An Insight Into Liability Insurance
To put it simply, public liability insurance is purchased to protect your business in case a member of the public is injured, suffers damage to their property or is involved in a fatal accident while on your premises or in relation to your business activities. For example, if you run a retail business, a customer could slip on a spillage on your floor. On the other hand, you may damage a client’s property if you are a tradesman who is out on a job. Public liability insurance will protect you against all these outcomes, making sure your business is not left crippled by excessive financial costs due to compensation claims. Having an insurance policy does more than just protect your business; potential clients are likely to want proof of your insurance policy before they sign a contract with you. This is especially true with large construction companies, housing associations and local authorities.
Public liability insurance is highly recommended because of the huge benefits that it provides, but it is not a legal requirement. On the other hand, your business must have an employers’ liability insurance policy by law, unless your business is very small or is staffed exclusively by family members. Employers’ liability insurance protects you against any claims made against you by your employees for personal injury or illnesses. Limited companies are legally required to have at least £5,000,000 of employers’ liability cover, and can be fined up to £2,500 per working day that passes without cover.
Public and employers’ liability insurance are the 2 core types of cover for your business, but you are likely to require a wider range of cover to protect you against different outcomes on a day to day basis. Here at Insurance Price, we offer you the option of adding different types of cover as you see fit, with ultra-competitive premiums. If your business supplies products to customers, (such as a production business) you are going to need product liability cover. If somebody suffers an injury or damage to their product as a result of a product that you have supplied, this insurance will cover you if they decide to put in a compensation claim or try to sure you through a court.
Property owners’ liability insurance will protect your business in the event or somebody suffering an accident or injury while they are on your business property. This cover may not be required depending on the type of business that you own, or if your other insurance policies have it built-in. However, it is important to check and make sure that you are covered. If an accident happens and your policy doesn’t include property owners’ liability insurance, you could end up having to pay a substantial amount.
We specialise in business insurance, and all of our policies are tailored towards you personally. This is to ensure that you are getting the widest cover available for the best price, with quotes available from a variety of leading UK insurers. For example, if you operate within a high-risk environment (such as a school), you are going to have to make sure that you are covered for all eventualities.
If you are interested in purchasing a liability insurance policy, our website offers a quick and easy quote service which is completely free of charge. If you have any questions in regards to insurance or any existing policies you may own, feel free to give us a call on 0845 838 5195 and one of our insurance experts will be happy to help you.
James Savery, 12 September 2013