What is Public Liability Insurance?

When it comes to Australian insurance, you’ll discover that there are numerous types and features. Different insurers offer a wide array of insurance products that cater to your almost every need. There’s car insurance, life insurance, home insurance – all to provide protection in case something unfortunate happens.

One of the many types of insurance in Australia is public liability insurance. It is for professionals whose jobs include interacting with customers and other people. With this insurance, you will be protected against claims of personal injury or damages to the property of a third party due to the activities of your business. When you’re providing a service and something bad happens to the other party, they may take legal steps against you.

But if you have public liability insurance, your business will be protected and you will be relieved of paying for any legal expenses. Keep in mind, however, that this type of insurance covers only the claims made by other parties. It does not offer protection against claims made by your own employees.

It doesn’t matter what industry you’re in. An accident can happen at any time, and when something goes wrong, it will be a huge relief for you if your business will be protected against any claims.

When it comes to public liability insurance, here are some of the things it may cover:

  • Legal costs from settlement of a claim
  • Damage or loss of goods
  • Damage or loss of property of the other party that happened in the course of you providing your service
  • Expenses incurred while giving first aid during the incident
  • Injury to others

It is likewise important to know the instances where public liability insurance doesn’t provide coverage. Some of these include:

  • Compensation for your employees who sustain injury
  • Punitive damages
  • Recall of products
  • Aircraft products
  • Liquidated damages
  • Liabilities that are assumed under contract but you would not be liable for at common law

To know if getting public liability insurance is worth it, make sure to do a lot of research. You can likewise seek advice from a qualified individual who can explain to you in detail what this type of insurance entails, and how it can protect your business.

Do you have other ideas about public liability insurance and different types of insurance in Australia? Share your insights in the comments section.

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Understanding Compulsory Third Party Insurance (CTP)

Life can bring unexpected surprises. No matter what your age or background is, there are numerous circumstances that we cannot control. And for these instances, it is essential to have something that will give us the protection that we need to avoid further inconvenience and shelling out a lot of money.

This is where the insurance comes in. It comes in many types and forms, but the main purpose of the insurance is to provide protection in case something happens – to your health, life, and/or property. Most Australians have car insurance. It comes in many types, one of which is Compulsory Third Party insurance (CTP).

In this article, let’s delve into what CTP means and what it is for:

  • Compulsory third party insurance comes with the registration of your car or vehicle. It covers compensation for the victim if you are at fault in an accident and injure another person. The other person could be the driver of the other vehicle, the passengers, or a pedestrian.
  • If the accident results in people being unable to go to work, or if those who are injured need medical treatment, your CTP insurance provider will pay an amount to cover the medical expenses and/or the loss of income because of the accident.
  • As a car owner, it is mandatory to get CTP insurance. It offers protection not only for those who are injured but also for the at-fault driver or the one who caused the accident since he/she will not have to personally pay any compensation.
  • Keep in mind that different states have different processes when it comes to CTP insurance. For instance, in Queensland, it comes with your rego, following the same period as your rego. In other words, you’ll have coverage whenever you renew. Make sure to check the process related to CTP insurance with your state or territory department of transport.
  • Don’t be confused – CTP is different from comprehensive car insurance. While CTP insurance provides protection for those who are injured as a result of the accident, it doesn’t cover damage to property. If there are dents or scratches to your car, CTP will not pay any compensation for these.

Do you have other ideas when it comes to compulsory third party insurance or in general, car insurance in Australia? You can share your insights in the comments section.

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What is Business Insurance?

Managing a business is very challenging. It always puts your own finances at risky situations. It is wise and necessary to have knowledge on risk management to protect your business. The only way to do this is to have business insurance.

We use business insurance to protect our business from unexpected loss or damage just as we use health or life insurance for better medical care, or to prepare for future expenses like education, or funeral. It is a form of risk management that can dramatically lessen, or avoid, loss and expenses from damages.

