As a business owner, regardless of what sort of business you run, you will have dealings with people. These dealings may be in the form of the products you sell, the meetings you host or the services you offer. It’s the risk associated with these interactions that Public Liability Insurance seeks to protect.
With Public Liability Insurance claims often reaching into the thousands, it makes good business sense to protect yourself with cover that can come to the rescue – paying claims that you might not be able to afford.
What does Public Liability Insurance cover?
Public Liability insurance covers claims made against you by a member of the public suffering injury, illness or damage to their property as a result of you running your business.
For example, if you invited a customer to your premises for a meeting, and your customer slipped on a wet floor and proceeded to sue you for the injury sustained, Public Liability Insurance could cover some or all of the payout.
Costs covered might include compensation payouts, the cost of repairing damage, or even the legal costs associated with defending the case.
Why do you need Public Liability Insurance cover?
Accidents are never planned and can happen at any time. And they can range from the relatively harmless to the significantly serious. For example, you might spill a drink on a customer’s phone and break it; a customer might trip over a rogue power cable and hurt him or herself; or your work on a property might fail causing a fire or even a life-threatening injury.
If you were liable for such an incident, you would have a claim that could potentially cripple your business. This type of insurance is there to protect you and your business from unexpected financial loss.
How much Public Liability Insurance will you need?
The level of cover you will need is directly related to the amount of risk faced by your business. You can take out cover from £1m right up to £10m, which is common if your business is high risk or involved with government contracts. The clients you work with as part of our working contract may also dictate the amount of cover you need. If you have any doubts about the level of cover you need, call the team who will be happy to talk you through your options.