Liability Insurance Tips That Will Save You Time, Money

and Unnecessary Stress

Public and Products Liability Insurance

Does your business provide products or services to customers that come in and out of your establishment? If "yes", then the answer to the next question is a very important one.

That question is…. Do you have public and products liability insurance?

If you answered “no,” then you may need to learn more about what it is and what it can do for you and your business.

What it Covers

Public and products liability insurance provides cover in respect of a business’s liability in the event of a loss or damage caused as a result of negligence in connection with the business’s product or service sold or supplied. This includes damages that may be awarded to a customer or a third party who has walked into your establishment and become injured or harmed in any way. Any related legal fees, hospital treatment, and other expenses that may be claimed.

Policy Terms, Conditions and Exclusions

Insurance policies are legal contracts with the terms, conditions and exclusions being the basis of the cover provided by the insurance company. It is important that you understand your policy coverage. Cover varies from policy to policy, some differences may be minor and others may be too restrictive and not provide adequate protection.

If you do not understand your policy, contact your insurance broker and ask them to run through the policy with you to ensure that you have the right protection and that you fully understand what is and what isnt covered.

How much does it cost?

As for the cost, it depends on what kind of business you’re running. A person operating a software developing company does not need the same kind of insurance that someone operating a retail store does. The retail store is going to have more public and product liability exposure than the software developing company.

Insurance Protection

Having liability insurance is a good business protection; it only takes one incident to have a lawsuit on your hands. That is certainly something you do not have to deal with without insurance protection. The accident itself is stressful enough, let alone having to defend yourself in court and be out of pocket the legal costs.

Just because you may have one or two people a week walk into your establishment doesn’t mean you shouldn’t have liability insurance. The point is that the public is walking into your place of business and you need to insure yourself against anything that could occur to those one or two people.

When looking for Liability Insurance…

There are some dos and don’ts that you have to know when looking for liability insurance:

• Do use an Insurance Broker - they will find the right product suitable for your needs following an analysis of your business risks. Where as insurance companies offer their insurance products and don’t provide advice on the appropriateness of their products for your needs.

• Do provide full details of your business activities including previous insurance history to your insurance broker/company to ensure that the quotation provided is adequate. Non-disclosure of information can void an insurance contract.

• Don’t rush purchasing insurance. Allow ample time to facilitate your insurance. Quotes can take weeks for insurance companies to provide depending on the nature of your business.

• Don’t purchase a policy purely on price. Make sure you understand your policy and what you are and aren’t covered for before you accept the quotation.

Protect yourself and your business

Protect yourself and your business in case of the personal injury or property damage related matters. The heartache will be much less in case an accident does occur. At least you know that, with liability insurance, you’ll be able to go on with your business after the case is settled.

Compare Insurance Quotes & Buy Online

To obtain a quotation, enquire online at www.it.optimuminsurance.com.au

As every business is different, we have several options for businesses to obtain quotations:

• Comparative Quotation – this option is ideal for businesses with under $2million turnover. You can obtain a quotation specific for your businesses needs and purchase cover online.

• Online Application – Business’s exceeding to $2million turnover, please complete the online proposal form. This will enable a quotation to be provided based on your specific business needs.

In most circumstances we are able to provide an quote over the phone. If you would like to discuss your needs further, contact us on 1300 739 861.

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Presentation Disclaimer –– “This material contains general information only and may not suit your

particular circumstances. To decide if a policy is right for you please carefully read the relevant Product

Disclosure Statement (PDS) and/or Policy wording. A copy of the PDS or policy wording is available by

contacting our office on 1300 739 861;”

Disclosure Statement – “Optimum Insurance Services Pty Ltd is a Corporate Authorised

Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services

Licence No 240549, ABN 15 003 886 687.”