Business insurance focuses on assets and revenues, liabilities, and employees. These are the following:     

  1. Professional indemnity. This protects you from legal action taken against you by an employee who suffered a loss due to management lapses, or by a client who is dissatisfied with your service.
  2. Business insurance covers damage to your building and its contents that is caused by certain events.
  3. Public liability. If you are liable for an injury or death, loss or damage to their property, or economic loss because of negligence, this covers your business for legal costs and compensation that you might be required to settle.
  4. Product liability. Businesses need cover against claims of goods or services that caused damage or loss, injury or death. Product liability cover protects you should your product or service failed your clients.
  5. Theft and burglary. This covers your business against loss or damage to your stock if burglary happens in your business premises, or if someone deceived you to gain access to your building. However, it does not cover cash losses as it is covered separately.
  6. This covers your money for theft at your premises and in transit.
  7. Your business can be interrupted by weather events, fire, flood, and other insured interruptions. This covers your loss when you can’t trade due to said events.
  8. Employee fraud or dishonesty covers loss of money, instruments or goods due to fraudulent or dishonest employees.
  9. Workers’ compensation. This is compulsory in all states with businesses with employees.
  10. Machinery/equipment breakdown. This covers machinery and equipment that you use in your business. This may also cover for damages to your products due to faulty or non-functional equipment.

Got other ideas on business insurance? Share your insights in the comments section.

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Understanding Different Types of Pet Insurance

Owning a pet can be very beneficial to our health. Being with our pets can improve our fitness and relieve stress. In other words, pets can keep us healthy. It is our obligation to make sure that they are being cared for, and that their health is in good shape. Pet insurance ensures the welfare of our beloved pets.

Pet insurance is more like car insurance than life insurance in Australia. It covers treatments for accidents and illnesses of your dog or cat, much like car insurance covers repairs after an accident, or injuries to passengers. Both insurance policies give coverage for anything that is unexpected. For example, if your dog breaks a bone or is diagnosed with cancer, the medical treatment is covered. If your car gets scratched or your passenger breaks an arm, you’re covered. In this article, let’s take a look at the different pet insurance policies in Australia:

Accident Only Policy

This is the cheapest type of policy, covering the levels depending on the budget. It covers physical injuries from certain accidents, and injuries that are caused by other animals. Keep in mind that not all injuries are included in the coverage. For example, flea bites and other injuries from pre-existing conditions are excluded.

Accident and Illness Policy

Any kinds of illnesses that is diagnosed by your vet like cancer, infections in the organs, hereditary conditions, diseases that develop through aging, as well as skin conditions are included in the coverage. But just like the accident only policy, this policy also has exclusions.

Some examples are pre-existing conditions, injuries from negligence, and deliberate injuries from the household. When the pet has fallen ill due to the owner’s failure to follow the vet’s recommendations, this policy will also not cover for the illness.


This policy has a wide range of coverage. It covers not only accidents and illnesses, but also follow-up treatments as well as routine care such as vaccinations, worming treatments, dental treatments, de-sexing, micro chipping, and behavioral training. De-sexing and micro-chipping are done in the first year of your pet, and this will be covered by this policy.

According to The Animal Health Alliance, 78% of dogs and 91% of cats are now de-sexed, and 76% of dogs and 64% of cats have been micro-chipped.

Got other ideas on pet insurance? Share your insights in the comments section.

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Why Is It Important to Have Home and Contents Insurance?

Everybody dreams of having their own home, and once you finally achieve your ultimate dream, surely, you’ll do anything to protect it. With all the important bills to pay, you might probably think that you don’t need a home and contents insurance. But have you thought about environmental factors, robbery, and vandalism? Do you want to spend your emergency funds for those scenarios?

Here are some reasons why having a home and contents insurance is important:

  • Home and contents insurance can cover some/most of the costs due to natural calamities, robbery, etc. That is why a lot of people insure their house and even almost all the things in it; they want to protect their property.
  • Did you know that home insurance can sometimes cover liability if an accident occurs within your property? Home insurance can cover you from liability of others injuring themselves on your property. 
  • If anything happens to your house or was totally wrecked, the bank will lose money so if you’re still paying your mortgage, it is usually compulsory to have a home insurance as a condition of your home loan.  

