Home – New Forums Starting your journey i am looking for Public Liabilty Insurance

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  • #968217
    adykacen
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    hello,

    i am opening a retail kiosk in malls, and looking for public liabilty insurance, can you recommend me about good companies.

    still on the same subject, do i need to make the public liabilty before or after i lease a place at the mall?

    #1031742
    MattDell
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    Hi
    I have been an insurance agent/broker for 20 years so I guess I am qualified to answer this one :)

    Every small business needs to have Liability insurance. Most insurers will have a policy to offer you and there will be little difference between the coverage (at least for the Liability section) between them.

    So the 2 differentials when you are shopping around are PRICE and SERVICE. Whilst price is the easiest comparison please pay attention to service too. If you can’t get good service at the point when you are giving them money how good do you think their service will be when they are paying you?

    OK – now without giving you specific advice – which would require lots of paperwork :) – here are a few things to consider:

    • Malls and large centres will likely require a minimum of $20 million Liability cover – check your lease and make sure you are fulfilling all your obligations
    • The premium is based upon Business turnover, wages, staff numbers, number of sites and of course what product/service you are offering.
    • Prevention is better than cure and insurance is only 1 kind of protection. Set up your business correctly e.g. consider customer OH&S, etc – and you won’t need to use your insurance cover anyway
    • What kind of product are you offering? Is it imported and are you the importer? If so you are deemed to be the manufacturer and will likely pay more for Liability. Also toys and games = kids = problems particularly if combined with imported goods. Under these circumstances you will do best if you can justify the quality of manufacture, their point of origin, etc
    • Don’t forget the other covers. Liability is what the Landlord wants but don’t forget to cover yourself for Fire & Perils (water, storm, vandalism, etc), Theft, Money, Glass, Business Interruption and Worker’s Compensation too

    I think these forums are about help and advise not touting for work but I would be happy to lend a hand just contact me
    Cheers

    #1031743
    mcboom
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    Hi Matt
    What is involved in becoming an insurance broker ie. qualifications etc ?

    #1031744
    MattDell
    Member
    • Total posts: 52
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    mcboom, post: 38346 wrote:
    Hi Matt
    What is involved in becoming an insurance broker ie. qualifications etc ?
    In the world post HIH collapse the regulations governing the insurance and finance industry are a lot tighter. All insurance companies and their authorised representatives need to be qualified to handle policies and give advice. Ditto for Insurance brokers and their staff. There is also an element of ongoing training and keeping up to date to maintain your qualification

    Insurance company employees would traditionally qualify via the Insurance Institute plus in-house product training
    ANZIIF Professional Qualifications http://bit.ly/bfAssh

    Insurance Brokers would typically train/qualify through their own business in conjunction with their industry body NIBA and/or ANZIIF
    http://www.niba.com.au

    The industry is very professional and can be quite rewarding.
    If you would like more info just contact me so we don’t clog up this thread
    Cheers

    #1031745
    Business Coach
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    • Total posts: 17
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    Retail malls insurance cover

    You will need to have the original and current insurance certificate before they will let you lease the mall. Often the insurance cover is min $20 Million.

    They will also make you conform to certain standards of cabinets or display equipment and advertising signage. In most cases you will not be allowed to walk more than a few metres away from you mall during the day as well.

    Also, they will cancel your lease if you bother customers by approaching too ‘hard sales’ type. Even a single customer complaint might end your lease with no refunds.

    Casual mall merchandising is serious business to retail centres and expect you to do the same.

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