This can buy you peace of mind as business owner, but what is public liability insurance? We home to provide a definition. This insurance covers you for any potential third party liability such as members of the public or customers. Any company can be sued if they deal with the public in any way therefore public liability insurance protects your finances. Legal costs for negligence and any damages for successful claims against a company can be expensive and damaging for a company’s reputation so public liability insurance is a good way to protect you from this.

What are you covered for?
Public liability covers the workplace and the area that you do business in. So if you are working at a client’s office then you would be covered for any accidents or hazards that occurred there too. Any damage or health issues that arise will be covered. What you pay depends on different factors such as how big the business is and how many employees you have but there are many different plans that can be bought to suit your business. To make a claim against a business a third party must prove that a duty of care has been violated. This does not just have to be damage against their goods or to themselves but can come under psychological damage such as humiliation so this cover can prevent a lot of potential problems and expense for a business defending themselves.

Is Public Liability Insurance for you?
Public liability insurance is available for individuals and businesses to purchase, even people who work from home. If it is at all possible for someone to make a claim against you then it is advisable to get liability insurance. However, in certain businesses insurance is actually required by law and not at your own choosing. For example if you are an employer you are required to have employee liability insurance to uphold the duty of care you have to your employees. Like with all insurance, the cost of the insurance would be marginal in comparison with an incident that resulted in the business being held responsible for harm of property or persons.

Watch out for…When buying your insurance from an insurance agent more often than not they can work in their company’s best interest rather than yours. Independent brokers will be a better way to ensure you are not paying too much for your public liability insurance of for coverage you do not need. Always check if you do buy direct from insurance company that they area a member of the Association of British Insurers.

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