As a business owner there are many things you must consider. One of these is the safety of people, and property, that you encounter through the course of your operations. Should an accident or damage occur, impacted third parties may lodge a claim against your business. These claims have the potential to present costly legal fees along with obligations to pay for injury or damage caused.
If your business activities see you regularly deal with clients or the public, insuring against this risk is worth considering. This is where public liability insurance comes into play. Public liability insurance protects your business against litigation fallout in two key areas.
The first area includes any third-party accidents or injuries sustained through the course of your business activities. The second covers any accidental damage incurred to property owned or controlled by another party. Typical litigation costs can include defending liability lawsuits, along with any compensation you may be required to pay.
While public liability insurance is mandatory for some business types, it is not currently compulsory in Australia. But be warned; the perils of failing to insure are significant. If you have had the misfortune of a guest injury on your premises, you will know that the stakes are high.
Having public and product liability insurance can be the difference between the survival of your business, and indeed your livelihood. It provides assurance – knowing your business is safeguarded in the event of an incident. However, this peace of mind does come with a price.
And who better to negotiate it for you than a public and products liability insurance broker. Public and products liability insurance brokers are intermediaries who represent clients in the search, management, and execution of policy needs. They specialise in many forms of business insurance, helping to secure competitive policies that best address need. Looking for public or products liability insurance? Perhaps one of Canberra’s best brokers can assist! Read on to find out more.
What makes a great public or product liability insurance broker?
Great public and products liability insurance brokers are valuable members of your professional services team. They ensure your business is protected and assist in times of need. Here are some traits we find inherent in the finest public liability insurance brokers:
- All the right credentials. As with all financial services, qualifications and experience are key. All insurance brokers must hold an Australian Financial Services Licence and be either a Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP). Ideally, your broker should also be diploma or degree qualified. Moreover, look for memberships with professional bodies, such as peak industry body the National Insurance Brokers Association.
- SME specialists. If you are a small to mid-sized business your needs will differ to those of larger enterprise clients. You may favour a more personalised approach, a single contact, or extra time for consultation. The same can be said for industry specific knowledge; and engaging someone who truly understands the pressures of running the show. Rather than be treated like a number, seek out insurance brokers who are SME specialists. The best public liability insurance brokers apply specialised expertise to navigate clients through the entire process. In doing so, they extract a firm understanding of each business, it’s nature of work, industry, and unique requirements. They also advise on appropriate levels of cover, along with any optional extras that are worth considering. Given the long-lasting implications of a single incident, seek an SME specialist broker adept in your business field.
- Masterful negotiators. Handling injury, accident, or damage claims is not for the faint of heart. In times of heightened stress, a technically sound broker with masterful negotiation skills can work to lighten the load. With numerous procedures to follow and just as many contact parties, a negotiating powerhouse can help to manoeuvre the process along. Indeed, their role in managing insurance claims is invaluable. As advocates for your cause, they can save you precious time and money, while ensuring your interests are protected.
- Buying prowess. When it comes to public liability insurance there are literally hundreds of insurers offering a multitude of policies and extras. Indeed, any one insurance policy can have several variations dependant on the channel of purchase. So, to keep your options open look for a broker with buying power specific to your needs. Consider those with access to national and international networks, along with those who can deliver solutions to challenging scenarios. Moreover, enquire with those who have access to exclusive rates as this increases chances of securing cost-effective policies.
- Personal insurance counsel. Great insurance brokers operate as your insurance counsel, much like an accountant does with your books. This means consulting as needed and offering additional services beyond the sale. The best brokers proactively work with you to risk profile your business in light of your coverage. This could include identifying potential exposures and mitigation strategies via insurance. Moreover, many clients fail to recognise the impacts that business contracts have on insurance policies. But the best brokers proactively work alongside your lawyer to review risks that come with complex transactions, and assess any protections. And, should the time come to act on a policy they will be there to lead the way and simplify the process. While reviewing brokers, ensure you have a thorough understanding of services offered after the sale.
The best public and products liability insurance brokers in Canberra
RiotACT’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on RiotACT and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
For comprehensive public liability insurance and tailored advice that mitigates risk look no further than allinsure. Since their establishment in 2007, allinsure have focussed on delivering superior client service and fostering strong, long-term relationships. Their client-first culture has propelled them to the forefront of the industry, gaining recognition on a national scale.
In the 2021 Insurance Business Awards, allinsure were the proud recipients of four category awards and three excellence awards; including Australian Brokerage of the Year and Broker of the Year awards. Director, Peter Chamberlain, was also featured in Insurance Business Magazines 2021 Hot List.
As a corporate authorised representative of Insurance Advisernet, allinsure maintain their local ownership and presence, whilst leveraging buying power and product access. The team have also orchestrated favourable relationships with the industry’s major insurers, resulting in competitively priced tailored cover.
