Looking for a public liability insurance broker? Access one that services your state or territory.
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 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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Further information on public liability insurance brokers
- What does public liability insurance cover?
- Should I buy business insurance direct or with a broker?
- How does a broker work?
- What are some of the industries that public liability insurance brokers can service?
- What is the difference between professional indemnity insurance and public liability insurance?
What does public liability insurance cover?
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. For example, you will be protected if someone slips and falls on your premises and sues you for the resulting injury.
Here, public liability insurance might cover the compensation costs you might be ordered to pay for negligence.
Business insurance, including public liability cover, can be complex. It may be a good idea to look into an insurance broker to help you buy it.
Should I buy business insurance direct or with a broker?
When you buy insurance through a broker, you might be paying extra in brokerage fees on top of the policy premiums. But often this is money well spent. Between the services they provide and the potential savings, using a broker might be worth it.
How confident are you in choosing a policy?
You might avoid using a broker if you can confidently buy business insurance direct. If not, you might want to go through a broker instead.
Consider the complexity of your business vs the direct offerings available
There are no hard and fast rules, but a useful starting place might be to look at some of the business insurance packages available in Australia, such as those from CGU. These include a farm pack, an office pack, professionals cover and others.
If your business needs are more complex or if you know you’ll need to update policy details frequently, then you might want to use a business insurance broker instead.
How does a broker work?
Typically, a business insurance broker sells you insurance and takes a cut of the premiums for themselves. This means the same policy might be more expensive to buy through a broker than it would be to buy it directly.
Can I get better cover with a broker than I can direct?
Sometimes, but not necessarily. There are some policies that might only be available through brokers, but for the most part, you can expect to find brokers offering the same policies that you can purchase direct yourself.
Do brokers offer any other services?
Yes. One of the main advantages of paying extra for a policy from a broker is that they can become a new point of contact for your insurance needs. For example, if you need to make a claim or update your policy details, you can call your broker to take care of it instead of wading through the insurer’s customer service queues yourself.
What are some of the industries that public liability insurance brokers can service?
Any industry can choose whether to take advantage of a broker’s services. Some, such as an international company, a business with complex supply chains, a company with a lot of confidential customer information under its responsibility or other businesses that have these kinds of potentially major liability headaches, might be more likely to use a broker.
If your business is most at risk of a customer tripping on a step, despite a sign that says “mind your step,” then you might be able to find the right cover by yourself.
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 the subject of a liability lawsuit and are liable to pay damages.
Professional indemnity insurance is 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 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 provides 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 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 look after your insurance needs in the best way possible. A good insurance broker will have a wealth of training and experience and will 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 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 directly 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 the hassle out of the insurance buying process. And if you ever have to make a claim, your broker can take some of the 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 a broker that is located the closest to your business, this isn’t necessarily a good approach. Some brokers have specialised areas of expertise, such as public liability insurance, so will be better qualified to meet your particular needs. Some brokers also specialise 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