Keep Your Public Liability Up To Date - Contractors Insurance Australia

November 19, 2015

With many insurances, many people and businesses tend to make the initial purchase and then forget about it until renewal time comes around. This is not necessarily the best thing to do as in a whole year a lot can change, especially for businesses. So let’s go over what need to be updated, when you need to contact your insurance broker, and what can happen if you don’t keep up your Public Liability Insurance up to date.

We understand you get busy with work as a contractor, but think of all the changes that have happened in your business over a whole year. We bet your business has grown, you might have bought new equipment, moved from working at home to an office, employed someone, or are offering new services. It’s important to keep your broker up to date so that your insurance remains on top of all the changes. If you get caught out without insurance for something, it can mean hefty financial repercussions.

Don’t wait until renewal time

Don’t wait until it’s time for renewal to update your Public Liability policy. Your premium is based on a number of elements which contribute to the total cost. If these differ at any point, they will affect what you pay. Sometimes the changes won’t make a difference to your premium, but notifying your broker and keeping the channel of communication open will give you the peace of mind that your business is safe.

Keeping your policy up to date also doesn’t have to mean that you’ll start being charged more for your insurance, it may actually decrease your premium. For example if you no longer offer a particular service your premium could go down, or if you move premises to a more secure location it could reduce payments too.

So of course renewal time is a great time to review your policy, however if you don’t advise your broker of major changes that may affect your Public Liability policy then you cannot expect your business to be covered if something where to happen. A good insurance broker will contact you about your policy before renewal comes around to see if there have been any changes to apply any changes to your policy. However remember that it’s your responsibility to let them know of any changes as they come.
You should notify your insurer or broker when:

  • Your business services and activities change
  • Your revenue increases (or decreases)
  • You employee staff, trainees, or apprentices
  • You begin to use subcontractors
  • You change where you do business from
  • You buy equipment, machinery, vehicles, general goods
  • You offer new products or change stock

Don’t limit your updates to only these items, any other major business changes should also be reported.

If you don’t update your Public Liability information

In the worst case, you’ll end up under-insured and up for a large claim, which could mean loss of money for your business. It’s your duty to disclose any new information so let your broker know anything new happening in your contractor business in case it will affect the premium and the outcome of claims.

Protect your business

Get online now to obtain a quote for insurance with Contractor Cover. Call us on 1300 GET COVER today, email at or fill in our easy online quoter. All information provided above is of a general nature, if you need specific advice we recommend speaking to a broker.

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General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness. You should also consider our disclosure documents, which include our Financial Services Guide (FSG) and Product Disclosure Statements (PDS) for some products.
*Retail clients are individuals or those purchasing an insurance product for use in connection with a small business where the product is a designated retail product (eg motor vehicle, home buildings, home contents, personal and domestic property, sickness and accidental and travel insurance). All other clients are wholesale clients.

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