It is a fact of life that accidents will always happen. It is impossible to eradicate every single possible risk from our day to day lives and it would be foolish to think we could. What we can do however, is to take the relevant precautions to reduce or eliminate unnecessary risks as well as protect ourselves against accident claims and compensation with insurance.
Despite all your best efforts however, accidents can and will still happen and these may or may not necessarily be your fault. As a business owner, public liability insurance is an essential part of any trade to protect against compensation claims. Whether you are a sole trader, partnership or multi-national company, public liability is essential to protect your livelihood and business.
If a client, customer, contractor or member of the public should have an accident or be injured as a result of something your business or employee has done, then that person can put in a claim against your company for compensation. Even something as simple as a slip, trip or fall on a wet floor or a drink spillage onto a computer is enough to result in a claim for compensation.
So How Do You Protect Your Business Against Compensation Claims?
By taking out a public liability policy you can protect you and your employees from any such claims. A public liability insurance policy can be taken out as a standalone policy or it can be built in to your existing business insurance policy. A common package will include both public liability along with employers’ liability insurance for full protection against claims, but this is entirely your choice and this option should be discussed with your insurance provider.
So What Does my Public Liability Insurance Policy Cover?
A typical public liability insurance policy will protect you against any claim for accident or injury compensation from a member of the public, a contractor, tradesman or visitor where your business is believed to be at fault. Policies will generally cover legal fees and pay up to £100,000 for any claim made against your business or company. It will also provide cover your employees’ work, so if one of your staff should injure someone else or accidentally damage property, then the policy will offer protection against claims. Policies are tailored to suit your business whether you are a sole trader who works from home or you are a mobile tradesman, own a shop or salon or run a restaurant or bar.
Public Liability Insurance is an essential part of any business and quite often suppliers will also insist that your business is fully covered. There are many providers of public liability insurance which can be tailored to suit your individual business. Every business is different and for this reason it is important to speak with your insurance firm to establish risks associated with your line of work. This way you can ensure you are only paying for the cover that you need and therefore keep premiums to a minimum.
Guest Post by Simon Mitchell, looking for ways to safeguard his business and exploring workshop insurance for his small business.