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Vero Insurance
One of Queensland’s largest providers of public liability insurance is Vero.
Vero are based right here in Brisbane, and they are part of one of Queensland’s most iconic financial services companies – Suncorp.
Further cementing their place in Qld, Vero are also a major sponsor of the Brisbane Lions AFL team.
Along with public liability, they provide a range of other business insurance types to assist businesses in Qld and around Australia.
Public Liability Insurance
The public liability cover offered by Vero is generally no different to that which is offered by most other reputable insurers.
Where Vero excels is in areas such as customer service and claims, and if your business is located in Qld they have the added benefit of local knowledge since they are also based in Qld.
Vero provides public liability insurance for virtually all occupations and business types, from tradies through to professional service providers.
Vero are also one of the few insurers who offer a policy which meets the Qld electrical contractors licence requirements.
Other Forms of Cover
As well as providing liability cover, Vero provide a full range of covers to suit many different business types.
Vero can assist with professional indemnity insurance, business interruption insurance and a range of commercial building and property covers.
Whether you operate as a sole trader doing consulting work from a home office, or run a national company importing and exporting goods around the world, Vero have policies that can assist you.
Contact
Vero deal exclusively with insurance brokers and other intermediaries, and do sell insurance policies direct to the public.
If you would like a quote on insurance provided by Vero, or would like to take out a new policy, you should speak with a local insurance broker who deal with Vero.
As one of Australia’s largest providers of commercial insurance, virtually all insurance brokers will be able to assist you with a Vero policy.
Although new policies cannot be taken out directly through Vero, they will still be there (along with your broker) to assist you in the event of a claim.
If you like the idea of supporting a Qld company, then give Vero a try next time you need to take out or renew your business insurance policies.
Is Using a Local Broker Important?
If you’re looking for an insurance broker for your business, is it important to have someone local?
Increasingly businesses are using online insurance services. This doesn’t necessarily mean they’re not going through a broker, but it may mean that the broker is located somewhere else in the country.
In this guide we’ll take a look at whether or not a business based in Queensland should use a broker also based in Queensland.
Do you HAVE to use a local broker?
Absolutely not! In reality your business can choose an insurance broker located anywhere in Australia.
You cannot use an overseas broker though, as they won’t be properly licensed to provide insurance advice and services within Australia.
There are certainly benefits to using a broker from within your local area, but there are also benefits to being able to use a broker located elsewhere in the country.
Benefits of using a local
Depending on what type of business you run, it can be of great benefit to have a broker who can visit your business to get a proper feel for what is being insured.
If you business operates from its own premises and has a range of plant and equipment to be insured, it is generally a better option if the broker can visit your business to properly assess your needs.
Although the insurance requirements for most businesses are unchanged regardless of where you are in the country, there are some exceptions.
One such exception is Qld electrical contractors insurance. Here in Qld electricians will need a special type of cover which is only available from some insurers.
If you use an interstate broker they may not be aware of the Qld requirements, and you may end up with a policy that is not going to meet your needs.
Benefits of NOT using a local
If you limit yourself to using a broker from your own locality you may be limiting the quality of service and advice that you can receive.
For example if you’re a tradesman living and working in Toowoomba and you only want to use a Toowoomba broker, you’re could be missing out by not dealing with a tradesman insurance expert who may be located in Brisbane or as far away as Perth.
Whilst on the subject of tradesmen and other service-type businesses, getting your insurance sorted out by a non-local broker isn’t generally an issue since you’ll most likely only be after basic covers such as public liability and tool insurance which can be easily done over the phone or online.
Another benefit to using a non-local broker that few businesses consider is the fact that they won’t be affected by local events.
Say your business is located in Brisbane and we suffer another flood event such as that in 2010, if your broker is also located in Brisbane they will be inundated with other claims which they have to deal with.
But if your broker is located elsewhere in the country they won’t be going through the same deluge of claims and will therefore be able to devote more time to looking after you and your claim.
More information
As we can see there are definitely advantages to using both a local and a non-local broker for your Qld business insurance needs.
We can’t really tell you which is best for your particular business, but the best option may be to speak with a few brokers and see what type of setup you are most comfortable with.
Getting Cheaper Insurance
With the economy in Queensland and around Australia suffering, many businesses are looking to cut costs wherever they can.
One of the easiest areas to make significant savings is business insurance, but it’s important to go about it the right way to ensure you are still properly covered.
To help out we have put together our list of the top four ways to save on your public liability insurance.
Have the right cover
It might not be the first one that comes to mind, but simply having the right insurance in place can be one of the biggest areas for potential savings.
If you’ve had your public liability insurance in place for a few years, you may find that your business needs have changed over that time.
There are all sorts of things that can change in your business that could result in lower premiums. Here are just a few of them:
- No longer undertaking high risk activities
- No longer working at heights
- Reduced staffing numbers or revenue
- Reduced use of subcontractors
- Any other factor which reduces your business risk
If any of these points apply to your business, you may find that your premium will reduce just by letting your insurance company know about the changes.
Shop around
This is probably the most commonly used method of reducing your public liability insurance costs.
