Introduction to public liability insurance…
Have you ever considered what would happen to your business if it was found to be responsible for injuring a third party or for damage or destruction of their property? The very nature of running a business means that you are very likely, whether on an everyday basis or at least from time to time, to find yourself in contact with people from outside of your company, i.e. non-employees.
If such a person has reason to make a public liability claim against you, your company may struggle to pay for it without having a suitable public liability insurance policy in place. With such claims so frequently running into thousands of pounds, you could find your company effectively out of business in one move.
Any financial loss to your company as a result of a public liability claim being made against it is naturally unexpected, but such events are rarely insufficiently frequent or serious for your firm to be able to take the risk of not having a suitable liability insurance policy in place. It might be that such a third party slips on your wet floor and suffers an injury, or that you damage a client’s computer as a result of spilling coffee on it. Such accidents can be minor, with only monetary harm, but can also be much more serious, such as if your company’s conduct leads to a fire or life-threatening injury.
Public liability insurance, then, protects you from compensation payouts in addition to the cost of repairing damage or the legal expenses incurred in defending the case. It is therefore in the interests of your business to invest in relevant liability insurance to protect it financially, as well as those of the public given that it allows them to claim appropriate compensation. The risks that are involved with your business will determine the level of cover that you require.