Public Liability Insurance

When running a business, you have to make sure you give some thought to the way in which you are taking the company to the next level. However, there are also things you should think about that can help you to look after yourself and your business that little bit more. And there are loads of great ways of being able to do this, but one of the key ones is to make sure you have public liability insurance.

What Is Public Liability Insurance?

Public liability insurance is designed to cover compensation payments and legal costs if a member of the public (maybe a customer, a supplier or a passer-by) sues your business because they have been injured or their property has been damaged. For example, if you’re a self employed builder and you are carrying out works at a premises and you damage their property. Another example, imagine an employee of your cleaning company fails to put out a wet floor sign after cleaning a floor, then someone slips and breaks a bone. In this instance, your public liability insurance would cover the costs if they demanded compensation from your business. In both theses examples, your business could be sued. Your public liability insurance could then cover the legal fees and compensation costs, up to the limit of your policy.

Who Needs It?

So, who needs public liability insurance? Well, the simple answer is any business that is servicing clients on your own site, doing work on their site, or that has customers or third-parties in the vicinity of the business. This could be in a shop, a petrol station or even an office. Things can happen that are unexpected, and it is important for you to take steps to look after the company in the event of things like accidents, personal injuries, and property damage. If this applies to your business, you need to make sure you look at what it takes to get this right as much as possible.

Why Is It So Important?

You need protection as a business against the unforeseen. The fact is that accidents happen, and people can get injured, or items damaged. You want to preserve the integrity of the company, but also help provide some kind of coverage for customers who might have become injured on your premises. This is what makes public liability insurance one of the most important elements to consider.

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