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As a business owner, choosing the right public liability policy is one of the most important decisions you have to make to run it smoothly. Not only does it act as a safety net, but it can also impact the future of your business. Here’s how to make the right choice while keeping the premium costs to the minimum.
Evaluate Your Business
You might have already included public liability insurance in your business plan, or you will be wondering whether you need one. In reality, even if you don’t make any claims, the right liability cover will not hurt your business. Moreover, it is mandatory for some professions. For example, most tradesmen require adequate cover to apply for certain licences. They may not be even able to enter certain worksites without insurance. Regardless of your type of occupation, public liability insurance is recommended for everyone. Even self employed should be covered against accidental property or personal damage to a third party.
You can save hundreds or even thousands of dollars every year by simply comparing quotes from different insurance providers. Applying for quote has also become easier with the popularity of Internet. Now you don’t have to make appointments with insurance agents, and waste your valuable time and money. The quote request forms can be found on the websites of insurers. When you request for a quote, you will be asked a number of questions related to your business. Make sure you submit the right information in order to receive the accurate quote. If you are happy with the quote, you can proceed further and purchase the insurance. Moreover, the process is free, and you can get it instantly.
Choose Level of Cover
The level of cover primarily depends on the needs of your business. You don’t have to pay too much to get the best cover. At the same time, your business should not be under-insured. A number of factors influence the level required such as the type of business, number of employees, annual turnover, and the state you are based in.
If you need some guidance, you can always contact an insurance planner specialising in public liability insurance, or at least business insurance. You can also choose from a range of payment options like annual or monthly premiums. Both options are free of additional charges. The payment can be done online or over the phone. Some also allow BPAY payments. Also remember that as your business grows, your needs will also change. So, policy requirements should be assessed regularly to ensure that you have the right public liability policy in place.