Know the terms of your customer contracts to get the right insuranceSome customer contracts will specify a minimum level of public liability cover; reading and understanding the fine print means you can buy the right insurance. A higher cover limit may mean a higher premium, but not having sufficient cover could put you in breach of your contract.
Even if your clients don’t require cover, having a policy is attractive to other businesses looking for a supplier. By stating, for example, that your business is "insured up to $10 million for public liability", you could win favour over those who are not insured. |
Safety records are a major factor in determining the cost of public liability insuranceBy educating employees and contractors about workplace safety, taking precautions and generally operating your business with safety as the primary focus, the chance of making a claim will decrease. As your risk lowers, in time what you pay for a policy will drop too.
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Most policies require an excess to be paid firstYour policy states what the excess will be, for example, $500, $750 etc. Business owners will claim for any incident where the cost is above the excess.
Before deciding on an excess amount, it's important to make sure your business could pay the excess without any financial difficulty or delay. |
Frequently Asked Questions |