If you’re a business owner, having some form of public liability insurance is hugely important, and this holds for even the smallest of businesses. Public liability insurance protects you and your company against any accidental damage claims made by the public. This insurance not only covers damages caused on your business premises but also damages caused as a result of your business practices, making this a vital form of protection for your business.
To highlight this, imagine someone who came to visit your business premises, tripped and fell because of a wet floor that had not been cleaned up. Your company would be liable to cover the medical costs, damages and legal fees if uninsured, possibly setting your business back tens of thousands of pounds. Having public liability insurance in this case would prove invaluable for your business, offering your staff and customers great peace of mind.
Size of quote
Your public liability insurance quote will largely depend on the size of your business and how dangerous the industry in which you operate is. Most insurers will offer protection for up to a million pounds, which in most cases won’t be adequate for large businesses operating in high risk situations. It’s important that you consider how much cover your company needs, as you could end up in big trouble if under-insured. The amount of cover you will need will vary from industry to industry, so be sure to check with your local authority for more information.
Most businesses will need some form of public liability insurance in order to trade. It’s particularly important for businesses where customers frequently are on the premises to have some form of public liability cover. Conversely, if your business relies on entering the homes of the public – plumbers, electricians and so on, making sure your business is covered by public liability insurance will ensure cover if any accidents should arise. Accidents do happen, unfortunately, meaning that any responsible business should ensure that they can financially protect themselves and the public which they serve.
Not business insurance
It’s important to not confuse public liability with business insurance that protects you and your employees. Public liability will only offer pay-outs for members of the public who are injured as a result of your premises or business practices.
Getting public liability insurance is relatively simple, with many insurers offering a broad range of different plans for businesses. Each policy is tailored to your particular business, meaning you will always have the right amount of cover if you disclose all the relevant information to your insurer. There are many different insurers on the market so be sure to shop around, using insurance brokers or price comparison websites to get a good picture of the market.