When considering insurance brokers, Perth business owners often think that every broker offers the same service. Unfortunately, this is not the case, and you need to ensure that you choose the right broker for your business. So, here are some smart questions business owners should be asking their insurance broker Perth, to ensure that they’re protected.
Can You Provide Services for My Business?
This may seem like a very generic question, but it should be asked of any insurance broker. Perth business owners need to appreciate that their business is unique, so their broker should take the time to understand the full extent of their business activities. A great broker will find the best description for your business activities to ensure that you have full coverage.
What Will be Covered by Public Liability Insurance?
You’re likely to be aware that your business needs public liability cover. This can include property damage and personal injury cover for non-employees. However, what is and is not covered by public liability will depend on your policy and business circumstances. A good insurance broker will be able to provide you with specific answers to provide you with a better illustration of your risk profile.
What Will I Need to Supplement my Public Liability Policy?
Each insurance policy is different, and there will be exclusions not covered by your public liability insurance policy. There are some risks that insurers do not cover with standard public liability. This can include issues relating to poor workmanship, fraud or contractual liability. The best insurance brokers in Perth will help you to understand where your coverage is lacking and whether or not you need additional protection.
Your broker should assess your risk profile, business type, business size, and overall affordability to determine what other policies are needed to protect your business. While it is not always possible or practical to cover all business risks, the best brokers will provide guidance as to which are the most important priorities. This could include income protection, commercial property insurance, cyber insurance, product liability, indemnity insurance, commercial vehicle insurance, and workers compensation.
How Much Public Liability Insurance is Enough?
Depending on the size of your business and the risks faced, your broker will be able to guide you through the typical cover levels for public liability insurance. The most common cover limits for Australian small businesses are $5 million, $10 million and $20 million, but this may not be appropriate for your business. In fact, the best brokers will break down the costs and benefits of each cover level, so you can enjoy maximum protection. For example, it is often quite inexpensive to increase your cover from 5 million to 10 million, which could benefit your business risk profile.
Can You Package Public Liability with Other Policies?
One of the main advantages of using a great insurance broker is that your broker can package your insurance policies together. In certain occupations, it is possible to combine public liability with professional indemnity insurance in addition to other policies. However, some brokers can’t seem to appreciate how beneficial this can be for business owners.
If you’re considering insurance brokers, Perth-based GSK is here to help. We’re an experienced insurance broker, and a member of our team would be delighted to answer any questions you may have.
We’re a team of experienced and professional insurance brokers, and we would be delighted to answer any questions you may have, so please do not hesitate to contact our office.