The simple fact is that the business insurance industry in Qld is very competitive, and insurance companies are continually reviewing their rates to ensure they are competitive.
Just because a certain company was cheapest when you took out cover a few years ago does not mean that they will still be the cheapest now.
If you have a good insurance broker they should be doing the shopping around for you, but leading up to renewal time it may be worth giving them a prod to make sure they’re doing their job.
Negotiate on fees
Most insurance brokers charge what is commonly known as a ‘broker fee’ on each policy they issue.
A broker fee is a standard part of the industry, however brokers are increasingly willing to negotiate on these fees in order to save or win your business.
The fee charged can vary hugely depending on the size of your policy. For a sole trader the broker fee may only be $50, but for a large corporation it is not uncommon to see fees in the tens of thousands.
Whatever the fee is on your policy, it is worth asking your broker for a reduction in order to keep you as a valued client.
Pay annually
Paying monthly for public liability insurance is increasingly a popular option for Qld businesses, but keep in mind that it is generally more expensive to paying your policy by the month.
By paying monthly you will often be end up paying between 10 and 20% more for your insurance over the course of the year.
If you can only afford to pay monthly then you may have no choice, but if you can pay annually you will definitely save money in the long run.
More tips
For more tips on getting cheaper public liability insurance in Qld please speak with your broker or adviser.
Whatever you do, it is always important to remember that being properly covered is more important than simply getting the cheapest cover. There is no point saving a few dollars on your premium if it’s going to cost you a lot more a claim time.
You can save money and stay properly insured, it just take a bit of work and the help of a good insurance broker.
Cleaners Liability Insurance
Here in Queensland most cleaning contractors will require public liability insurance.
If you operate as a self-employed or contract cleaner, in most cases you will be responsible for your own actions, and this includes the financial consequences when things go wrong.
Public liability insurance can protect a cleaner from these consequences, and in this guide we’ll take a closer look at who needs the cover, how you can benefit from it and how much it costs.
What Is It?
Public liability is a type of insurance which is designed to cover you if you cause property damage or personal injury to another person in the course of your business.
If such an incident does occur and you are found to be liable, your insurance policy will cover the costs of the claim provided that it meets the wording of your policy.
Which Cleaners Need It?
It is primarily self-employed cleaners and those working as contractors or subcontractors who will need the cover.
If you are working for someone else on wages you will generally be covered by their insurance. If you are unsure you should ask the person or company that you are working for.
Virtually all cleaners in Qld who are doing work for real estate agencies or property managers will find that public liability is mandatory for them, and they will have to provide the agency or manager with a copy of their certificate of currency.
How Do I Benefit From It?
As a self-employed cleaning contractor, you will generally be solely responsible for any damage or injury you cause.
The costs of these claims can be huge, especially where serious personal injury or even death is involved.
If you have not marked a wet area sufficiently and someone suffers a slip and fall injury that results in partial or full disablement, the costs that you are liable for can climb into the hundreds of thousands, and if you don’t have insurance those costs have to be met by you.
By having the right insurance in place, you can ensure that those costs are met by your insurance company without having to endure any additional financial hardship for yourself or your family.
How Much Does It Cost?
The cost of public liability insurance for a cleaner will vary depending on the size of your business and the locations that you clean in.
For a sole trader with an average turnover the cost can be from as low $400 – $500, however if you clean large public areas such as shopping centres or pubs and clubs the cost can be a lot higher.
To get a more accurate figure on the cost of your insurance the best option is to request a quote on your cover. To do this simply click on the maroon button in the top right corner of our home page.
Tradesman Public Liability Insurance
Tradesmen in are major users of public liability insurance, and here in Qld it is a mandatory form of cover for many tradies.
If you work as a subcontractor or self-employed tradesman on worksites, many of the building and construction companies will have mandatory requirements in place for this form of cover.
In this guide we will take a look at what public liability covers and how much it costs along with some other important information.
What Does It Cover?
Public liability will cover a tradesman for property damage or personal injury caused to others, provided that the incident falls within the wording of the policy.
Basically if you have acted negligently in your work and someone else has suffered property damage or personal injury as a result, your public liability policy will cover the costs involved.
It’s important to note that this form of insurance will not cover you for damage to your own property or injury to yourself. These risks can be covered by other forms of insurance however.
Why Do Tradies Need It?
Not all tradies will need public liability, but if you are self-employed or work as a subcontractor you will either be required to have it by the building companies, or at the very least it will be strongly recommended.
When you are on wages you are covered by your employer’s insurance if things go wrong, but once you switch to subcontractor status you are on your own. This is why public liability is so important.
Check out our subcontractor insurance guide for more information.
How Much Does It Cost?
The cost of the cover for any tradesman will depend on a number of factors including the type of work you do and the size of your business in terms of revenue and staffing numbers.
For a carpenter working as a sole trader with an average turnover the cover can be as cheap as $400 to $500. On the other hand if you run a large business and/or undertake high risk operations, the price can stretch well into the tens of thousands.
