Public Liability Insurance is essential for any business no matter how big or small. It protects your business from any claims for accidental damage, caused to customers or members of the public, either by your company or because or your company.
Public Liability Insurance can cover you from an accident where someone has sprained an ankle right up to the worst case scenario. Although its not a legal requirement, Public Liability Insurance is good practice to have and in some professions you cannot trade unless you have it in place.
Naturally the businesses most at risk are those who have visiting clients or suppliers, but it also applies to those who work from home or if you have to visit anyone else’s premises. Public Liability Insurance ensures you are covered if there was a claim. Although we like to think they won’t occur part of being human is making errors so weather it’s you, your employee or your business equipment it’s important to be covered, which is why public liability insurance is so vital to businesses. Most small companies would struggle to raise some of the funds needed for certain claims which can be hundreds of thousands.
So before you get a quote for public liability insurance it’s worth understanding what level of cover you need. As each business varies it’s hard to say exactly how much cover you will need. Cover will typically start from £1,000,000, although certain businesses like shops would start from £2,000,000. If you work on a government contract or have a contract for certain companies you may need to have a minimum amount – usually £5,000,000 or £10,000,000. So check your contracts and if that’s not applicable to you then it’s worth doing a full risk assessment before getting any public liability insurance.
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