Public liability insurance  

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(@ian-mok)
New Member
Joined: 2 years ago
Posts: 3
02/11/2017 8:49 pm  

Hi guys.

 

I have a question. I need to purchase public liability insurance for a shop in a shopping mall. They said need 1.5mil coverage. I don't have other details, mgmt said the policy should be standard, every insurance company should know.

So I managed to get 2 quotations from different companies. But wow, very very big difference! 400% difference in premium. How can this be? Any agent can advise? Asset is small la about RM250k.

 

Thanks in advance.


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(@myeliteagency)
Trusted Member Agent
Joined: 2 years ago
Posts: 58
03/11/2017 3:36 pm  
Posted by: Ian Mok

Hi guys.

 

I have a question. I need to purchase public liability insurance for a shop in a shopping mall. They said need 1.5mil coverage. I don't have other details, mgmt said the policy should be standard, every insurance company should know.

So I managed to get 2 quotations from different companies. But wow, very very big difference! 400% difference in premium. How can this be? Any agent can advise? Asset is small la about RM250k.

 

Thanks in advance.

Hi,

Is the mall required you to buy 1.5Million? May I know in which state the Mall located? Public Liability is irrelevant of your assets' value. It is to compensate to public injuries and property damage should there be loss occurred. Example: someone injured/fall in your shop and they sue against you for your negligence.

Thanks! Adeline, WhatsApp 012-4731894.


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(@ian-mok)
New Member
Joined: 2 years ago
Posts: 3
03/11/2017 3:41 pm  

Ooh well thats weird cause the agent asked how many staff i have.. how much assets etc.  Maybe they over quoted me la to cover more things.

Mall is in KL and yes 1.5mil is requirement by mall mgmt.

I have quote for above 2800 and another is below 1000. Big difference. 

Posted by: Ian Mok

Hi guys.

I have a question. I need to purchase public liability insurance for a shop in a shopping mall. They said need 1.5mil coverage. I don't have other details, mgmt said the policy should be standard, every insurance company should know.

So I managed to get 2 quotations from different companies. But wow, very very big difference! 400% difference in premium. How can this be? Any agent can advise? Asset is small la about RM250k.

Thanks in advance.

Hi,

Is the mall required you to buy 1.5Million? May I know in which state the Mall located? Public Liability is irrelevant of your assets' value. It is to compensate to public injuries and property damage should there be loss occurred. Example: someone injured/fall in your shop and they sue against you for your negligence.

Thanks! Adeline, WhatsApp 012-4731894.

 


ReplyQuote
(@myeliteagency)
Trusted Member Agent
Joined: 2 years ago
Posts: 58
05/12/2017 3:02 pm  
Posted by: Ian Mok

Ooh well thats weird cause the agent asked how many staff i have.. how much assets etc.  Maybe they over quoted me la to cover more things.

Mall is in KL and yes 1.5mil is requirement by mall mgmt.

I have quote for above 2800 and another is below 1000. Big difference. 

Posted by: Ian Mok

Hi guys.

I have a question. I need to purchase public liability insurance for a shop in a shopping mall. They said need 1.5mil coverage. I don't have other details, mgmt said the policy should be standard, every insurance company should know.

So I managed to get 2 quotations from different companies. But wow, very very big difference! 400% difference in premium. How can this be? Any agent can advise? Asset is small la about RM250k.

Thanks in advance.

Hi,

Is the mall required you to buy 1.5Million? May I know in which state the Mall located? Public Liability is irrelevant of your assets' value. It is to compensate to public injuries and property damage should there be loss occurred. Example: someone injured/fall in your shop and they sue against you for your negligence.

Thanks! Adeline, WhatsApp 012-4731894.

 Yes, Public Liability are not standard rate, each insurer will have own rates regards their treaty and your risk exposures and risk prevention.

 


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