Public liability insurance – it could be essential to your business

22 Jul 2009

This insurance covers claims brought by members of the public against your business, whether they are customers of yours or not. Such claims can be for personal injury or for damage to property. 

Do I need this insurance?

While not compulsory, your business may be at risk without it. If someone makes a successful claim, businesses are in danger of collapse or serious financial trouble. Successful claims can include tens of thousands of pounds for the claimant's legal fees in addition to the amount of compensation itself. 

Even if no one ever claims on your policy (and we hope they don't), it is important to have the cover from a business perspective. Some companies refuse to do business with organizations that do not have adequate cover. 

What should I look for in a policy?

The contents of a public liability insurance policy will be fairly standard. There will be an excess, which is a portion of the claim that will not be met by the insurer and the insured needs to pay this amount before receiving settlement from the insurer for the remainder of the loss. . The policy may also include conditions the insured has to adhere to (for example, risk management procedures). Also, there may be warranties, where the insured needs to ensure that he complies with  the conditions otherwise the claim may not be paid and the policy could be cancelled.

What sets providers apart is the level of service they offer. Insurance specialists like ourselves have professional and efficient offline support staff, who can assist you in finding cover for even those hard to place risks. 

At Your Insurance Group, public liability insurance comes as standard with any business insurance policy, meaning that you have financial protection against the unexpected.

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