When it comes to choosing an insurance broker, many Perth business owners mistakenly believe that all brokers provide the same level of service. However, it is crucial to select the right broker for your specific business needs. Therefore, here are some smart questions that business owners in Perth should ask their insurance broker to ensure adequate protection:
1. Can you provide services tailored to my business?
Although this question may seem generic, it is essential to ask any insurance broker. Each business is unique, and a good broker will take the time to fully understand the nature of your business activities. They should ensure that your coverage is customized to meet the specific requirements of your business.
2. What does the public liability insurance cover?
While you may be aware of the need for public liability insurance for your business, it is important to understand the scope of coverage provided. Public liability insurance typically covers property damage and personal injury for non-employees. However, the specific coverage will depend on your policy and business circumstances. A reputable insurance broker will be able to provide clear answers and give you a better understanding of your risk profile.
3. What additional coverage do I need to supplement my public liability policy?
Insurance policies vary, and there may be exclusions in your public liability insurance policy. Standard public liability coverage may not include certain risks such as poor workmanship, fraud, or contractual liability. A reliable insurance broker in Perth will help you identify any gaps in your coverage and advise whether you require additional protection.
4. How much public liability insurance is sufficient?
The appropriate level of public liability insurance depends on the size and risks associated with your business. A knowledgeable broker will guide you through the common coverage limits for public liability insurance, such as $5 million, $10 million, or $20 million for Australian small businesses. However, they will also consider your specific needs and provide a cost-benefit analysis for each level of coverage. Increasing your coverage from $5 million to $10 million may be relatively inexpensive and beneficial for your business’s risk profile.
5. Can public liability insurance be bundled with other policies?
An excellent advantage of working with an insurance broker is the ability to package multiple insurance policies together. Depending on your occupation, you may be able to combine public liability insurance with professional indemnity insurance and other relevant policies. Unfortunately, some brokers overlook the benefits of this customized packaging for business owners.
If you are seeking insurance brokers in Perth, consider contacting GSK. Our experienced team of professionals will be happy to answer any questions you have and provide the right insurance solutions for your business.
To learn more, please reach out to our office to speak with a member of our team.
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