Public Liability Insurance Brokers - Why you should use one.

Public Liability Insurance Brokers specialise in providing public liability insurance advice and products to business owners. We engage with a broad market of insurers that work with pretty much every occupation that you can think of. If there is one thing in common with all businesses is that they all have specific risks that are relative to their industry. Whether you’re a dog groomer, cake maker, plumber or a corporate engineering firm a public liability Insurance Broker will be able to provide you with the advice and reassurance that you need to feel comfortable with cover. Most business owners only start looking into their cover if they need to make a claim however, in reality this should be done before you even consider purchasing the policy.

Its important to note from the get go that not all insurance companies are the same, nor do they provide the same cover. Some apply exclusions on the specific policy and some have blanket exclusions contained within their product disclosure statement (PDS). So unless you are absolutely confident in your abilities to navigate through an insurance policy that its extremely important to speak with a public liability insurance broker. We are here to provide you with professional advice relating to your insurance policies. This means that we provide you advice on what cover you should have, what limits you should be insuring for, what other policies you should consider and we also compare the quotes with our panel of insurers to ensure that you are getting a competitive premium.


How to get a quote from a public liability insurance broker?

The easiest way to engage with a public liability insurance broker is to open up the communications by either calling or emailing, from there we will go through some information with you, discuss what you’re looking for and assess your needs. Some specific pieces of information that we will need is the following:
  • The entity that needs to be insured for example ABC Company Pty Ltd or John Smith T/As Johns Lawn Mowing Services 
  • Your business details such as business address and contact number 
  • The activities that your business does 
  • Your expected turnover 
  • Do you import or manufacture any products? 
  • Do you regularly use sub-contractors and if so, an annual figure that is paid to them 
  • What liability limit that you require (we can assist you with this)

All of this information is requested and provided by the insurer to determine an appropriate quote for the policy along with any additional conditions that needs to be applied to your policy. Once this information is supplied to the insurers, we then review the quotes and supply you with our recommendations on what policy meets your needs.


What if i already use a public liability insurance broker?

Thats a great step in the right direction, when ever you are dealing with your insurance needs you should consider using a professional to ensure that its done correctly. 

However, like any professional services industry a lot of the advice given comes down to the actual advisor. Some people look at things differently, some businesses are apart of different broking groups or work with different insurers. If you currently use an insurance broker and would like another opinion then there is nothing stopping you from doing so. 

You may also find that one broker works with your business more thoroughly or provides you better service. It is important that you work with someone that understands your business and provides you value. You are trusting this insurance broker to protect you against large commercial losses to your business and as such you should have absolute faith in the advice that they are providing to you.

Am I likely to save money?

Although we can’t specifically guarantee to save you money what we can do is give you an outline of our services and probabilities. Here are some advantages of getting your product liability insurance quote through a broker:

  • We approach multiple insurers (probably more than you could go to yourself even if you went to every insurer you could think of)
  • Underwriting agencies will only provide policies through a Broker 
  • Our Broking Group (Steadfast) holds $10bn of premium with insurers which allows us to provide wholesale rates to our clients 
  • We understand the conditions that typically apply to policies for certain industries so in some cases, we may not save you money on premium but we could save you a significant amount of money by not being covered correctly
  • We understand what impacts the price of your policy and can discuss these options with you


What about using a comparison website for a Product Liability Insurance quote?

Comparison websites only compare prices and let me tell you, the price is not something that you should be basing your decision on. The truth is, insurers can still sell you a policy even if it has specific exclusions on the policy that would basically turn the policy into an expensive piece of paper. Is that even legal? Well, yes it is because at the end of the day it is up to you to consider whether this policy is suitable for you or not. Don’t get me wrong, the policy won’t just blatantly say “this policy covers you for nothing” it can typically exclude significant parts of a business operation.

For example, a security company will usually have an efficacy exclusion that applies to it. What this means is that if your product doesn’t operate efficiently as it’s designed to do than you may not have cover. Is easily understood terms, if you installed CCTV into a premises or a back to base alarm and a criminal broke into the property, if that alarm doesn’t trigger as it was meant to do than if you have that exclusion on your policy there is no cover. For a security installation company, this is a big exposure point to you as a business. Was it worth saving $500 to essentially void a large portion of your business?


product liability insurance


When should I get a Product Liability Insurance quote?

Depends on your current situation. If you are starting a business than your insurances should be considered in the planning stages. It is worthwhile speaking to an Insurance Broker during this stage as a lot of misinformation can be passed on from friends and family as to what you need and what you should do with your business. We do not charge for consultations and during this time we will solely give you advice that is relative to your business. 

If you have a current policy in place and it is coming up for renewal then the earlier the better. With some underwriting agencies manually underwriting every policy it can take some time to get quotes back from insurers. In most cases quotes can be turned around in 1 business day however, some underwriting agencies specialise in certain industries and niches which allows us to get better cover and usually some better pricing. 

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