurance for that matter, can be a confusing topic to wrap your head around. For most business owners, the time required to compare your options and choose the right public liability policy is something they simply don’t have. Without the necessary time and specialised knowledge of the insurance sector, businesses who approach an insurer directly to take out cover can end up with an inadequate level of protection in place. Some end up under-insured, which can be a nightmare when disaster strikes, while others end up paying too much money for some cover elements they simply don’t need.
This is why it’s such a good idea to get help from public liability insurance brokers. A broker has the specialised knowledge required to tailor an insurance solution to your business, and utilising their services can take a whole lot of hassle out of the insurance buying process. And if you ever have to make a claim, your broker can take plenty out of stress out of that process as well.
In short, buying public liability insurance through a broker is the best way to ensure you end up with the right type and level of cover for your business.Back to top
Things to Consider When Choosing Public Liability Insurance Brokers
If you’ve decided to get help from an insurance broker, there are a handful of steps you can take to ensure you end up with the right broker for your business. To start with, look for a broker with a high level of qualifications and experience. You can usually find this information in a broker’s Financial Services Guide, which they are required by law to provide you with.
While it may seem simple to choose the broker that located the closest to your business, this isn’t necessarily a good approach. Some brokers have specialist areas of expertise, such as in public liability insurance, so will be better qualified to meet your particular needs. Some brokers can also specify in finding insurance for specific professions, so if you can find a broker with a wealth of experience in insuring other business in your industry, consider using their services.Back to top
Find Public Liability Insurance Brokers
The National Insurance Brokers Association (NIBA) offers a ‘Find a Broker’ service on its website to help match you up with a broker. You should also look to compare the services offered by multiple brokers such as what qualifications they have, the size of their firm, who you would be dealing with, their range of services and the clients they typically work with. Weighing up all these factors will help ensure that you end up with a broker who can provide the help your business needs.
Public liability insurance offers a much-needed form of cover for a whole host of businesses, whether you run a small operation or a large company. However, in order to ensure you end up with the right level of coverage for your business, compare a number of policy options and enlist the help of a qualified insurance broker.Back to top