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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.
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 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.
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.
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.
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.
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.