What is Public Liability Insurance?

Public Liability Insurance covers your legal liability to third parties for personal injury or property damage arising from your insured business activities.
Public Liability Insurance is designed to provide you with confidence to trade without having to worry about the burden and financial impact if injury, or damage was to occur outside of your control, in which you were found negligent.

No doubt if you’re in business for yourself, you’ve heard of Public Liability Insurance. Public Liability Insurance can protect all businesses, from sole traders, to small businesses, to ASX listed companies. No matter the size, no matter the industry, Public Liability Insurance is going to offer a level of protection for your business that you need. Without it, you could see yourself fronting the costs incurred if a claim were to be brought against you.

In this post, we’ll cover a few examples of how Public Liability Insurance can protect you, and how you can benefit from engaging Morgan Insurance Brokers to source cover that’s right for you.

Why is Public Liability Insurance Important?

To protect you from unexpected legal costs that could arise from Public Liability Claims against your business, it is important that you protect your business with a Public Liability Insurance policy that will cover all of your day-to-day business activities. Although usually not compulsory, businesses should consider safeguarding their financial future with an adequate Public Liability Insurance policy. We all know how expensive solicitors are, so imagine having to pay for legal representation to respond to the claim brought against you, whilst also having to potentially reimburse the claimant for their legal fees incurred, and compensation claim as well.

Between 2017-2021, there has been $2.31 Billion Dollars paid out in Public Liability claims in Australia. This highlights the importance of ensuring your business is protected with an adequate Public Liability Insurance policy.

Examples of Public Liability claims

Property Damage

ABC Lawnmowing is engaged to cut John Smith’s grass. A stone has flung up under the mower and damaged John Smith’s glass. ABC Lawnmowing is deemed liable for these damages and their Public Liability Insurance policy will pay for the repair of the glass.

Slip and Fall

Jane Doe has entered XYZ Supermarket and has slipped and injured herself on a puddle of water from a leaking freezer. XYZ Supermarket had known about the puddle but did not secure the area with appropriate signage to warn customers about water on the ground. XYZ Supermarket are found liable for Jane Doe’s medical expenses. XYZ Supermarket’s Public Liability Insurance policy will pay the legal and compensation costs in this instance.

Food Poisoning

Jack Jones visited his favourite buffet restaurant for dinner. A short time later, he came down with a bout of food poisoning. Jack Jones was unable to work for the follow days after, and also incurred medical costs. It was found that the buffet restaurant was liable for Jack Jones illness. The buffet restaurant engaged their Public Liability Insurance and the policy responded to the costs incurred.

Now we know how important insuring for Public Liability Insurance is for your business, so now is the perfect time to review your cover, or take out a new policy to protect yours, and your employees futures!

Not sure where to start? Contact Morgan Insurance Brokers for a tailored Public Liability Insurance policy for your needs. We do all the hard work, so you don’t have to. You’ll have faith knowing that we have your best interests at heart.

In the face of such uncertainty, we must pay the small cost of appropriate insurance, to protect ourselves from the far greater cost of being uninsured.

Purchasing an investment property is a very exciting time. Growing your portfolio can provide many financial benefits, from passive income to tax advantages, and are also a great long term wealth strategy if the value of the property increases during the period of ownership.

From the moment you sign the contract, are a whirlwind of tasks that need to be executed. Conveyancing, contracts, building and pests, loan approval, insurances, the list goes on.

With all the excitement and time pressure surrounding this process, it’s easy to see how purchasing insurance can become rushed, resulting in potentially inadequate cover.

Protecting your investment with Insurance
Insurance is the most vital process when purchasing an investment. It will protect what you’re trying so hard to achieve – a positive rental income.

There are so many aspects to a Landlords Insurance policy than just insuring the building. These are explored below.

Rent default is when the tenant falls behind in their rental payments without giving any written or verbal nature. This section also can include legal and court costs to pursue recovery of the arrears.

Theft by Tenant will protect your contents items by theft from your tenants. If your property is leased unfurnished, it can protect your fixtures and fittings. Curtains/blinds etc.

Loss of Rent will protect your rental income for 12 months where your insurer deems your property unfit for your tenants to live in.

An Accidental damage policy will extend to cover your property from Accidental damage caused by tenants. This not a standard cover for most insurers, however it is vital. Morgan Insurance Brokers offer this cover as our policies that we source have had this cover negotiated in.

Public Liability Insurance comes standard in a Landlords Insurance policy. It covers the Landlord for costs associated with a personal injury or property damage claim that they’re found liable for. This cover also extends to the tenants and their guests.

Each insurer’s policies contain vastly different terms, conditions, sublimits, and excluded covers. Its extremely important to review each quote you obtain to ensure that the level of cover is going to protect your investment.

