Simply put, public liability insurance is a small business or large corporation insurance policy which offers companies coverage against injury or damages claims. Unfortunately, these claims can arise if your customers or members of the public come to your place of business to conduct business with you. If they should suffer personal injuries or damages to their property while on your property, you will probably find yourself faced with a claim against you, and could face incremental losses as a result. On the positive side, a public liability insurance policy can protect other unforeseen issues that you might encounter, such as damage to or loss of equipment that you own, like a laptop, or have hired from third party suppliers. Equally, it covers damages to or loss of goods in transit, since they are items you presumably use for business purposes.
When referring to your place of business, this also includes self employed people who work from home. If you fall in to this category, your home constitutes your workplace in the same way as an external office would – therefore, if you allow a person into your home, the same claim can take effect should an injury arise as a result of unforeseen circumstances. The actual necessity and legal obligations for most businesses to have a public liability insurance policy can differ depending solely upon your individual circumstances and the sector in which you operate.
One of the key things to watch out for when finding your public liability insurance policy is making sure the insurance provider is backed by a reputable insurer. Remember, you are trusting them with your most valued assets in your business, so you don’t want to be conned by a shyster when buying a policy of this magnitude. Also, make sure that you are checking for discounts as many companies will try to push a policy off on you without offering the correct discounts you are entitled to as a business entity. Also, ask if the policy covers first aid as you may need that as a booster to your policy, yet they may try to tell you it isn’t available, and it always was. Finally, check the policy documents before you buy the insurance so you’ll be able to see which circumstances are not covered by the public liability insurance policy.
If you have a business where there is a significant risk of claims, lawsuit or injury, it would be a good suggestion to take out a public liability insurance policy to keep the out of pocket costs down and your protection up. Because there is no cure for the unexpected; take no chances and get this policy today.