Having a public liability insurance policy in place is essential for any business or sole trader. Even with your best intentions at heart, accidents will happen and situations that are beyond your control can occur.
Public liability insurance provides cover if a customer or member of the general public is injured as a result of your businesses negligence, whether that be a physical injury or damage to their property. The premise for this being, that you have a ‘duty of care’ whilst undertaking your working practices, so if damage or injury results from your business activities, third parties, customers or not, have the right to sue for damages. Those individuals requiring a duty of care include:
Public Liability Insurance will help cover the cost of compensation for:
At Insure 24-7, our professional advisors will tailor your liability cover to suit the needs of your business so that you are protected against action from customers.
There is no compulsion to have public liability cover, unless you own a horse riding establishment, offer horse riding tuition or hire out horses for recreational purposes. This is a requirement of the Horse Riding Establishments Act 1964 and 1970.
However, if you come into contact with the general public in any capacity, on your on-premises or others then public liability cover is highly recommended. If you do not hold adequate insurance and someone in injured or their property is damaged by your negligence then you will be held personally liable for the payment of compensation, which will far exceed the cost of any premium you could otherwise pay.
Even if you run, for example, a call centre. You may have deliveries of supplies, people attending business meetings or friends and relatives that attend you offices, all of which could receive an injury.
Additionally, if you are tendering for a contract, particularly for public works, the tender will usually stipulate that you need public liability insurance. It demonstrates to your customers that you are professional and risk adverse.
The cost of public liability insurance will vary depending on the size of your business, what sector it operates in and how often you come into contact with third parties. If you work on someone else’s premises of dealing with the general public is your main business, then your premium will be higher. Working with machinery and hazardous materials will also likely increase your premium. It is always advisable to disclose all the potential risks to your broker and insurer so that they can provide you with adequate cover. Insure 24-7 will work with you to identify your risks and source the best cover for you.
Public liability insurance will offer protection from claims made against you by customers and the general public but does not offer protection from employees. For this, you will need employers liability insurance, which is mandatory.
If you are a tradesman it is advisable to take out insurance to cover the tools of your trade against theft, damage and loss. Even if you have hired in the equipment, it is worth considering additional cover, as such items can be expensive to replace.
If you or any of your key employees are severely injured during the completion of your responsibility this could be a heavy burden to cover, especially if you or they become disabled, lose limbs and are unable to work again.
If you are involved in the construction industry and part or all of your site if damaged or destroyed prior to completion, then this could result in a catastrophic loss. Speak to one of our experts about specialist insurance cover.
Every business is different, but public liability is necessary protection. If you operate a smaller business that has little interaction with the public, we can offer policies with a great level of cover for a lower premium.
Larger businesses will need a great level of cover. For bigger firms, we will provide policies with a maximum level of cover against liability claims. Thorough protection will protect your firm from any eventuality.
If you’re unsure about the type of policy you’ll require, then our experts are on hand to help. We want to know about your business model so we can understand how you operate and offer impartial advice about the public liability insurance policy that is most suited to your requirements.
No matter what type of business you operate, or how large the organisation, Insure 24-7 can offer you a superb deal on public liability insurance policies that will protect your company. Don’t hesitate to contact us to discuss your requirements and find your ideal policy.