The easiest way to find out how much your cover will cost is to contact an insurance company or broker. A good idea for any tradie is to use a broker who specialised in trade insurance.
More Information
Whilst public liability is a fairly straightforward form of cover for most Qld tradies, it can get quite complex depending on the structure of your business and the type of work you do.
If you are unsure about your needs or the policy options available the best bet is to speak with a qualified insurance broker. To get in touch with a broker simply click on the quote button on the right of the page.
Comparing Insurance Policies
There are plenty of different insurance companies offering business cover here in Queensland, and comparing these policies is now more important than ever.
Comparing all types of insurance is important for a business, but in this guide we will be looking specifically at public liability cover.
The Basic Cover
At a basic level most public liability policies are very similar in terms of the coverage they offer.
A public liability policy will cover you for property damage or personal injury to other’s resulting from your negligence. Whichever policy you choose, this is the foundation of the cover.
Coverage
This is where it starts to get a little more interesting, especially if your business activities are a little outside of the norm.
Each insurance company will be slightly different in the ways that their policies are worded. For example each insurance company has a standard policy for electricians, but some may cover solar installs whilst others will not.
It’s a similar story for handymen. Each insurance company has a standard policy for handymen, but some are restricted to domestic work only whilst others will also cover light commercial work.
It is vitally important the policy you choose doesn’t just cover your basic occupation, but also each of the specific duties that you undertake, especially if they are outside of the norm for your occupation.
You can compare these details yourself by reading the Product Disclosure Statement (PDS) and the policy wordings for each policy, however the safest option is to use an insurance broker who knows your industry.
If you do take out a policy which doesn’t cover some of the business activities that you undertake, you will most likely find yourself having a claim declined if the activity was not covered under the standard policy.
Extra Options
Whilst the basic coverage offered by most public liability policies is very similar, there are a number of extra options and benefits worth considering when you are comparing policies.
We don’t have the space to go into every single option in this guide, but we’ll take a look at some of the more popular options below:
Tax Audit Cover
Some policies include this as standard, whilst for others it is an extra cost option.
Tax audit insurance will cover a certain level of costs if you are audited by the Australian Taxation Office (ATO).
The insurance will not cover the cost of any penalties or tax that you owe, but it can cover accountant’s fees and other costs involved in complying with the audit.
Driving Risk Cover
If you run a business in Qld that involves driving customer owned vehicles, such as a mechanical workshop or panel beating business, this option can cover the cost of damage caused to these vehicles whilst they are in your car.
The standard level of cover for driving risk is $100,000 however this amount can be increased if required. In virtually all cases driving risk will be an additional cost option on your policy.
Pricing
When comparing insurance policies, one of the most important factors for many Qld business owners will be the cost of the cover.
Of course it is important to find the policy which offers the most completive premiums, but it is also important to ensure that the policy is going to meet the needs of your business.
There’s no point paying premiums for a policy which isn’t going to cover you properly in the event of a claim, so by all means look for the best price, but make sure the cover is right for your business.
More Information
For more information on comparing public liability policies please speak with your broker. If you are located in Queensland and would like us to put you in touch with a local broker please contact us or complete our online quote form by clicking the button to the right.
Choosing an Insurance Broker
Many businesses in Queensland use an insurance broker or adviser for their business insurance needs.
If you are planning on using a broker, one of the most important parts of the process will be choosing a suitable insurance professional.
All brokers are different. They have different levels of experience and qualifications, and different areas that they can specialise in.
In this guide we will take a look at some of those differences and the impact they can have on your choice.
Knowledge & Experience
As with all professions, insurance brokers in Queensland will have different levels of knowledge and expertise.
Generally speaking it will be better to deal with an insurance broker who has a higher level of experience and qualifications, but this isn’t always a guarantee of better service and advice.
It is also important to check the broker’s qualifications and their authority to provide insurance advice. This information will generally be available in their Financial Services Guide (FSG) that all brokers are obliged to provide to you by law.
Areas of Specialty
Some brokers deal in all types of insurance, whilst other specialise in certain areas.
If you are just looking to insure your home or car virtually any broker should be able to assist, but if you are insuring your business it is more important to use a specialist.
Specialist insurance brokers exist in a variety of different sectors. Common specialty areas include insurance for tradesmen as well as medical insurance.
Some brokers also specialist in specific types of insurance. For example some may specialise in public liability insurance whilst others specialise in professional indemnity cover.
Although very few brokers specialise in a certain geographical areas, it is still important to ensure you broker has an understanding of where you business operated.
For example here in Qld there are some unique rules in place for public liability insurance. Electricians in Qld must have special type of insurance which interstate brokers are often unaware of.
How Can A Broker Help?
A good insurance broker or adviser can help in many ways when it comes to sorting out your insurance needs.
Your broker will be able to assist you with assessing your business and its insurance needs. They will also be able to assist with choosing the insurance broker who will be able to provide you with the best value.
Any insurance broker should be able to assist you with an appropriate insurance policy, however by choosing the right broker you can help to ensure you are getting the most appropriate cover at the best price.
For more information or to be put in contact with a Qld insurance broker please complete our online enquiry form.