What are the key features of Public Liability Insurance?
When insuring our own homes we take out things like Buildings and Contents Insurance, protecting ourselves against things like fire, theft and loss. When we open a business we assume a responsibility far beyond ourselves and must show due care for the public who may frequent or use our services. The basis and aim of our business is that it becomes a public arena for human transaction, where people come to trade and visit. Public Liability insurance is therefore a vital asset in protecting us against the compensation claims that may arise from public injury or professional negligence.
You will probably have a vague awareness of ‘Business Insurance’ as being specialised and distinct from the everyday policies we are more familiar with. It can be a broad term for policies like Professional Indemnity and Employer Liability Insurance which are both common to business owners, but the terms ‘Public Liability Insurance’ and ‘Business Insurance’ are practically interchangeable, demonstrating how central a good policy is to your company’s armoury. online public liability insurance explains the different types of Business Insurance available including Public Liability.
Every client that you acquire is a potential claim, especially in a world of compensation culture. To give a simple example, if you own a hardware store and a pot of paint has spilt on the floor and someone proceeds to slip and injure themselves on the mess, you could well be found negligent and liable to huge costs.
Public Liability Insurance can cover you for a range of values, with companies like http://www.endsleigh.co.uk offering £1m, £2m or an upper rate of £5m worth of cover. The size of these figures should forewarn you as to the potential costs of personal injury litigation claims and highlight the importance of Public Liability Insurance.
Public Liability Insurance is closely related to Professional Indemnity Insurance, with the latter more readily associated with financial services or companies in the business of selling advice.
Unlike Employer Liability Insurance which is compulsory if you have staff, Public Liability Insurance is not necessarily a legal requirement but it’s a risk to operate without cover. If you work with local authorities or government contracts, Public Liability Insurance is often mandatory. Visit http://www.endsleigh.co.uk to find a clear and succinct guide to Business Insurance.
