NSW Insurance Providers

July 31, 2013

NSW Public Liability InsuranceAs a business owner you are free to insure your business with whoever you choose.

But if you’d prefer to insure with a company that is headquartered here in New South Wales, the list does shrink slightly.

Thankfully there are plenty of big and reputable insurers based in NSW however, and in this guide we’ll run through some of the major firms offering public liability and other forms of business insurance.

Allianz

Allianz are headquartered in their home country of Germany, but here in Australia their head office is located on Market Street in Sydney.

The global insurer has been operating in Australia for many years and employs thousands of locals both in Sydney and in other offices around the country.

Allianz offers a range of business insurance products including public liability, general property and business interruption to name a few.

QBE

QBE is one of Australia’s largest insurance companies, and their head office is located on Pitt Street in the heart of Sydney.

They offer a full range of insurance products for both domestic and commercial uses.

Zurich

As is the case with Allianz, Zurich are another insurer which is based overseas but have their Australian head office in Sydney.

Zurich have operated in Australia since 1961 and their head office is on Blue Street in North Sydney.

Zurich are one of the few insurers operating locally who can offer both general insurance products (such as public liability) and life insurance products (such as income protection and term life insurance).

Others

There are other smaller insurance companies headquartered in Sydney, but the above list is all about the major insurers.

There are other major insurance companies based in Sydney such as AMP and OnePath, however these are life insurance companies and do not offer business cover such as public liability.

If you would prefer to deal with a NSW based insurer, simply let your broker know and they will be happy to assist with your request.

How Much is Public Liability Insurance?

June 12, 2013

NSW Public Liability InsuranceThe cost of public liability insurance for a business in NSW can vary hugely.

There are a number of factors which affect the pricing of this form of insurance, and in this guide we’ll take a look at them.

Costs

A public liability insurance policy can cost a business in New South Wales anywhere from $300 for a very small and low-risk business, through to many thousands for a big business.

As with all forms of insurance, the cost of public liability is based primarily upon the chances of your business making a claim, and the likely size of that claim.

If the insurer believes that your business type has a low chance of making a claim, and that any claim would likely be fairly small, then they will charge you a relatively low premium each year.

If on the other hand the insurer believes that your business has a higher chance of claiming, or that the claim amount could be particularly high, then they will charge you a higher premium.

Now let’s take a look at the specific factors the insurers look at when pricing public liability cover.

Factors Affecting the Premium

There are three main factors which will affect the cost of insurance for a NSW business.  These are as follows:

  • Type of business (i.e. your business activities)
  • Size of business (in terms of either staff or revenue numbers)
  • The amount of cover required

There are other factors which will affect the pricing, but these are the big three which will have the largest impact on the cost.

Other factors can include the following:

  • Working in hazardous locations (such as airports and mine sites)
  • Prior claims and incident history
  • Use of subcontractors and labour hire
  • Working at heights

Again this list does not cover every factor, but there are more of the main things that an insurance broker will need to know below they can provide an accurate quote.

If your business conducts any activities which could be considered to be outside of the norm for your industry, you will need to let the insurance company know, and this could also impact upon the cost of the cover.

There are very few options available to businesses to vary their own insurance premium, but one option is to increase the excess on your policy.

By increasing your excess, which is the amount you must contribute to a claim, you can decrease the premium payable each year.

Whilst this will result in a premium saving, it will increase your costs in the event that you need to make a claim.

Getting a Quote

Whilst it’s important for a business owner to know what affects the pricing of their public liability insurance, the only way to get an accurate quote is to seek one from an insurer or insurance broker.

There are many insurance brokers located in Sydney and throughout NSW who can assist with quotes on public liability cover.

To request a quote on your insurance please click here to visit our online quote form and follow the prompts.

We can then put you in contact with a business insurance broker who understands the NSW market and can provide you with quotes and information on your insurance needs.