Is Cheap Public Liability Insurance Good?
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When it comes to buying public liability insurance, does it make a difference the more you spend?
Let's look at three reasons why the cheapest public liability insurance isn't always best, and on the flip side, why expensive doesn't always mean better cover.
Is it just a big brand?
For insurance companies, branding is everything. They spend millions of dollars every year on marketing their brand, all done to tell you why they're the best in the business. But that's the thing, are they really the best? Or do they just have a great marketing department?
Alternatively, companies that have that kind of money to spend on promoting their brand have generally been around for a long time. Think about the insurance companies you can recall from memory - they've most likely been a big player for the last 20 or more years. Time in the game means a lot with insurance. The more time they've been around, means the more experience they have in protecting their customers.
Are you safe?
The next point to talk about is safety. Are you safe in the event you need to make a claim? This isn't referring to small claims either. When buying public liability insurance, typically you're protecting yourself for events that could result in a claim that's in the millions of dollars.
A few things to consider when you're buying cheap public liability insurance:
- Who is providing the insurance? Is it the company you buy from, or are there other underwriters involved? Look into it. For example, here at upcover we're backed by ProRisk, one of the leaders in the insurance space. And ProRisk is underwritten by Swiss Re for the insurance offered by upcover. This means that our customers are in very safe hands when it comes to those multi-million dollar claims. Be careful if your insurance provider is cheap but doesn't have a solid backing.
- Do you know exactly what you're covered for? In the event that you need to make a claim, will it be rejected because you didn't read the fine print of your policy? The more transparent the company you're buying from is, generally, the safer you'll be.
- Is the claims process quick and easy? A lot of insurance providers try to make it difficult to make a claim. Be sure to look through their website and find exactly how to process your claim before buying any cheap public liability insurance!
Does the cheap public liability insurance cover what you need it to cover?
This is the last point in this article, and probably one of the most important. What are you covered for?
Cheap public liability insurance might offer you exactly what you need, but at the same time, it might not cover anything. Be sure to read through their entire product page. If you're still unsure, check their PDS, or contact their support team. If you can't get an answer, it might not be the best cover for you.
At upcover, being 100% upfront about what we can and can't cover is one of the main focuses of the business. We want to make sure our customers know where they stand before buying a policy through us. It might be a good time to check out our instant quote generator to get an estimate on your policy in seconds. You'll also see exactly what you're being covered for, so you can decide whether or not the policy is right for you.