Benefits of Public Liability Insurance for Your Business
Public liability insurance could be considered one of the most essential forms of business cover. Not only will it provide you with financial protection against the cost of personal injury compensation, it can also cover you against accidental property damage claims made by members of the public and other third parties.
What is Public Liability Insurance?
Public liability insurance is an important type of insurance cover available either on a stand-alone basis or as part of business insurance policies. Public liability policies enable you to stay protected if you’re found to be legally responsible in third-party personal injury or property damage cases.
This type of policy is vital for businesses that operate out and about, for example, couriers, painters, window cleaners, building contractors, and outdoor traders, but also for those that allow the public through their doors, like shops, beauty salons, restaurants, and pubs.
Do I need Public Liability Insurance?
While public liability insurance is considered essential, it is not required by law for most business owners; however, while you are not legally required to have a policy in place, if you do not have public liability cover, you risk being left unprotected if a claim is made against you. Therefore, it is important that you understand how beneficial having a policy can be.
A public liability insurance policy will cover anyone you interact with as part of your business, with the exception of employees. It offers protection to those invited to visit your business including customers, clients and even members of the public passing by.
What is the minimum Public Liability insurance required?
The cover level you require will ultimately depend on your type of business, but most public liability policies provide a minimum cover level of £1 million up to £5 million. The cover level is the maximum amount that your insurer will pay out in the event of an insurable claim. These coverage levels are in the millions as compensation figures can be very high and consider things such as the third party’s loss of income, medical costs, and even ongoing care costs. You may also need cover for legal fees.
With public liability insurance, you create a vessel that will protect your business’s stability over many years. Even when liability claims arise, you will still be able to respond to them. This can help you avoid placing unnecessary stress on your business, employees, or others. Therefore, you will be able to streamline and stabilise your operations. Clients like to work with businesses that can respond to their problems professionally.
Lots of business owners know the importance of public liability insurance, however the process of finding the right cover from the right provider can be time consuming. We offer a fantastic service, flexible payment options, documentation via email, and instant cover. Let us take care of searching the panel of insurers for you to find a suitable policy for your business.
If you’re looking for a reliable policy, 1st Choice Insurance is here to help. Call our friendly, experienced team on 01743 770 500 or you can fill in our quote form.