Managing a successful business is all about managing risk, but sometimes you just can’t predict where those risks are going to come from. Public Liability Insurance can protect you against all manner of claims against your business, wherever they spring up. Basic public liability insurance in the UK will cover you for general risks such as physical harm. Would you be able to fund a court case if someone was injured on your business premises? More specific policies can cover less common risks such as unintentional libel or infringement of intellectual property rights.
The level of cover you need and the type of policy you should be looking to take out will be dependent on your industry and the size of your business. It will also give confidence to your board members and stakeholders that in the event of a court case, it’s not going to be their investments that are damaged.
Not all public liability insurance quotes are equal and the best one for your business is not always easy to find. To help you through the decision you can compare public liability insurance online through a comparison site. It’s great if you can find an online insurance quote that’s cheap, but it’s not always going to be right for your business. Public liability insurance comes with many different levels of cover and not all will be appropriate or relevant to your organisation. Make sure you read each policy wording carefully and are making a decision based on the full information.
What is Public Liability Insurance?
Public liability covers your business against the general risk of being taken to court, that is being ‘sued’ for damages to a member of the public. That could be physical damages if, for example, someone slips on your wet shop floor, but it could just as easily be damage to their intellectual property or to their personal reputation. Public liability lawsuits often involved complicated and specific legislation and, therefore, the costs can be extremely high. Public liability insurance is able to defend your business against this cost.
Public Liability or Employers’ Liability?
The different between them is that employers’ liability insurance covers you against legal charges from your employees whereas public liability insurance could protect you against lawsuits from customers, clients, stakeholders or just an ordinary member of the public.
How Much does it cost?
Insurance brokers vary the cost of public liability insurance and personal liability insurance UK based upon the size of the indemnity, that is broadly the level of cover, and the risk of you taking out a claim. Some UK policies that are towards the cheap end of the scale might not offer you adequate cover.
What does it Cover?
By comparing different quotes online you can see the various elements of cover for each policy. Some will be specific to businesses but other will cover legal costs for the self-employed. You can also find personal liability insurance cover which covers you as an individual or sole trader.
Why have Public Liability Insurance?
With this insurance you are protected against damages you might not have been able to foresee. You never know when an accident might happen to a customer or client and public liability insurance can give you cover against the costs.
How does Public Liability Insurance cover my business?
The costs of a court case can be massive and if you lose there are legal fees to pay to the legal teams working for you and for your opponent and you may even need to pay additional compensation. A valid Public Liability Insurance claim can cover these sorts of costs.
What are the Consequences of not having Public Liability Insurance?
If someone makes a professional business liability claim against you and you lose, you are required to foot the entire bill. If your business operates under limited liability it could mean your business goes bust, if it doesn’t, you might be liable for the charges personally.