Public Liability Insurance – Common Mistakes Businesses MakeMay 2, 2019
Public liability insurance is an essential form of cover and most businesses, no matter the size, have liability insurance in place. So, why is it so important? Well, it protects you financially if you cause damage to property or injury to a third party as a result of your actions at work. Not only will it cover the cost of damages, it also helps cover legal bills if you need to hire a lawyer during the claims progress.
Unfortunately, we see a lot of businesses make some very common mistakes with their liability insurance which can cost them in the long run. Let’s take a look at some of these mistakes so you know to avoid them!
Mistake #1: Opting for low cost over quality
With rising business costs, it’s understandable that you may want to go for the cheapest liability cover you can find. However, the old saying that you get what you pay for often applies in these situations and you could find yourself discovering at claim time that you don’t have adequate cover. Make sure you get the right level of cover for your business – it can save you a lot of money in the long run if you’re at the receiving end of a claim!
Mistake #2: Not getting a number of quotes
Although it can take a little longer, it’s a good idea to shop around and get a number of quotes before you commit to a policy. If the quotes you’re getting seem pretty similar, remember that this doesn’t mean that the policies themselves are identical so take the time to read the fine print to see what the exclusions and inclusions are.
Mistake #3: Forgetting to update the insurer about changes in circumstances
When your circumstances change, it’s essential that you let your insurer know as your cover may also need to be changed. This could include things like changing work locations, hiring new employees or adjusting the type of work you do. If you don’t let your insurer know, you may not be covered for your new circumstances.
Mistake #4: Not taking out liability insurance through a broker
If you want to get the best value for money, it’s best to take out liability insurance through a broker. They’ll do the hard work for you by comparing a number of different policies and finding the best cover for your business. They also step in at claim time and negotiate directly with the insurer on your behalf.
If you’re looking for public liability insurance Australia, GSK Insurance Brokers can help. We’ll get to know your business so we can analyse your needs and adequately cover your unique risks. We have established relationships with some of Australia’s top insurers so we can organise premium cover at a competitive price. For service you can trust, speak to our professional team today.
For public liability insurance Perth, contact GSK Insurance Brokers today on (08) 9478 1933.
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