Public Liability Insurance

Due to the specialised nature of your work, electricians are always in demand. An essential part of running your business as an electrician is ensuring that you have the right level of insurance cover in place. As the trade insurance experts, GSK Insurance Brokers are here to share what you need to know about insurance for electricians. Why do electricians need insurance? Insurance provides you with the confident that you’re protected financially when things go wrong. For electricians, the nature of your work means there is a higher risk of things going wrong compared to other professions and insurance is essential. Most employers will not take you on as a contractors without proof of public liability insurance and you won’t be able to enter some worksites without it. If you’re an electrician in Queensland, you must have public liability insurance in place as well as additional consumer protection insurance.   What forms of cover you electricians need? ...

When you’re running a business, anything that makes life a little easier is a good thing and that’s exactly what your insurance broker offers. Insurance brokers are industry experts who have the knowledge and qualifications to navigate the insurance landscape on your behalf in the interest of you and your business. Today, we’re looking at some of the reasons that you should consider using an insurance broker. Advantages of Using An Insurance Broker Thorough risk analysis – an insurance broker has the necessary experience to take a close look at your business and  carry out a thorough risk analysis to identify your areas of risk. Once your unique needs have been identified, your broker will be able to tailor an insurance package which covers these risks.  Saves your business time – your insurance broker will save you time by comparing a number of different insurance policies to find the best product for your business. Your broker isn’t tied to just one in...

As business insurance brokers , we have noticed that a number of our new clients have little in the way of a physical presence. When business owners think about business insurance, they might focus purely on mitigating risk for physical building or inventory. However, insurance is vital to cover other less tangible assets, and we will demonstrate this by taking a look at a typical online store operation. Online Store Risks If you run an online store, it’s unlikely that you have a physical shopfront to worry about and if you did you wouldn’t hesitate to get business insurance. However, the risks to your online store and your clients may be less obvious in an online operation, but they are still there. Let’s take a look at the four primary risks related to an online store that you need to mitigate with insurance. 1. Products If you sell a product that harms a person or in extreme circumstance even causes a fatality, your entire business operation is at risk. This is a ...

Higher excesses, increasing premiums and narrower coverage have become a reality for many businesses in Australia. Australian businesses have enjoyed a softer insurance market for some years, but a change is on the horizon. Fortunately, there are some ways that small to medium businesses can prepare for a harder commercial insurance market. Understanding the Differences Between a Soft and Hard Insurance Market The nature of the insurance market is driven by availability. If there is lots of capital entering the market, it is easier to obtain cover as insurers chase business. A softer market translates to lower commercial property insurance premiums, broader coverage, narrow exclusions, discounts, and smaller excesses. On the other hand, a hard market occurs when there is a decreased availability. This drives lower policy limits, wider exclusions, bigger excesses, higher premiums, and narrower policy coverage. Unfortunately, certain parts of the insurance market in Au...

According to insurance broker data, within the retail sector, more than 40 percent of shrinkage costs can be attributed to internal theft. According to the Australian Retailers Association Executive Director, Russell Zimmerman, internal theft is often more sophisticated, is more difficult to detect and has a greater financial impact compared to external theft. As an experienced insurance agent in Perth , we have compiled some advice to help you reduce your rate of employee theft. Recruit and Retain a Reliable Staff The most effective way to prevent or significantly limit internal theft is to recruit and retain a reliable staff. Failing to do reference checks or interview comprehensively is a sure way to recruit team members with a history of theft. This leaves the fault firmly in the hands of the employer. While this level of recruitment will require a bit of homework, the payoff is worth it. At a minimum, be sure to conduct comprehensive reference and background checks. ...

Professional indemnity insurance is defined as a type of insurance which helps safeguard professional individuals and companies from suffering the comprehensive expenses of defending against a negligence claim made by a client or a patient. Among the fields which primarily need professional indemnity insurance is the nursing industry that is sometimes subject to the possibility of making errors. A nursing insurance policy enables nurses to simply perform their respective jobs without being anxious about the damages to their careers and finances should any mistakes happen. In 2009 alone, more than 10,000 in-hospital errors committed by nurses were reported, with 1100 of these cases resulting in death. In addition, global statistics show that in every 300 errors committed, one has eventually led into deaths. Among the primary reasons of nursing care errors include administering the wrong medication and providing incorrect advice to the patients as well as failing to carry out pa...

