Public
Liability Insurance
Public
Liability Insurance is covers businesses from the threat that
they will be sued from a member of the public. Public liability
insurance covers your business in the event that it causes
injury or death to a third party, it also covers you in the
event that you damage a third parties property. All businesses
need Public liability insurance and is relatively cheap and
will cover you in the event that you are pursued by a third
party.
Examples
of how a public liability claim could arise:
A
member of the public walks into a grocers and slips on a wet
floor. Tthere were no warning signs to say that the floor
was wet. This person would have grounds to sue the shop-keeper.
A
plumber is fitting a new sink and they don't tighten a nut
properly and that causes a big water leak and damages the
clients' property. The plumber is negligent by not fastening
the nut properly.
Public
liability insurance is for all businesses and it is the most
basic essential cover, it will not stop your company from
being sued but it will provide the financial backing in the
event that there is an insurance claim awarded against you.
If you don’t have public liability insurance and you
get pursued for compensation you will be liable to pay the
full amount of the claim, if you are not able to pay the compensation
you could lose your business, home and any other assets that
you have. No public liability insurance puts thousands of
businesses out of business every year, and with cover starting
from as little as £60 a year it is stupid to take the
risk.
Some
of the trades that can be covered by public liability insurance:
cleaners; builders; bricklayers; plasterers; window cleaners;
computer software developers and hairdressers.
Public
liability insurance will generally include several covers:
product liability insurance; employer liability insurance;
personal injury; legal defence cost; business interruption;
stock cover; money insurance; tools insurance and loss of
liquor licence.
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