qld Archives - publicliability.com.au

Vero Insurance

April 29, 2013

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.

Getting Cheaper Insurance

December 6, 2012

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.

Comparing Insurance Policies

October 24, 2012

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

October 16, 2012

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.

Public Liability for Qld Tradesmen

July 11, 2012

Tradesmen working in Queensland will require a range of insurance types, and one of the most popular is public liability insurance.

Qld has experienced a building boom during the last decade, and even further back than that. It has of course taken a hit since the Global Financial Crisis, but there is still plenty of work out there for hardworking tradies.

Due to a large proportion of tradesmen being self-employed, many are required either by law or by the building companies to hold certain forms of insurance, including public liability cover.

Public Liability for Carpenters

Chippies are the lifeblood of the building industry. Of course there are plenty of trades in the building and construction industry, but carpenters make up a very large chunk of them.

With many carpenters working as subcontractors on building sites, there is considerable demand for public liability insurance in Qld among this group of workers.

There are no government requirements or laws that state carpenters must have public liability cover in place, however most large building sites will have their own requirements for all self-employed carpenters.

Public Liability for Electricians

Electricians here in Qld are subject to addition requirements when it comes to public liability insurance.

In order to renew or apply for an electrical contractors licence in Qld, an electrician must have a public liability policy of at least $5 million, along with consumer protection insurance of no less than $50,000.

Not all insurance companies can issue policies which meet the Qld electrical contractors insurance requirements, so you may need to shop around for one that does. Alternatively you can use a tradesman insurance broker who will know straight away who to use.

Public Liability for Plumbers

As with carpenters, the requirement for plumbers to hold public liability cover in Qld has more to do with the building companies and worksites, rather than anything set by the state government.

Regardless of whether or not public liability is mandatory for you as a plumber, it’s still a very good idea to hold this cover. There are few other policies which offer the same level of protection for such a low price.

Quotes for Tradesman Insurance

If you’re a tradesman in Qld and want to know more about your insurance requirements, or simply want to get a quote on your insurance, there are a few options available to you.

There are a number of insurance brokers operating in Qld that specialise in tradesman insurance. You can find them by simply searching Google.

A good tradesman insurance broker or advice will be able to help you with not only your public liability cover, but also with other forms of trade insurance such as tool insurance and income protection.

How Much Is Public Liability In Queensland?

July 5, 2012

Many businesses in Queensland will need to have public liability insurance, and the cost of the cover can vary greatly depending on a number of factors.

Here in Qld there are a number of insurers offering public liability cover. Each insurer will be happy to provide you with separate quotes on your cover, or you can use an insurance broker who will be able to obtain multiple quotes.

How much your public liability insurance costs will depend on a number of factors, and in this article we will look at some of the main factors affecting the price, along with the easiest ways to get a quote.

Size of the Business

The size of your business will have a major impact on the size of your public liability insurance cost.

Some insurance companies measure size by the annual revenue of the business, whilst other insurers measure size by the number of employees. Some insurers use a combination of the two.

For most Qld business types, the larger the business is the larger the insurance cost will be. This is generally due to the fact that a larger business will be undertaking more work, which means there is potential for more claims.

Activities of the Business

Different business types are treated differently when insurers are working out how much your public liability cost will be.

The cost for a retail business in Qld will be different to that of a single tradesman, which in turn will be completely different to the cost for a small office space.

Generally the activities of the business will affect the premium based on the level of risk posed. A lower risk business will commonly have a much lower premium that a higher risk business.

It is important to tell the insurance company or insurance broker all about your business activities, even if it means your premium will increase. If you don’t tell them everything, you could find that a claim is declined due to nondisclosure.

Other Factors

Other factors affecting the cost of public liability insurance in Qld include the level of cover you require, as well as the specific options that you wish to include in your policy.

A qualified insurance broker will be able to assess your business and insurance needs, and will be able to tell you how your business activities or other factors may impact upon how much your public liability cover will cost.

Getting a Quote in Qld

There are two main options when it comes to obtaining a public liability insurance quote here in Queensland.

Option one is to contact the insurance companies directly. Not all of the insurance companies offer direct quotes, but enough do that you will be able to get a good idea of the different prices for your type of business.

The second option is to use an insurance broker. An insurance broker will be able to obtain multiple quotes from all of the main insurance companies offering cover in Qld, and will then be able to advise you on which option they believe is best for you.

For more information please speak with your broker. Alternatively you can get in touch with us and we will try to point you in the right direction.

Where to get Public Liability Insurance in Qld

May 28, 2012

If you’re a Queensland business then chances are you will need public liability insurance.

But where can you get cover in Qld? Thankfully the answer is that you can get it from many sources here in our great state.

There are numerous ways in which to take out public liability insurance. You can go through a broker, you can go online or you can go straight to the insurance company.

Which option is best for you depends mainly on your own needs and preferences. In this guide we will look at some of the more popular options.

Insurance Brokers

This is where most businesses have traditionally gone for advice and service on public liability and other forms of business insurance.

The benefit of using an insurance broker is that you can rely on their knowledge and experience to ensure that you are getting the right cover to suit your business.

In many cases you can also rely on the broker to do the running around for you, ensuring that you’re getting the most competitively priced insurance.

The only real downside is that many brokers charge a broker fee to cover their time. This may be as little as $50 added to the premium, but for larger policies that fee can grow quite high.

If you can find a decent insurance broker who will charge you no or low broker fees, then you could be onto a good thing provided that they have the ability to do what you need them to do.

If you are located outside of Qld but still do business in the state, then you’ll need to ask your broker if there are any special public liability insurance requirements for Qld that may affect your business.

Direct

For those business owners in Qld who prefer not to use a broker, the next most popular option is to approach the insurance companies directly.

This can be a good option in some cases, as you can potentially save some money on the broker fee that your broker may have charged.

The downside is that everything is now your responsibility. If you decide to set up your insurance on your own you will have to deal with the consequences if you have done something incorrectly or haven’t read the documents well enough.

We have a list of public liability insurance providers here.

Online

Since we all have less time now days many Qld business owners are going online to sort out their public liability insurance.

There are different methods that these websites use in order to get you insured. Some have direct links into the insurer’s systems to provide you with quotes, whilst others are backed by insurance brokers.

Some of the best websites are those that are backed by ‘real’ insurance brokers who can help you through the process via email and phone to ensure you are getting the right cover for your needs.

Getting it Done

However you choose to get your public liability insurance in Qld, the main this is to get the right cover to suit your business needs as well as your budget.