Times are tough and costs do need to be trimmed, but public liability insurance could save you more than just money in the long run.

You know all about the current economic climate.  Costs are up, incomes are down and we're all trying to save a few pennies here and there.

There are some costs you can cut, but the necessary evil that is business insurance isn't one of them.  What most business owners fail to value is the invisible protection that public liability insurance brings with it.

Many businesses are finding that with work and custom drying up, superfluous expenses need to be trimmed or cut completely.  They make sure that everything else is insured however; the home, the car, the mobile phone. 

But, like the ostrich, some business owners bury their heads and don't see what is important and if they don't see it as important, why insure it?

Public liability insurance doesn't cover your home, or car or even your work premises. Public liability insurance provides protection for the intangible things that may be more important to you than your possessions.

The protection that public liability cover brings also has unseen benefits that help to protect the things that help make your possessions a reality;

  • Your livelihood
  • Your reputation
  • Your income

Without these things, you may not have your home, car or phone.

 
Rising unemployment brings more false claims against businesses.  You may find yourself getting sued by someone who sees you as a sitting duck.  With all the "no win, no fee" companies out there, they have nothing to lose in making a fraudulent claim against a business.

You have to remember that you're not the only one feeling the pinch.  You may end up being the scapegoat if an unscrupulous individual who encounters your services finds a small fault and blows it up, because they want or need a new carpet, or TV.

So, an immoral person comes into your premises, trips and "jars their back".  They may sue you for damages, for not being able to look for work.  And it won't cost them a penny, but it will cost you a whole lot if you don't have public liability insurance.

So, before you consider not taking out public liability insurance, make sure you know the answers to these questions;

  • Do I have thousands of pounds stored away to pay for public liability claims?
  • Would I be able to continue to trade if someone sued me and I had to pay their compensation?
  • Would I be able to trade on my reputation if I lost a claim and was made bankrupt because of it?

If the answers to any of these questions is "no", then you need public liability insurance.

As far as expenses go, public liability insurance isn't one you want to cut.  It is necessary business protection that could save your business some really unnecessary and expensive costs.