Generally, insurance brokers are professional advisers which specialise in risk management and insurance. They act on behalf of their clients and provide them technical advice that can be important in making a claim on particular insurance. In other words, an insurance broker will help every business or individual determine the risks to help them manage risks and make well-informed decisions. Other than that, a broker can also assist their clients in finding the most appropriate cover for their own circumstances as all of them are familiar with terms and conditions as well as the costs and exclusions of specific insurance policies. In addition, the role of insurance brokers in Perth can extend to not only placing and classifying covers with the chosen insurers but also in providing advice to their clients on making the most of insurance covers and budget. Advantages of Hiring Perth Insurance Brokers In statistics gathered by ARPA, it showed that insurance brokers were r...

What Is Cyber Liability Insurance And How Can It Protect You? Cyber liability insurance is a standard risk management program which can protect a company from exposure to cyber criminals. In a 2017 threat report by the Australian Cyber Security Centre, it was found out that small businesses are among the primary targets of themed-phishing emails. Regardless of that, only 14 percent of Australian small businesses are implementing a cyber liability insurance policy. In related studies, Telstra also found out that 21.7 percent of Australian companies are not using or even considering any cybercrime precautions. Other than that, in a data gathered by the Australian Bureau of Statistics, about 95 percent of Australian businesses utilise the internet for business purposes. In another survey by the Australian Cyber Security Centre, at least 90 percent of Australian organisations encountered some type of cyber security incident in 2015. Likewise, web experts estimate that the Aus...

Business and commercial insurance helps in the balanced growth of the economy as it promotes financial stability and mitigate losses as well as foster trade and commerce activities. In a subordinate scale, insurance is an economical way to transfer risks associated with life and property to a company which offers business insurance . Australia among other countries provides everyone with a wide range of insurance benefits that cover commercial vehicles, employees, accidents, products, stocks, and goods. Types of Business Insurance Australia Offers On a broader magnitude, insurance is divided into three specific categories such as: 1.       Liability Insurance Business owners are legally responsible for damages or injuries to another person or property. Even though liability insurance is non-compulsory, in most cases, it is firmly recommended for businesses in all industries as the probability of being prosecuted is arbitrary and likely ve...

Life has a way of trying to get away from us, and if you’re busy making plans, details can get overlooked. Although you may think that you don’t need to visit insurance brokers, Perth professionals advise that it is actually important at every stage of life. So, here we’ll explore why you may need to schedule an appointment to visit your local insurance brokers. Young and Single When you’re young and single, you may feel like the world is at your feet, but life can throw a spanner in the works when you least expect it. At this stage, you need to achieve your financial independence and cast a financial safety net. While you may not have a partner or children relying on your income, you’re likely to have credit card debt, car loans, student loans or even a mortgage, which could all place financial strain should you suffer an accident or injury. Life insurance during this stage will help you to maintain your independence is you develop a disability or serious illness an...

Cafe insurance is a vital part of your hospitality business and can provide you with protection for all aspects of your business activities. Unfortunately, many business owners may struggle with their cafe or restaurant insurance premiums, but there are ways to minimise your risk profile and reduce your costs. Professional Cleaning Even if you’re very diligent about cleaning your cafe kitchen, it is a good idea to have your canopies regularly cleaned by a professional company. This not only improves the aesthetics and hygiene of your kitchen, but this type of maintenance program can have a positive impact on your insurance risk. You should be aware that some insurers make a maintenance program a condition of their policies, so be sure to read your terms and conditions carefully for any stipulations. Minimise Your Fire Risk Fire can be a massive problem for any business, but there is a greater risk in a commercial kitchen. When you’re cooking for hours a day, there is...

Whether you’re a new startup or an established SME, you may have overlooked the importance of visiting business insurance brokers. While it may appear simple to obtain insurance to cover your business activities, it is crucial that your business is adequately protected against risk with sufficient insurance. A business insurance broker specialises in commercial insurance, so you can have confidence that if the worst happens, you have sufficient protection. The Importance of Business Insurance Business insurance is the umbrella term for various commercial insurance products to protect your business against work related risks. These risks can have a devastating impact on your business should you suffer a lawsuit or financial damages. Business insurance can be used to protect business owners from an unexpected event such as equipment breakdown, third party damages, property damage, accidents, fire or theft. Your business faces risk every day of trading, regardless of your ...