Homeowners, renters, and even people living in shared houses benefit from contents insurance. If you own a house, it is important to have the building covered by insurance. On the other hand, you don’t have to think about the coverage of the insurance if you are renting the place. Let the owner handle it.

Insured events offer to cover insurance for damages caused by unexpected or unforeseen events. Examples of unexpected events are severe storms, gas pipe leaks, earthquakes, lightning strikes, and landslides. On the other hand, accidental damages vary in types and are commonly caused with human intervention.

The insurance policy amount is presented by the sum of the total amount to repair or replace the building or house. Under the home and contents insurance coverage, the value of the house and its belongings are separated.

Other costs are applied on worst case rebuilding scenarios. If the house or building needs to be fixed from scratch, the costs to pay the architect, temporary accommodation, and demolition will be considered on top of the initial policy coverage.

Got other tips on home and contents insurance in Australia? Share your ideas in the comments section.

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What is Third Party Fire and Theft Cover for Your Car?

We all know that insurance plays a significant role in our lives. It provides protection from certain incidents and peace of mind for you and your family that you’ll have something to depend on when an unfortunate incident occurs.

There are so many types of insurance, and one of them is car insurance which varies depending on factors such as coverage, cost, and fees. When looking for the right one for your vehicle, you may come across the term “third party fire and theft cover”. This type of car insurance in Australia gives protection from liability costs or damages that your car does to property or another car, as well as damages from fire and theft. Older vehicles can take advantage of third party fire and theft cover, instead of getting a comprehensive insurance.

What covers this type of insurance? It may depend on the insurer but in general, a third party fire and theft cover includes the market value of a car for damage or even loss as a result of theft or fire, liability for damage or loss of other people’s property, and repairs to your car. It can also include expenses of a hire car after theft until your car is recovered, and cost of storing your car after theft or accident.

The cost of getting a third party fire and theft cover is influenced by certain factors including your age, driving background, address, vehicle parking, security features, as well as the size and model of the vehicle. Insurers look at these factors differently. That is why it is essential to check various types of insurance and compare the benefits and features of third party fire and theft cover.

Car insurance can be expensive, especially if you got a comprehensive one, but there are simple ways to reduce your premiums. Aside from comparing policies from several insurers, you can bundle all of your policies under one provider to get discounts. You can also increase your excess and add security features to your vehicle. If you’re planning to buy a car, you may want to consider purchasing one that is less expensive to insure. Restricting the use of your car only to nominated drivers can likewise reduce the cost of your car insurance premiums. Also, get insurance advice from an expert so you will better understand the terms and coverage of the policy.

Got other tips when it comes to car insurance in Australia? Share your insurance advice in the comments section.

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What is a Beneficiary on a Life Insurance Policy?

We know that it is very important to have life insurance. This gives a lot of protection and financial assistance to loved ones when the policy owner passes away, not to mention the peace of mind it can provide, knowing that your loved ones will not struggle financially when you die.

As an essential form of insurance, we need to know and understand who and what are involved in a life insurance policy. You’ll be allotting money for it for a long period of time so you might as well know where your money is going and how it can benefit you and your family.

When looking for different types of life insurance in Australia, you will come across components or terms such as policy owner and beneficiary.

Policy Owner

As the name suggests, the policy owner is the one who owns the life insurance policy. From changing and/or adding beneficiaries, updating the coverage, and becoming the default beneficiary, to canceling the policy and paying premiums, the policy owner has full authority to make changes.


In a life insurance, the beneficiary is the individual who is entitled to receive the payment once the policy owner dies. There are two types of beneficiaries: primary and contingent.

  • Primary beneficiary – This can be your spouse, child, and or children, person who’s in an interdependency relationship with you, or someone who is dependent financially to you.
  • Contingent beneficiary – This can be one of more individuals who are also listed in the policy and will receive the life insurance payment if the primary beneficiary/ies die/s before the life insured.