Pricing should not be a driving factor for a policy like this as you could find yourself under insured and out of pocket if you are selective with the important additional covers mentioned above.

Engaging an insurance broker to guide you through this exciting time is going to provide you with sound advice and peace of mind that you’re adequately covered to minimise the financial impact if you ever suffered an insured event.

Brokers can source a comprehensive policy at a competitive price without having to forego these important covers.

If you unfortunately find yourself in a car accident, below are some points of action that protect you financially.

First of all, if you’ve been in an accident, make sure you’re safe and not injured, along with your passengers, and others in the other vehicle. If so, assess the injuries and make a determination if an ambulance should be called.

If there were no injuries to any person’s, then if it’s safe to exit the vehicle, do so.

Make sure the vehicle has moved into a safe area off the road to avoid any further damages or injuries.

When you’ve exited the vehicle, assess the damages. Is it drivable? Will you need a tow truck? If you need a tow truck, call a local company and let them know your pick up destination. You can have them deliver your vehicle to a near by smash repairer, your home address, or their holding yard. Please note that holding yards can charge a daily storage fee.

Now, here is the most important part. Obtaining the information of the other party. It is crucial (especially if you believe you were not at fault for the damages) that you document as much as possible, including the other vehicle and drivers details.

• Vehicle make and model
• Registration
• Driver name
• Driver telephone contact number
• Copy of the other drivers licence (take a photo front and back)
• Driver’s home address
• Driver’s contact number
• Photos of the other vehicle including registration plates in the photo
• Insurer Name and policy number (or claim number)
• Address of accident
• Write down a brief description of the events and who was at fault

With this information, your Insurance Company will be able to contact the other party and ask them for their insurance details, including who they are insured with and what their claim number is. This aids in a successful recovery of any claim amounts that your insurer paid for the repairs of your vehicle. Withthis information, your Insurance Company will be able to contact the other party and ask them for their insurance details, including who they are insured with and what their claim number is. This aids in a successful recovery of any claim amounts that your insurer paid for the repairs of your vehicle.

Without this information, your insurer may not waive your excess, and may find you technically “at fault” if there is an unsuccessful recovery in claim payments. This will go on your claims history and could impact your premiums for years to come.

If you are insured through a Broker, contact them and provide them with this information to enable them to lodge a claim on your behalf.

The next step is to have your vehicle repaired. Usually, you would have your vehicle quoted and assessed and then the repairs subsequently approved. Depending on when the repairer can book you in, you could be waiting for a few weeks until a repair date. If this is the case, contact your Insurance Broker to see if you’re eligible for a hire car under your policy. If you’re insured directly, contact your insurer and query your policy coverage for the use of a hire car.

Once your vehicle is repaired, ensure you’re happy with the quality of the work, then happy driving!

• Make sure everyone is safe
• Move vehicle to a safe area
• Organise a tow truck if needed
• Obtain drivers information
• Take photos
• Contact Broker or Insurer to lodge claim
• Take vehicle in for a quote for repairs
• Book in and attend repair date

Claims can be stressful and time consuming. You could have difficulties with dealing with the other parties, long wait times on hold with insurers, delays with repairs, and pressure finding alternative transport whilst your vehicle is getting fixed.

Our free claims handling would include the below services, but not limited to;

• Lodging the claim with the insurer
• Speaking to the third party driver
• Facilitating tow trucks and repairs of vehicle
• Organising hire car

Please contact Morgan Insurance Brokers for a Motor Vehicle Insurance quote.

We hope the above can assist in the event of a car accident.

A business takes years to build – but an accident or disaster could destroy it all in minutes. That’s why businesses should help protect themselves with a quality business insurance pack.

With the right cover in place, owners can run their business with confidence, knowing that their premises, stock, equipment and reputation are protected by insurance.

Business owners can benefit from taking out an affordable and comprehensive business insurance pack to help protect them against the main risks involved in running a business.

Business insurance packs can offer general protection for a business, which may include cover against:

Repair or replacement of property damaged.

Loss of trading profit following insured damage to property and additional costs and expenses incurred during a claim.

Repair or replacement of property stolen.

Loss of money. Excludes electronic funds.

Your liability to pay compensation for personal injury and property damage as well as the costs involved in defending a claim triggered by the policy.

For replacing glass inside or outside your premises, including your shopfront windows, mirrors or display cases.

For stock that is in transit on the road, in the air or by sea.

For repairing or replacing electronic equipment that breaks down.

Cover for costs associated with machinery breakdown.

To cover your tools of trade, including laptops and tools that you use for your profession or trade.

To cover the costs of being audited by the ATO.

Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

“Having the right insurance will help protect your business and minimise its exposure to risk. This may include insuring your business, your income and your commercial risk.”

Contact one of our insurance specialists at Morgan Insurance Brokers for your tailored Business Insurance Quote.