Why Public Liability Insurance is Essential for Your Business

Although Public Liability Insurance isn’t a legal requirement, it is vital for most types of business. This is especially true if you work with customers. There are a number of reasons why you should make sure that your business has customer liability insurance, here’s why it’s essential.

What is Public Liability Insurance?

Public Liability Insurance is a type of insurance that covers the company if a customer or member of the public suffers injury or a loss as a result of the business. If that person/ customer makes a claim for compensation then the insurance pays the compensation and the legal expenses.

Why Is It A Good Thing?

Public Liability Insurance provides you with peace of mind. Even if your business is legally compliant with well trained staff, mistakes still happen. If you get Public Liability Insurance then you know you’re covered. This means that your business can run as normal, without fearing the worst. Even if the worst does happen and an accident does occur and a customer is hurt, their items can be repaired, their possessions replaced and their medical costs paid for. In the long run, this could potentially save you money and prevents sudden costs.

What Does It Cover?

Generally, underwriters like the ones at Catlin UK will tailor your insurance to your individual business needs.  However, as a basic guide, Public Liability Insurance covers damages to members of the public for death and injury or damage to property or possessions, which has resulted from the business’s activities.

What Other Types Of Insurance Do You Need?

There are other insurance types available and it could be that you need more than one type. So, consider whether you also need:

  • Employers’ Liability Insurance: If you have registered employees then Employers’ Liability Insurance is a legal requirement. This covers employees against sickness/ illness and any accidents that may occur in the workplace.
  • Motor Insurance: All drivers are aware that this is a legal requirement for their own vehicles, but are they insured on your company fleet? If they’re using your vehicles then you’ll need to make sure they are insured and that your vehicles are covered.

To conclude, Public Liability Insurance is vital for the success of your business. However, it may not be the only type of insurance you need for your business so be sure to consult expert underwriters.

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