Take note that if the beneficiary is a minor, you need to assign a guardian or trust to get life insurance funds. Also, a policy owner can have several primary and contingent beneficiaries and indicate the percentage each will receive. This enables the policy owner to fully control where the money will go

With several factors to consider, it is important to take time to research and understand the components of a life insurance. Compare your options and choose what fits your needs and preferences. You can likewise seek professional life insurance advice and/or ask friends for feedback on their own life insurance. Also, choose your beneficiaries well so you don’t have to worry about your loved ones and their finances.

Do you know other things that we need to consider when it comes to life insurance in Australia? Share your life insurance advice in the comments section.

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Why It’s Important to Swap Details After an Accident

Getting involved in a car accident, or any accident for that matter in Australia, can be an overwhelming experience. You may get disoriented with what to deal with first, especially if you and/or other people sustained injuries. No matter how serious or minor the car accident is, it is important to remain calm so you can better handle things that need to be dealt with right away.

Aside from checking if someone needs urgent medical attention, it is important to swap details with the other driver who’s involved in a car accident. Not only is this one of the road rules being implemented, but also because it is an essential aspect for when you make car insurance claims.

What are the details that you need to exchange with the other party? Here are some of the things to keep in mind when swapping details with the other driver and/or people involved:

  • Take note of the time and place the accident occurred. Traffic situation and weather are also important to remember as external factors may have affected the incident.
  • Make sure to get the full name, contact number, license plate number, registration number, as well as insurance details of the other driver. If the driver is not the owner of the vehicle, find out the full name, address, and phone number of the owner.
  • Take photos of the damages, if any, the scene of the accident, and the vehicles involved.
  • If the other party does not want to swap details with you, make sure to tell the police. You can also take photos of his/her vehicle’s license plate number.
  • Get accounts of witnesses in the car accident.
  • Inform your insurance provider of what happened and they will be able to help you on the next steps to take.
  • Avoid discussing details such as who made the mistake that caused the accident. This is for your own protection, particularly when making a car insurance claim.

If you are the driver, passenger or pedestrian involved in a car accident, you are eligible for compensation for the injuries. With a successful car insurance claim, you can be compensated for hospital and rehabilitation expenses, costs of repair of damages in property, and/or loss of earning capacity.

In car accidents, it is better to get as many details are possible as these are helpful when getting on with a car insurance claim. Also, make sure to report the car accident to the police as soon as possible. Otherwise, you will need to explain the cause of delay when making a claim.

Do you have other tips on dealing with car insurance in Australia? You can share your insurance advice in the comments section.

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What is Income Protection Insurance in Australia?

Insurance in Australia comes in many types, features, and coverage. One of these is the income protection insurance. This provides assistance in covering your expenses in the unfortunate event of sickness or injury that prevents you from working. Based on your policy and with a successful claim, you can get income protection payments for the period when you are unable to work. This is very important for self-employed individuals, start-up entrepreneurs, and basically anyone who depends heavily on their ability to work.

There are many types of insurance and with so many things to take into account, choosing the right one can be a challenge. But with these tips and insurance advice, you can find what’s suitable for your needs:

  • Consider your own financial situation. Can you pay for utilities and other necessities in case you get sick or injured? Will your savings be enough for everyday expenses? There’s no one-size-fits-all solution when it comes to insurance in Australia, so take a good look at your own circumstances as no one knows your capacity to cover all expenses better than yourself. If you think you cannot handle your expenses without assistance, then it may be wise to get insurance.
  • Know how much coverage you need. In general, income protection insurance covers about 75% of your income in case you cannot go to work due to sickness or injury. To know the level of cover that you need, make a list of your standard expenses such as payments for mortgage and/or car loan as well as the number of your dependents, if any.
  • Know how much it will cost you. It depends on a lot of factors but in general, your premiums will be based on your age, gender, current health status, pre-existing conditions, occupation, and whether you’re a smoker or not.
  • Be honest with your insurer. Some companies require customers to give them a copy of their medical history. You also need to inform your insurer about any life event such as having a child or getting married as this can affect your coverage.

