Sometimes in life, the unexpected will happen, and it’s important to ensure that your business is protected if things go wrong on your premises or those of your clients’.
If you have ever wondered does my business need public liability insurance or what does public liability insurance cover, read on to find out how Business Line Insurance can help.
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What is public liability insurance?
Public liability insurance is one of the most important types of business insurances that you should consider. If your business regularly has people visiting your premises or you carry out work at the premises of a client, it will help to provide protection in the event that something goes wrong. For example, if a third-party such as your clients, suppliers, or members of the public suffer personal injury or property damage as a result of your business and the work that you do, it will cover legal expenses or compensation claims if you are found to be responsible.
What public liability insurance covers
From minor incidents in the workplace to more serious and costly accidents that could risk the ability of your business to operate, public liability insurance typically provides cover for the following:
- Repair or replacement cost: In the event that property or possessions are damaged, such as a coffee spill causing a laptop to break, this will provide cover for the cost of repair or replacement.
- Compensation payments: In the event of third-party injury (or even death).
- Medical fees: If you are required to pay for hospital treatment or an ambulance call out for a third party, this will provide your business with the cover that it needs.
- Legal expenses: If you need to go to court, this will cover the costs of any fees and expenses that you incur.
These are just examples of some of the types of public liability insurance cover that we can arrange at Business Line Insurance. As we know that no two businesses are the same, speak to us today to find out which policies will best meet your needs.
Do I need public liability insurance?
Public and employers’ liability insurance provides an extra amount of protection for your business. If you provide a service to clients on your premises, have visitors or carry out work at your client’s premises instead, it can give your customers the peace of mind that you are properly protected if things don’t go to plan.
As an example, if you work in an industry where you visit the premises or homes of clients in order to carry out work (such as a carpet fitter or a cleaner), or you run a coffee shop and your client or a member of the public was injured or became ill and demanded compensation, public liability insurance will protect you in the event of a claim.
It is important to note that although having public liability insurance is not a legal requirement in the UK, it is possible that your industry regulatory, membership body or clients may require you to have a policy in place.
The cost of public liability insurance
At Business Line Insurance we understand that cost is important to your business, but it is crucial to ensure that you are properly protected in line with the risks your business faces. With that in mind, we will take the time to understand the specific needs of your business and recommend the amount of cover that is best suited to you.
How much public liability insurance cover do I need?
The amount of public liability insurance cover that you need depends on the nature of your business and the work that you do. To give you an idea, some insurers offer a minimum level of £1 million for public liability insurance policies, and it is important to ensure that you take out enough cover to protect you in the event of a claim.
In addition, it is also important to double check your public liability insurance policy before starting to work on a new job or contract, as you may be required to have a minimum amount of cover in place, and therefore may be required to take out an additional amount.
What else do I need to know about public liability insurance?
As you know, when a business calculates its taxable profit, they are able to deduct costs which are known as ‘allowable expenses’. Business insurance such as public liability insurance is considered an allowable expense, therefore you should ensure that you keep your policy documents safe and keep a record for HMRC.
How can I get public liability insurance?
Business Line Insurance have a team of specialist advisers ready to help you get the right protection in place for your business.
We will take the time to understand the specific needs of your business and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact Glenn Bowles by calling: 020 3058 4309.
What is Employers Liability ?
Employers’ Liability Insurance safeguards businesses against legal and compensation expenses from employee claims. It’s a key type of insurance, because if one of your employees falls ill or sustains an injury in the context of the work they do for you, you could be held liable.
The health and safety of your employees is of paramount importance, and as an employer it’s vital to uphold that responsibility. Something as simple as slipping on a wet floor could lead to a claim. As accidents do happen, you can protect the vitality of your business with an employers’ liability insurance policy.
How much Employers Liability insurance cover do I need?
Many businesses in Britain are required by law to have cover worth at least £5 million as soon they employ their first member of staff. Of course, the nature of work and the risks involved in each business may vary, meaning you may require more employers’ liability insurance. To work out how much you need, consider how much the most serious claim you might face could cost.
While there are some circumstances in which a company doesn’t require this cover, these instances are rare. The reassurance of having comprehensive cover is invaluable, as the cost of defending your business against a liability claim could prove damaging, especially for start-ups and SMEs.
The Cost of Employers’ liability insurance
The cost of Employers’ Liability cover will also vary in line with the value of the cover you take out. Quotes are based on factors such as how many people you employ and the type of work you do. Premiums are often higher in high-risk professions where you work in more dangerous situations, like plumbers, engineers or electricians.
Product liability insurance explained
It’s designed to work as part of your public liability insurance policy , covering you and your business against legal claims of injury to customers or damage to property, whether you’re involved in the design, production and manufacture, repair or just the supply of a product.
What does product liability cover do?
Product liability insurance is useful in sectors like retail and technology, where it protects you when someone makes a claim for injury or damage caused by a product you’re involved with. You may be the manufacturer, the supplier or you could operate only the retail end, wherever you are in the life cycle, you could still be faced with a claim. Product liability cover, as part of your public liability insurance, safeguards you against legal and defence costs and settlements.
Who needs product liability insurance?
Any business involved in the design, production or supply of products to customers should have product liability insurance. You might be just one part of the supply chain, but you could still be held liable for defects that lead to injury or damage. Whether it’s a kitchen appliance malfunctioning and starting a fire or a faulty toy harming a child. The cost of compensation can be damaging for a small business.
What level of product liability cover do I need?
Product liability insurance covers you for the costs associated with claims of illness, injury or damage to property caused by a faulty product your business made, supplied or sold. At Business Line we will build product cover into your public liability policy and we can tailor the level of protection you need to fit with your business, up to £10m if required. It also includes legal defence costs against criminal claims for failing to meet regulations.