Posted 20/01/2016
Public Liability is probably the most common type of insurance that businesses purchase, from a self-employed tradesman to a multi-national electronics manufacturer, you will find that nearly every business has a Public Liability policy in place.
Liability Insurance can be a confusing concept to some at first, which is why we would always recommend using an insurance broker to ensure that your business remains adequately protected. Insurance, just like clothing, comes in different shapes and sizes, what’s right for one isn’t always right for another. Drayton Insurance will always work to ensure that you have a policy tailored bespoke for you.
What is Public Liability Insurance and why do I need it?
Public Liability insurance provides cover against injury to third parties or damage to third party property as a result of your business activities.
An example of this could be a customer visiting your premises, who trips on an uneven floor surface and injures themselves. As you have breached your responsibility to provide a safe environment for the public, you could be held liable.
Do I have to have Public Liability Insurance?
Unlike Car Insurance or Employers Liability cover, Public Liability policies are not a legal requirement. However, Public Liability should be considered as essential by any business that interacts with any third party or member of public, even if your business operates from your home address.
How much Public Liability cover should I have?
Most Public Liability policies will offer levels of cover ranging between one and five million pounds (with higher limits being available from some insurers). But don’t let these large numbers mislead you. Even a one person gardening business can have claims running in to millions. No business is too small to require the cover.
As with all insurances, the general rule and advice is to buy as much cover as you can afford. Be aware however, that, depending on the industries you work in, you may be required by contracts to have certain minimum levels of cover. For example, quite often working in Public Sector areas such as schools or hospitals will require a minimum of £5 Million Public Liability. As a broker, we don’t have sight of your contracts, so are unable to advise on these matters. Our best advice would be to ensure that you know what is required of you at all times when entering in to a new contract.
How do I get Public Liability insurance?
Although Public Liability quotations can now be found online through price comparison websites it is quite often the case that they are purely focussed on prioritising price over cover and do not make clear some of the unusual conditions that can apply.
By speaking to Drayton Insurance, you can be confident that as well as a competitive premium, you will also be getting the tailored cover that you require, with any specific or unusual endorsements clearly explained. If you wish to discuss this further, call Drayton Insurance Services on 01603 954054.
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