Posted 11/05/2017
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.
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. This could be a customer visiting your premises, who trips on an uneven floor surface and injures themselves and 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 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.
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. However, 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.
Here at Drayton Insurance Services, our dedicated team are able to source the most competitive premiums without compromising on cover. Please call the office today on 01603 954054.
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