Hey Guys,
I am currently looking around in getting Public Liability insurance for a small retail shop front. The shop offers Remedial Massage services.. So far I have got a quote from CGU @ $413 per year.. This offers a maximum payout of 5 million. Does anybody have any recommendations? Price is most important (Cheaper the better). As long as they aren't outright dodgy and have substantial clauses in the agreement that make it basically worthless to even have in the first place.
Business insurance can be a particularly tricky area. It may be worth your while speaking with an insurance broker in your area that is well recommended.
Are you after business insurance to cover your public liability for the services you provide or public liability for the shop front?
Also, confused re retail shop front. Is this "retail" as in you're specifically looking for the insurance for the portion of the shop where you are selling products or "retail" as in commercial zoning?
Is your shopfront leased? And if so, are you sure $5mil is enough? Most commercial leases require public liability insurance of no less than $20mil.
And - since that is the industry standard, even if you're not leasing I'd get at least $20mil worth of liability insurance. It's a few hundred a year max, and you'll definitely miss it if you ever need to use it.
i wasn going to mention this 20mil is a normal requirement on your lease… i would check that first price variance from 5mil to 20mil will be quite small
Our broker signed us up with CGU as well (NSW) - your quote is about what we pay as well.
Be sure to check it covers the services your business provides; this is where a broker would be useful
You should have public liability insurance.
It protects you in case something goes wrong during the operation of your business.
Without it your massage business may not have a happy ending.
I'm not a small business owner, but I would have thought that you would be taking out more comprehensive business insurance that would include Public Liability?