Public Liability Insurance
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What does Public Liability Insurance do?
Public Liability Insurance covers your legal liability to pay damages to members of the public for death, bodily injury or damage to their property which occurs as a result of your business activities. It also covers legal fees, costs and expenses such as representation at any Coroner’s inquest, fatal accident enquiry or other court hearing because of an accident.
Why compare Public Liability Insurance with Needham Commercial Insurance Services?
Needham Commercial Insurance Services can save you time and money on your Public Liability Insurance. We compare the Public Liability insurance policies of all the main commercial insurance companies to find you the right cover at the right price.
Why do I need Public Liability insurance?
Public Liability Cover should be considered if members of the public, clients or customers visit your premises. If you run a home-business, and customers sometimes visit you there, Public Liability cover might also be a good idea.
Each year millions is paid out in Public Liability Insurance claims, and thousands of small businesses go out of business due to not having adequate Public Liability Cover in place. The reason for this is that people are becoming more aware of their right to seek compensation in the event of an accident.
If your small business does not have Public Liability Insurance in place and you get sued for compensation then you will be liable to pay the full amount of the claim. If you are not able to cover the costs of the claim then you may lose your business and potentially other assets including your home.
If you are visited by the Health and Safety Executive they will request your certificate of Public Liability Insurance. If you are unable to produce a certificate for them they can fine you £1000 and they can fine your business £2,500 for every day you are without suitable insurance.
You may still need Public Liability Insurance if you work from home and your clients often visit you at your home office. In addition to this, many public bodies now require Public Liability Cover to be in place before you can work for them, or indeed, you may not secure a contract with them without it.
What cover does a Public Liability policy provide?
Public Liability Insurance will cover you if someone is accidentally injured by you or your business operation. It will also cover you if you damage third party property while on business. The cover should include any legal fees and expenses which result from any claim by a third party.
How much Public Liability cover will I need?
The amount of cover you need will depend on the nature and size of your business but small businesses will have at least £1m of cover. This may sound a lot, but litigation rates are on the rise, and if you suddenly have several claims against you, the costs can mount up. Don’t underestimate the amount of cover that you may need.Public Liability insurance policies usually provide between £1m and £5m of cover. Despite the seemingly large amount of cover available, premiums are not high. The premiums you will be quoted will depend on the type of business, your turnover and the number of employees you have.
It is worth reviewing your Public Liability Insurance policy regularly to ensure that any changes in your business are reflected in the cover you have. As your small business grows, it is quite possible that the risks you face increase as well.
Get in touch here, or call one of our advisors on 02476 326213 to discuss your requirements.