Protecting you and your business against the unexpected can make sound sense and will help keep it running smoothly, even if there are financial challenges along the way. And that is why public liability insurance could be an important part of your business insurance planning.

Sadly, running a business isn’t just about bringing the money in and keeping your customers happy. There is the ‘back room’ work that can be as varied as book keeping and accounting to staffing and stationery supplies. One of these activities is ensuring that you have the necessary protection in place should something go wrong.
There are different types of risk management insurance available for businesses and contractors, all which can help minimise any financial loss as well as personal stress if a claim is made against you. This article looks at public liability insurance.

What does public liability cover do?
In a nutshell, this cover protects you against third party claims made against you and your business for accident and injury. So, say a visitor to your business premises (whether they are a client, a supplier or someone who just happens to be there, maybe the gas meter man for example) slips on split coffee and breaks a leg. They will often seek recompense from you for things that have been affected by them having a broken leg, such as time off work; pain; hospital costs etc.

The costs for something like this, with legal fees, could be crippling for your company. In fact, many small businesses would go under when faced with a claim against them for damages or negligence. Public liability cover could help take away the stress and provide financial assistance with legal and compensation costs.

Where to buy your cover
Getting your insurance can be quick and easy if you go to a specialist provider. Using an independent provider of liability insurance may help to give you access to the right deal, rather than getting your policy via traditional methods such as your bank, who may only be able to offer you one type of cover and at one price. Independent providers sometimes have a pool of policies that means you have a choice of cover – and price.

How much cover?
The sum insured is of great importance. You may find that public liability insurance will come as standard with your business insurance policy and will have a set limit. Check that the amount is right for your needs.

Also consider that, depending on what sector your business is within, some of your clients may insist that you have a minimum sum insured in order to provide them a service, so do check.

Before you buy your insurance, do double check that the policy gives you everything you need – look at the sum insured; excesses; policy exclusions; and how long the insurance must be in force for before you are entitled to make a claim.

Finally, to protect yourself and your livelihood does not have to be a time consuming exercise. A specialist provider of public liability insurance can find you the right solution for your business. Financial collapse caused by a claim against your company is a worry that all business owners face. But you can have peace of mind with this type of cover.

Tags | Public Liability Insurance