Public Liability Insurance.
Keeping a business in good health can be hard work at the best of times. In times of recession and unsure financial outlooks, it pays to be prepared for it.
While having good business sense and being able to predict market trends can see you obtain an edge on the competition, when it comes to what can happen in or outside of your business premises, that's somewhat harder to predict. Nobody knows whats around the corner, and accidents can and often do happen at anytime, to anyone.
This is why it is a pretty good idea to take out public liability insurance. It will protect you against those unforeseen incidents which affect your customers or members of the public while they are on your premises. It might also safeguard you, or people who work for you when they are in another persons place of business.
Although its not a legal requirement, public liability insurance is an excellent way to guard you against the unexpected. It will make it easier from a financial point of view, it will also safeguard the reputation of your business.
At Business Insured, we will not just help you evaluate public liability quotes, we will also give you some practical information and tips to help you make the perfect choice.
So, what exactly is Public Liability Insurance?
Lets face it, you need your business to be a friendly place. Whether its a shop or an office, it is good to have people coming through the door. You could be selling goods or a service, or even meeting a client with the hope of sealing a very important business contract. If any of your customers or members of the public are injured in any way, or have their property damaged while doing businesswith you, you could be facing a hefty claim against you.
Public liability cover will safeguard you against any such expensive proceedings. It doesnt matter how big or small your company is or what your company is, public liability is offered to all and guarantees great peace of mind, particularly if something does go wrong.
Your premises along with any structure or office in which your business operates needs to be insured. If you are self-employed and working from home, then your home becomes your premises and you might need to consider taking out public liability insurance. But its not just in your own office or shop that public liability is useful. If you travel to another persons workplace for business purposes and cause an accident which leads to injury or damage of that persons workers or property, you will also be covered if they bring a claim against you.
Do I Need Public Liability Cover?
It all is dependent upon what form of business you are operating and your own specific situation.
Most businesses arent obliged by law to have public liability insurance. You dont have to take it out if you are self-employed or supplying goods and services to businesses or the public. However, in many case it advisable to have it in place. If you dont have public liability cover, you will probably have to bear the cost of any claim against you or your business yourself.
If you are self-employed, this means a claim can be brought directly against you and if you are not covered, it could spell the end of the business venture as not only will you suffer great financial loss, but your reputation could take a bit of a battering too, which could ultimately damage the business a good deal.
by: Stephen Drummonsy