Is there any difference between any two public liability insurance policies?

Public liability policies cover the cost of claims that are made against you in court by people who have been injured or those whose physical possessions have been damaged on your property. 

While the two policies do not differ when it comes to offering basic coverage, there might be some additional endorsements or exclusions that come with a price differential.

No matter which policy you choose it is important for you to read all the clauses and understand what the policy is offering before signing on the dotted line. 

The foremost question, however, is:

Do public liability policies differ?

The answer to this is: yes there is no difference in the basic cover because all public liability insurance policies in Sydney are expected to do the same, cover costs of claims. But there are exclusions and endorsements where these policies differ. 

For instance, there might be a difference in terms of the property that the insurance covers. For instance, some policies might cover the claims for incidents happening within 20 m of your property, while others may cover less. It depends on your profession the kind of area you want to cover which is why you should make certain of what you are signing up for before you start paying for it. for instance, if you are a painter then you might want a larger area because your studio is likely to be bigger and have more material that can damage clothes, bags, and shoes of your visitors, and you are likely to have more parts and tools lying around. However, if you are an accountant or bookkeeper chances are that you don’t need that large an area to be covered with public liability insurance. 

Price

The prices of liability policies differ, but the difference is not necessarily because of the higher value that a policy would provide. Apart from the fact that value is a subjective measure, it is not always true that a higher price means that the policy is better.

If you have a business where ordinary exclusions and endorsements are not required then there is no point in paying higher for a policy that has fewer exclusions. However, if you need the exclusions because of the nature of your business, then you must pay for the policy that covers you better. 

It is advisable to use a broker for public liability insurance in Sydney who can guide you with regards to the type of business you have and the kind of endorsements and exclusions that you need. You can consult with them before opting for the policy you need because chances are that you might not be fully aware of the technicalities that are associated with the different policies being offered to you. 

The insurance brokers will be able to save you money and provide value where you most need it because they can tell you what exclusions and endorsements are a must for you to have. 

Claims services by public liability insurance providers in Sydney

It is important to consider experience when it comes to making claims with the public liability insurance company. You can check previous customers and their experience with making claims because a cheaper policy might seem appealing in the short term, but if there is a claim you need to be sure that the company you have is there to back you.

Litigation is already stressful for professionals and businesses. If insurance providers are known to have inefficient services when it concerns providing the money for the claims then you should know that cheaper does not necessarily mean better. When being sued, your focus needs to be on the case and on getting the best defense. However, if you have to worry about your claims and how you will be able to pay for the legal services and costs then the public liability insurance provider in Sydney is not providing any value to you. 

You can consult with your insurance broker about the company that provides better services so that you can keep all options and service features in mind before you select the policy that you need. 

Summing it up

This article guides you through some of the differences that exist between the two policies for public liability insurance coverage in Sydney. 

While there is no difference in the basic function of the public liability policy and the basic cover remains the same for all. The difference is mainly present in the exclusions and endorsements which are usually the reason why there are price differences in the two policies. While it is advisable to read the policy, it is also important to understand what you are getting in return for your premium payments. 

Employing a broker is important in this regard as he or she can tell you what value you will be getting. They can also guide you about the claims service experience of others with the company so that you can make a better-informed decision about the policy you need to purchase. 

Remember that a more expensive policy does not necessarily mean better value for you. 

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