Whether you own a store or a market, are a contractor, a painter, a plumber, an electrician, or a technician, you need to get public liability insurance because it can safeguard you from insurance claims brought against you by your customers or members of the public.
Your clients must understand that your company insurance coverage will cover you and them in an emergency.
For Whom is Public Liability Insurance Necessary?
Home-based consultants, independent contractors, tradespeople, establishments with physical locations, and enterprises that deal with the general public or consumers all require public liability insurance. Whether you are an independent contractor or have 1,000 staff members, public liability insurance protects you from personal injury, wrongful death, property or possession damage and legal expenses resulting from company carelessness.
It is highly recommended for builders, plumbers, or electricians to get an appropriate license. Public Liability Insurance may also be required before you are permitted to enter the workplace if you have to work at a construction site or another type of company location.
Public Liability: what is it?
Its primary goal is to defend your company against lawsuits filed by third parties or members of the public who could become injured or have their property harmed as a result of your operation. Public liability insurance will pay for compensation claims, including legal fees, lost wages, and punitive damages to the claimant if you are judged to have been careless. Your firm will be protected from small and significant workplace accidents with the help of public liability insurance.
What makes Public Liability Insurance Necessary?
Public liability insurance is not legally required of you, but if you interact with the public, you should carry it. Accidents do happen, even with the most thorough risk assessment and care. The total cost of a valid claim against your company amount to a detrimental fee, potentially going upwards of be thousands of pounds. For instance, if a client fractured their ankle because they stumble over an equipment of yours, they can sue you for their medical expenses, missed pay (from being unable to work), travel expenses to and from the hospital, legal charges, and other costs.
Public liability insurance will also spare you from dealing with the stress and time that may come with legal proceedings. Instead, your insurance will assign a lawyer to handle a claim on your behalf.
How Much Coverage Do I Need for Public Liability?
Your public liability insurance coverage may vary depending on your work and the nature of your firm. It is important for you to be aware of the minimum and maximum claim threshhold, and consider if it will be able to keep your business functioning as normal in the event of a public liability claim.
Bottom Line
Remember that your Public Liability Insurance may be customised to meet your unique needs, so it would be wise to consult with an insurance professional. Speak with a specialist to help determine what you require from your public liability insurance policy for your company.
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Thanks for sharing this; it’s an area I didn’t know much about so this was a useful introduction.
Thanks for writing about this. I didn’t even know this was a thing.