For those who are self-employed, have fixed expenses, and do not have dependents to provide for, getting an income insurance protection may be the ideal option. On the other hand, if you have family members to take care of, a life insurance may be a better deal. But then again, it really depends on your own situation.

Seek insurance advice from a professional to help you better understand the type of insurance that suits your personal requirements. There are a lot of professionals with excellent training and experience who can help you manage your risk appropriately by recommending the best products for your and your family.

Do you know other things worth-considering when it comes to life insurance in Australia? You can share your ideas in the comments section below.

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Things for Teenagers to Consider Before Purchasing Car Insurance

It’s hard to get away without paying more for car insurance as a teenager. To reduce your premiums, focus on building a clean driving record.

Like all drivers, teenagers should get adequate car insurance in Australia. It may seem expensive, but it will protect you from potentially life-ruining claims should you cause an accident. Here is a guide for teenagers about the different types of insurance and a few things to consider before purchasing a policy.

Compulsory third party insurance

Cars must have compulsory third party (CTP) insurance to be registered. This is called a Green Slip in NSW. CTP only covers personal injury to third parties. At fault driver’s (you) may also be covered, but only for specific injuries and up to specific amounts. Make sure your CTP has some at fault driver protection.

While prices are usually similar, they do change from year to year. Don’t renew your CTP without comparing other providers.

Fire, theft and third party property insurance

As the name suggest, this will cover you if your car is destroyed by fire or stolen. It also provides cover against damage you cause to other people’s property. It doesn’t cover the cost of replacing your car or property. While not compulsory, don’t underestimate the cost of repairing cars. Repainting a basic scratch and replacing a tail light will cost hundreds of dollars.

Comprehensive insurance

Comprehensive insurance covers the same things as fire, theft and third party property insurance, as well as personal property; that is, your car. You need to weigh up the cost and benefits of paying extra for comprehensive insurance. If you own a cheap or medium priced car, it will be most likely not worth it paying to have it comprehensively insured.

Potential ways to save

Buy a cheaper car

The cost of car insurance is driven by the make and model of the car. This is because the cost of replacement and repairs increase the higher the value of the car. So to avoid paying expensive car insurance, think about buying a cheaper car. This actually saves you even more money!

Use your parent’s name

Younger drivers are charged more for insurance. Why? Because they are more likely to be involved in an accident. Are you driving a car owned by your parents? If so, then speak to them about putting the car insurance policy in their name and making sure that you are listed as a named driver. Get some quotes for different scenarios and work out what will be the most cost effective. Just be careful here. If it is your car, then you should be listed as the main driver. Insurance companies take this very seriously when it comes to making a claim. If you aren’t sure, don’t hide anything from the insurer, have an open conversation with them upfront!

Play with the excess

You will usually be able to reduce your premium by increasing the amount of excess you will pay. If you are willing to risk having to pay for any minor damage yourself, then a higher excess will be cheaper.


Certain modifications can make your premium go up because your vehicle is deemed to be more likely to be stolen or involved in an accident. On the contrary, microchips, alarm systems and immobilisers can reduce your premium.

Consider self-insurance

While you must get CTP, and third party property damage is important, you could ‘self-insure’ your vehicle. Simply get a quote for comprehensive insurance, then put that amount of money into a separate bank account each year. Depending on the value of your car you might find that this will be enough in a few years to replace or fix it should you have an accident. This method takes a lot of control and willpower not to touch that saved money. So proceed carefully here!

Ask for a discount

If you already hold a policy with a company, or are renewing one, request a discount. Even if you are rejected it’s a good habit to start young. It will save you heaps over your lifetime.

Final Thought

Insurance becomes cheaper as you get into your mid-twenties and maintain a clean driving record. While comprehensive insurance might seem expensive to many teenage drivers, you should strongly consider your options and if they suit your particular car and needs.

Got any thoughts on teenagers and car insurance? Let us know in the comments section.

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