If you are running a firm in the UK, then it is very well possible that you will need to have public liability insurance in place. Proper Finance can help you to find the best insurer for you, depending on your own individual business requirements, if you sign up with us today. Want to find out a bit more about public liability insurance first and whether you need it for your company? No problem. In this guide, we will tell you everything you need to know about this kind of business insurance.
When it comes to this kind of insurance, it is not currently a legal requirement to have it as a firm, unlike other kinds of business insurance that are available on the market. However, it is recommended that you have this type of financial cover in place if you run a business that interacts a considerable amount with the general public.
That means that generally speaking, companies or people who tend to take out public liability insurance with one of Proper Finance’s insurers are hairdressers, restaurant owners, tradesmen or shop owners. Given that the majority of firms end up interacting with the general public at some point, it is worth getting for the majority of businesses.
If you take out public liability insurance with one of the reputable lenders that Proper Finance works with, then it can help you to cover potential compensation costs or legal expenses your company may need to pay. This could happen in the event that your business is held legally responsible for an injury, or perhaps property damage to a client, a member of the public or a contractor.
For example, say you are a consultant who is visiting the office of a client of yours, and you end up accidentally spilling a cup of tea and damage all their computer equipment. Public liability insurance would cover you for that. Or say an employee in your cleaning firm ends up forgetting to put a wet floor sign out after cleaning floors and a member of the public ends up falling and hurting themselves. Again, this kind of cover could cover you up to the limit of your individual policy, as your firm could be sued in both of these potential scenarios.
The larger a company is, the higher the cost your policy will probably be.
The level of interaction your business has on average can also have an impact on the cost of cover.
The claims history of your firm, if there is any at all, can also effect the cost for this type of cover.
The level of risk that is deemed to be typically associated with the industry you work in.
The exact amount that you will need for your firm will be up to you and your firm. Generally speaking, it is worth checking with your potential clients in order to see if they are anticipating a certain level of cover. The insurers we work with provide different levels of cover depending on the individual needs of your company.
With this type of cover, it is not meant to typically cover employees. Rather, this kind of insurance is designed in order to protect you and your firm from third party claims that could be made against you from a client, customer or a member of the general public.
Instead, if you are looking for a type of insurance to cover the employees of your company, then look at also getting employers’ liability insurance policy cover. This is also a legal requirement if your company has one or more employees in total. It can help to cover you against any potential compensation claims that are made by an employee who ends up getting injured or suffer an illness or property damage due to their work.
You can buy both kinds of insurance through Proper Finance if you so wish, by applying online today.
You may find that it ends up being difficult to be accepted for public liability insurance if you have a criminal record on your file. But it is not always a flat out no: individual cases may well be considered.