Posted 19/09/2019
Public Liability is the most common type of insurance that businesses will have, regardless of size, from a single self-employed tradesman to a multi-national electronics manufacturer.
Liability insurance can be a confusing concept to some at first, which is why an insurance broker will often be used to help you ensure that you have the right covers in place to help safeguard your business.
Public Liability is cover for if a customer or third party were to injure themselves or have their property damaged as a result of your business activities, for which you could be proven negligent.
As a simple example, this could be when a customer visiting your premises 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.
Public Liability is not a legal requirement like some insurances, for example employer’s liability or car insurance.
However, Public Liability should be considered as essential for any business that interacts with any third party or member of public, even if you operate your business from your home and use it as a place to meet clients.
Most Public Liability policies will offer levels of cover ranging in the millions of pounds, but don’t allow this to make you think your business is not big enough to need it. Even a small damage claim could quickly grow to topple a successful business as fines and legal fees can be added if the claim goes to court.
For this reason, your Insurance Broker should always advise you to go for the highest level of cover you can afford.
Also, 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.
Public Liability quotations can now be found online through price comparison websites although as the name states, they are focussed on prioritising by price.
By speaking to a local Insurance Broker, you can be confident that as well as a competitive premium, you will also be getting the tailored cover that you require. This will prevent claims being declined for not disclosing relevant Material Facts at time of obtaining quotes.
Also, by using a local broker, you can be sure that you have someone that you can call and query if you need advice.
If you wish to discuss this further, call Drayton Insurance Services on 01603 954 841.
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