Why Invest in Public Liability Insurance?

Why Invest in Public Liability Insurance?

Public liability insurance is often the last thing on the minds of small business owners who are just starting out but conversely it is one of the most important insurances any business can have. This is because this type of insurance can save you thousands, if not millions, of pounds in the event of an accident... and as we all know accidents will happen.

What exactly is this insurance?
Public liability insurance covers you and your business in the event that a member of the public, or a visitor to your business premises has an accident that results in physical injury or damage to their property. Some policies also cover the pavement outside your premises and the private car park if you have one. The insurance pays for medical bills, legal fees, the replacement of property, the cost of an ambulance is one is called and any other related claims.

Who needs Public Liability Insurance?
In short, any business that has any form of face to face contact with members of the public should have this type of insurance.

This includes businesses that have public visitors on their premises and those that go out to customer's premises and do some form of work there. The insurance also covers people such as delivery men, contractors and others that have need to visit your working premises.

Most professions benefit from this insurance, even if they don't think they need it. For example, dog walking businesses may never have an accident while at the home of their clients but if the dog they're walking inadvertently causes a traffic accident then at least the business owner is covered against claims.

Is it the law?
The only business that are legally bound to have the insurance are horse riding schools and outdoor pursuit companies.

Saying this, it is rare that one business will do business with another if they don't have insurance to safeguard any staff or visitors that may have cause to travel to the working premises.

So in summary, it is much more advisable to pay the insurance premiums for this particular type of insurance than to pay claims and expenses when inevitable accidents happen. Public liability insurance shouldn't be left until your business has a bit more cash spare because by then it may be too late - and the last thing you want is to end up bankrupt before you even get your business off the ground.

Charles Reddert's expertise is in specialty insurance such as finding cheap insurance for your pet and insurance for your business. He has consulted many clients and helped them find cheap public liability insurance for their business.

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