Published: 20/03/10
According to a recent survey public liability insurance may be about to face an enormous amount of new claims in coming years and the blame is placed squarely upon the recession. Higher risks have become a part of daily business and with them, more claims have been seen, forcing liability insurers to raise their premium rates.
In order to keep current with liability insurance obligations employers must keep abreast of the laws regarding that vital part of business. The law specifically states that any employer needs to have a policy to cover if clients, customers, or any members of the public ever visit your premises. So even if you run a home based business, and find that your customers visit you on occasion, public liability cover should be considered to be a necessity.
What type of cover is required?
Public liability insurance covers you and your employees in case someone is accidentally injured either by you or as a result of business operation conducted by you or on your business property. It should additionally cover third party damages while you go about your business. Cover should also include expenses and any legal fees brought about due to claims from a third party. This type of insurance will not provide cover for your employees (you will need Employers Liability Insurance).
How much insurance cover does my business need?
It is such a risky business to make cut backs and try to stretch those dollars when that insurance policy can mean loss of business due to accidents.
The size and nature of your business operations will determine how much public liability insurance cover you will be required to carry. Smaller business operations need a minimum of one million pounds, but carrying five million pounds is safer. In the case of insurance for public liability, it is always preferred to be over covered rather than under-covered as accidents do happen. The premiums paid for additional insurance are not that much higher and well worth it when the unthinkable occurs at your place of business.
Flint Insurance specialists in a range of insurance. Get an instant public liability insurance quote or call 0800 021 4503 for further details.
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