For many business owners public liability is simply product liability insurance, so they wonder if they need it. Of course, if you don’t produce products, you may think that you don’t need this coverage, but you may be making a very costly mistake. Here we’ll explore the topic of public liability insurance , so you have the information you need to make an informed decision. The Basics Public liability insurance is perhaps the most common type of insurance that is taken by businesses of all sizes. Without adequate cover, a business can face exorbitant fees and penalties for any damages caused to customers or clients. Whether you have an established business or are a brand new start up, it is important that you have sufficient coverage to protect you in the public sphere. Why is Public Liability Insurance Needed? Although it is not obligatory for every business, public liability should be considered crucial if there is any degree of public interaction during your busine...

Running a business takes a great deal of time and effort, so it can be devastating when a mistake compromises your operation. Making a poor choice of business insurance can be a costly mistake that has the potential to bring down your business. Business insurance provides protection for both you and your business, so it is imperative that you choose the right policy. So, here are some common mistakes for business insurance, brokers can help you to avoid. Not Considering the Importance of Business Insurance Brokers are continually seeing business owners making this massive mistake that can have devastating results. Small business owners often believe that since they are small, they don’t need business insurance. However, whether your business is large or small, you need adequate protection. Business insurance is crucial to protect you and your business against potential loss. Even a startup can be compromised without adequate coverage, and public liability insurance is manda...

Commercial vehicles are a vital component in many business activities, but arranging truck insurance can be a little tricky, particularly if you’re new to this segment. Having all the information, you’ll need will make the process of getting set up a little smoother. While you may be able to obtain a quote without some of these details, it is a good idea to have everything organised, so you can get immediate cover. Things You’ll Need Just like regular car insurance, there are some basic things you’ll need to obtain cover for your commercial vehicle. The first thing you’ll need is the declarations page for your current truck insurance. This will provide the critical details about the cover you’ll need. If you have no history of commercial vehicle insurance, have the declarations page for your personal vehicle on hand, as many of the details will carry over to your commercial policy. You will also need to provide your insurer with all the licence details and basic driver ...

Every day, carpenters across Australia tackle projects they need to complete and fail to consider any risks they face with these tasks. Unfortunately, there are many things that can go wrong on a site and you need to ensure that you and your business are protected with adequate business insurance. While you can’t insure against the possibility of not having enough work, you can ensure that your business is protected against employee injury, equipment loss, personal injury or property damage. So, here we’ll explore how with a visit to business insurance brokers , Perth carpenters can enjoy protection against many risks. Public Liability Public liability is vital for carpenters and in many cases, you will be unable to enter a building site without proof of cover. This type of policy is designed to cover any legal expenses against any liability claims. Without public liability, a client or third party could make a claim, and even if you’re not at fault, you could spend a fortu...

Running a cafe requires a great deal of dedication. You’re likely to put all your time and effort into getting your business up and running, so you don’t want one mistake to compromise all your hard work. Cafe insurance can help to protect you and your business, so it is important you avoid these common mistakes. Not Considering the Importance of Cafe or Restaurant Insurance The biggest mistake you can make about your business is not considering the importance of proper cafe or restaurant insurance. You may have a false misconeption that if your cafe is small, you don’t require dedicated business insurance. However, this can be a very costly mistake. Not having proper insurance is an invitation for trouble as you will lack protection against any potential losses. Even if you’re running a tight budget for your startup operations, it is crucial to consider insurnace to ensure that you have the best cover for your needs. Allowing Insurance to Lapse Most business owners ...

Today, even conventional businesses rely on the internet to conduct their activities. However, this does increase the risk of security issues and create a need for cyber insurance. If you’re still unsure about whether your business needs cyber liability insurance , we’ll explore this topic a little further here. The Cyber Liability Insurance Basics Cyber insurance is designed to provide businesses with protection against Internet-based risks. It can also be used to cover risk relating to IT activities and infrastructure. This type of cover can be used to limit the damage that is caused by successful attempts to access your data. So, if you’re concerned about having your social media account hacked or someone stealing your client’s data, you may need to consider cyber insurance. Does Your Business Need Cyber Liability Insurance? Australia based business owners may wonder if cyber insurance should be added to their overall package. In simple terms, if you need to handl...