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The need for licensed trade public liability insurance

11 Jan 2010

Licensed trades typically include those running businesses as pubs, cafés, restaurants or small hotels. Just as those titles suggest, the business relies upon a steady and welcoming access for members of the public, customers and regulars. That is all well and good, of course, but increased numbers in such visitors, guests, or even simple passersby may significantly increase the risk of one or more of them suffering some form of injury (or even death) or loss or damage to their property for reasons involving your business. The claims arising from such accidents and mishaps can be expensive indeed, and that is why licensed trade public liability insurance is so important.

The easy answer

With the best will in the world, accidents will happen. Some will be minor and you might resign yourself to the relatively small amount of compensation that will need to be paid from your profits. Other accidents, however, especially those involving claims for complicated, long-lasting or serious personal injury could involve sums which you or your business simply could not afford.

Encouraged by TV advertisements and changes in legislation that allows or arguably even encourages ‘no win no fee' legal actions, many people are increasingly inclined to apportion blame and will look to you for compensation. The sums awarded can easily go well into five figures or perhaps even six or seven if the injuries sustained are serious enough.

In the worst case scenario, your entire business could then be facing liquidation.

The even easier solution

Such dire consequences could be very simply avoided with adequate licensed trade public liability insurance:

  • Typically, this would cover claims for injury to members of the public, your customers and guests or loss or damage to their property for amounts up to £2 million and comes as standard with all our business insurance policies. - although even higher amounts are also available for a relatively little increase in the insurance premiums;
  • We can make the cost of such cover even easier to bear by arranging for the regular payment of premiums by monthly direct debit. This will help to ensure that you never overlook keeping the licensed trade public liability insurance cover in place and that payments are made automatically. But it can also make your business cash-flow considerably easier, especially in these uncertain economic times.
 

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