Public Liability Insurance
If you interact with customers and/or members of the public as part of running your business, there is always a risk that an incident could happen.
Public Liability Insurance provides protection and peace of mind in the event that you are held liable for personal injury or property damage arising out of your business activities.
Not only does the policy cover the damages it will also cover the legal fees associated with defending the claim.
Is Public Liability Insurance a Legal Requirement?
Electrical Contractors in Queensland must hold Public Liability Insurance. It is part of the licencing process that all applicants must hold Public Liability Insurance that meets the following requirements:
“Under section 51 of the Electrical Safety Regulation 2013, Queensland electrical contractors are required to hold current broadform public and products liability insurance of at least $5,000,000 and Consumer Protection Liability of at least $50,000 under a contract of insurance issued in the name of the applicant.”
Whilst Public Liability Insurance is not compulsory by Law for most occupations, if you run a business and want to protect your assets it is an essential part of your insurance program.
it is also important that you understand any contractual requirements you may have to hold a Public Liability Insurance policy.
As a Insure Gold Coast customer, you will have access to a dedicated contract team who will be happy to help you understand any contractual obligations you may have regarding insurance.
What is a Certificate of Currency?
A certificate of Currency is a document confirming that you hold Public Liability Insurance and the Limit of Indemnity you are insured for.
Often your customers will require this document urgently for you to proceed with a job.
At Insure Gold Coast we understand the urgency and make it a priority to get this to you promptly. We are also happy to send it directly to your customer if requested. You will not have to spend your time talking to call centres trying to get this arranged.
Examples of Public Liability Insurance Claims
A customer slips and falls at your premises
A delegate trips on a cable at an event you have arranged
Whilst working at height you drop something which hits a person below
As you will see from the examples above, Public Liability claims are often difficult to avoid.
Public Liability Insurance – Important things to consider
Is your business description accurate?
It is extremely important that the business description on your Public Liability insurance is correct and upto date.
If the business description is incorrect and you are performing activities that are not declared to your insurer, your policy may not respond in the event of a claim.
This is a big problem that we see with online quotations as you may just pick a drop down occupation that does not include all of your activities and could cause issues for you at claim time.
The type of work you perform has a big impact on your Public Liability Insurance Policy.
Some activities are classed as high risk as they are more likely to cause injury or damage.
High risk activities include; welding, roofing, mining, manufacturing.
Also the locations you work in also are a major rating factor for your insurance policy. For example, Construction sites, mine sites and large industrial sitesare considered to be high risk locations.
At Insure Gold Coast we provide personal service and ensure that we fully understand your business and all of the activities that need to be covered.
Is the limit of indemnity adequate?
When setting a limit of indemnity on your Public Liability Insurance Policy it is important to consider the type of business that you are operating.
Sometimes a client may require that you have a certain level of cover and so it is important that you understand any contractual obligations.
At Insure Gold Coast we can work with you to set an appropriate limit for your business.
Do you understand the conditions and exclusions?
All insurance policies include terms and conditions that specify what is included and what is not, what the insurers obligations are and what your obligations are.
If you do not comply with the terms and conditions of the policy, you may be in breach of contract and the policy may not respond in the event of a claim.
Public Liability insurance policies can be very complex and difficult to understand.
At Insure Gold Coast, we will discuss this with you to ensure that you fully understand the policy conditions and any obligations you may have.
Does your business engage Subcontractors?
In most cases your Public Liability Insurance will not provide cover for damage caused by your subcontractors.
It is imperative and often a policy condition that your subcontractors hold their own insurance policy.
To provide additional protection we would recommend that you obtain their Public Liability Certificate of Currency and Income Protection Insurance where possible and keep this on your records.
It is important to declare the total annual payments made to Subcontractors. If subcontractor payments are high your insurance cost will increase. This is because as a business owner you have less control and oversight of your subcontractors (as opposed to your employees).
The Insure Gold Coast Difference
At Insure Gold Coast we understand Public Liability Insurance and the issues you need to deal with.
We have access to many different insurance companies and will compare the market on your behalf.
We can help you get the best claims outcomes, because we work for you and not the insurers.
We are passionate about supporting local businesses and giving back to the community.
As more and more independent commercial insurance brokers around Australia get swallowed up by ever larger consolidating entities, you can start to feel like a number rather than a valued client. We are determined to stand out from the crowd, by offering you the personal touch and providing you with first class service and a single point of contact.
We can save you money with a tailored insurance program, considering all of your activities rather than just selling you a one-size fits all product.
At Insure Gold Coast we have many years of experience in arranging Public liability Insurance.