Boasting years of experience with business great and small; allinsure have considerable expertise in the management of business risk. Their partnership approach fosters innovative and strategic risk management solutions, providing business owners with real peace of mind.
allinsure’s public liability insurance solutions address accidental events involving third parties and their property. Such policies can cover the costs of investigating and defending business activities, through to settlement and compensation payments. Services include the review of key contracts for any impacts on insurance policies therein. For comprehensive public liability insurance, allinsure are hard to beat.
Kelsie English had this to say about allinsure on Google, “Quick and easy experience to be fully covered. My claim was also handled perfectly, and they took the stress of handling everything for me. Highly recommend using them.”
Mitchell Insurance Management are specialists in business and commercial insurance, supporting a range of varied industries and business activities. For business clients, they offer a one-stop insurance solution that protects both activities and assets.
The team at Mitchell Insurance Management work to tailor each insurance program with leading providers specific to client industry and needs. With a range of services from public and product liability through to workers compensation they are well placed to assist.
Collin D shared this great review on Google, “I have used MIM for my business insurances for the past few years. A great service all around with fantastic correspondence and have always provided very competitive prices.”
With a brokerage history that spans four decades, the MGA Insurance Group have built an enviable reputation across Australia. Here in Canberra, their team offers solutions that cover loss or damage to businesses large and small from public liability, to people, through to assets and management.
MGA believe claim outcomes are invariably tied to the quality of the products offered, subsequently placing emphasis on product selection. Whether you are a sole trader, small or medium sized business, MGA can provide insurance advice, recommendations, and options to protect your interests.
Gungahlin DailyMarket shared this review on Google, “Been a long-time client of over 10years. All issues are cleared in a timely manner. Great operators in Canberra, locally owned and operated. They fight for the best market rates, and annually reviewed, the teams at MGA make sure you a looked after and valued.”
Locally owned and operated, Ford & Associates offer insurance solutions and financial planning services to businesses. Their licensed team are authorised corporate representatives of Insurance Advisernet, providing access to a broad suite of products at competitive rates.
Offering the full stack of business insurance products, Ford & Associates can assist with public and products liability through to professional services and more. For insurance brokers who make it their business to understand yours, Ford & Associates are worth considering.
As a locally based licensed general insurance brokerage, Mezzanine Insurance specialise in the commercial sector. Their clients include businesses from all sectors and industries, from construction and trades, through to retail, informatics, hospitality and more.
The experienced team at Mezzanine Insurance focus on creating long standing mutually beneficial client relationships. Insurance services include public and products liability, workers compensation, professional indemnity, and director liability to name but a few. For tailored advice from commercial specialists look to Mezzanine Insurance.
Dan Savage shared this review on Google, “Stuart and the entire team at Mezzanine are a delight to work with. Professional, affordable, and prompt service. Our company have been with Stuart for many years and will continue to use and recommend his services for many more years.”
While on the topic of insurance brokers, you might also like our articles on the best insurance brokers, the best business insurance brokers, the best workers compensation insurance brokers, the best strata insurance brokers and the best construction and trades insurance brokers in Canberra.
For related business services see our articles on the best law firms, the best mortgage brokers, and the best chartered accountants in the region. Moreover, our articles on the best business advisors, the best bookkeepers, and the best business lawyers our region has to offer.
Your experience with public liability insurance brokers in Canberra
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Frequently Asked Questions
What is public liability insurance?
Public liability insurance is designed to protect businesses against third party claims of personal injury or property damage incurred from business operations. Depending on the nature of the policy, it can cover incidents within the workplace, as well as incidents at other locations.
What is products liability insurance?
Product liability insurance is for businesses involved in production, supply or sale of products to the public. It protects the business against claims of personal injury or property damage incurred from the product.
What is not covered by public liability insurance?
Most public liability policies will have a list of exclusions, some of which are commonplace while others are unique to the policy or insurer. Typically, a public liability insurance policy excludes events like unlawful activity, deliberate acts to cause damage or injury, personal or employee injuries, along with personal or employee property damage. There may also be exclusions pertinent to certain business types or occupations, so do ensure you are well versed with policy options.
What is the difference between professional indemnity and public liability insurance?
While both are a form of business insurance, professional indemnity covers against claims that specialist services or advice caused a third-party financial loss. This differs to public liability insurance which is focused on covering associated costs from third party injury or damage claims while using products or attending business premises.
Who needs public liability insurance?
Public liability insurance is generally recommended for all businesses that interact in public places or have members of the public attend their premises. Think along the lines of businesses with an office, showroom, or storefront, along with any consultants or contractors who work from home and visit client’s premises. Moreover, public liability insurance can also be a mandatory component of professional licensing such as those for trades. If in doubt, consult your local public liability insurance broker.
Does public liability insurance cover employees?
Generally, public liability insurance does not cover employees, it covers third parties. Mandatory workers compensation insurance however is designed to protect employees. There are various workers compensation insurance policies available, and some notable exclusions which can vary by state. So, for any businesses employing staff consult your insurance broker for further information.