Although Public Liability Insurance may seem pretty simple, getting the right advice can save you both time and money. But who are the best people to give you the right advice on business insurance?
With the advances in technology these days, it’s easy to get quotes for Public Liability Insurance online with the click of a button.
This may seem like the simplest option but what happens if you aren’t sure how to proceed and just want some advice?
Although Public Liability Insurance may seem pretty simple, getting the right advice can save you both time and money. But who are the best people to give you the right advice on business insurance?
Who can give me advice?
Before seeking advice, it’s important to know who is qualified to advise you on Public Liability Insurance so you can be assured you’re getting the best information.
To give advice on Public Liability Insurance, a person needs to hold certain qualifications and be licenced or authorised by the Australian Securities and Investment Commission (ASIC).
Generally, a person who is offering you advice will have the title of Insurance Broker, Insurance Advisor, Account Executive or Authorised Broker. Remember that these are just titles and there are other ways of making sure someone is qualified to give you advice on Public Liability Insurance.
The important thing is not to confuse insurance professionals with other individuals working in the finance area, such as accountants. Although they may have some knowledge of insurance, they will not have the in depth knowledge required to give you the best advice.
How do I know someone has the proper qualification or licence?
You can confirm if your insurance broker holds the correct licence by checking their website or business card for their Australian Financial Services Licence (AFSL) number. If you can’t find this, ask to see their Financial Services Guide (FSG) which will contain their licence number.
You can also check that the licence number matches their name by visiting the ASIC website and entering the licence number. Remember, you will need to search under Australian Financial Services Authorised Broker if your broker is authorised by another licence holder.
What type of advice do I need?
There are two main types of advice that can be offered to you – personal advice or general advice.
General advice is when Public Liability Insurance is discussed in general terms, without considering the specific circumstances of your business. This type of advice is good when you just want a general overview of Public Liability Insurance.
Personal advice is when you are given specific advice after you’ve discussed the needs, risks and objectives of your business. This is useful if you want targeted recommendations based on your personal circumstances.
After you’ve been provided with general advice, it’s always a good idea to get personal advice from an insurance broker before proceeding with Public Liability Insurance as it ensures you’re getting the best insurance package for the needs of your business.
How do I get advice?
One way to get advice is to organise a meeting with your insurance broker where they can sit down with you and discuss your specific needs. While this may suit some people, you simply might not have the time to spare away from your business for a face to face meeting.
With this in mind, most insurance brokers are more than happy to offer you advice over the phone or online which can save you time. Using email to communicate with your insurance broker is a convenient way to have any questions answered without having to travel to a meeting.
Using the phone or online means to speak with your insurance broker also makes it easy to get advice from companies who aren’t in your local area, or even in the same state.
Can I get insurance advice from my accountant or financial planner?
It’s true that some accountants and financial planners have general knowledge of business insurance. However, it’s important to remember that they are generally not insurance professionals and will not have the same in depth level of knowledge of business insurance that your insurance broker will have.
Accountants and financial planners generally don’t have the same qualifications as an insurance professional and must not give advice on Public Liability Insurance or any other business related insurance. If they are going to give personal advice, they will need to have formal qualifications and have been give the proper licence.
Although accountants and financial planners may give you some general advice on Public Liability Insurance, it’s best to get your personal advice from a qualified insurance professional.
Should I go ahead with Public Liability Insurance without getting advice?
If you decide you want to proceed with Public Liability Insurance without getting advice, make sure you read the Policy Disclosure Statement (PDS) so you fully understand your policy and know what you’re covered for.
However, it’s worth speaking with an insurance broker and getting some professional advice before proceeding so you can be confident you are getting the best insurance package for your business needs.
If you’d like advice on Public Liability Insurance, or any other type of insurance, please give us a call at Elliott Insurance Services and we would be happy to help.
