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Insurance for Queensland Business
Public liability insurance is one of the most effective ways for businesses in Queensland to protect themselves from a range of risks.
Queensland businesses will require public liability insurance for a range of reasons, from licensing through to simply business protection.
The ins and outs of public liability insurance QLD are generally no different to that of other Australian states, however there are a few minor differences that we will look at below.
What is Public Liability Insurance?
It is important to understand what public liability insurance is.
For a business based in Qld the insurance will cover them for financial losses relating to property damage or personal injury suffered by others as a result of the business activities.
If you cause property damage or personal injury to another person and are found to be responsible, you may then be liable to cover costs such as repair, replacement, medical expenses and compensation.
Your public liability insurance provider can cover these costs provided that the incident is covered by your policy coverage, which is a far better outcome than having to pay the costs out of your profits or savings.
The requirements for public liability insurance in Qld are very similar to those for elsewhere in Australia, however there are a few slight differences for some business types.
One of the business types most affected by differing public liability requirements in Qld is the electrical contracting industry.
Electrical contractors in Qld must hold a licence issued by the state government, as part of the licensing process all applicants must hold public liability insurance of at least $5 million.
This requirement is fairly standard, but where it differs in Qld is the need for a special option known as consumer protection insurance. Only a limited number of insurers offer this cover, but without it you will not be able to apply for or renew an electrical contractors licence.
There can be other differences for businesses based in or operating in Qld, so it is important to deal with a local insurance broker, or at least one who knows the local rules, to ensure your business is properly protected.
Qld Public Liability Quotes
Quotes for public liability cover are available from a variety of sources in Qld. This is the only way to determine the public liability insurance cost for your business.
Most providers of public liability will be able to issue policies to Qld businesses, and in most cases you can get a quote directly from the insurer via their website or call centre.
Many business owners prefer to use the services of an insurance broker or adviser for their insurance needs.
The benefit of using a broker is that they can obtain quotes from a variety of insurers at once, which saves you time running around. You can also benefit from their knowledge and experience when choosing a policy.
If you’d like to obtain a quote on public liability insurance Qld for your business, please speak with your broker or complete our online quote request.