Importance of Public Liability Insurance

When you own a business, you open yourself up to possible liability for customers and clients that might visit your premises. Even if your business is based in your home, you can still be liable for accidents that might occur. In order to protect yourself from this it is advisable to take out a public liability insurance policy.

public-liability-insurance

Importance of Public Liability Insurance

Public liability insurance will pay the costs for any claims made against you. This would be for situations where someone might be injured on your business property. The injury could be an accident or perhaps they are injured from you or one of your employees. Not only would a public liability insurance policy cover injury but could also cover any damage to property of someone else who is on your property for business purposes.
You may also find yourself needing legal representation for either a personal injury or property claim. Most public liability insurance policies can help cover the expenses you incur to defend a claim. Keep in mind that public liability insurance will only cover third party claims. They will not pay for any claims made against you by your employees.

 

When securing a public liability insurance policy the amount of coverage will vary. Depending upon the type of business you have you will need different levels of coverage. For most small businesses, it is recommended that they take out a public liability insurance policy with at least £1 million. However, depending upon situations specific to your business you might be required to take out more coverage. The premium you will pay typically isn’t too bad, usually insurance companies base the premiums on the business’s level of activity. For instance, when determining the insurance premium for a hotel, the insurance company may use the number of beds to determine the number of guests.

Taking out public liability insurance isn’t required for most businesses. However, some are required to obtain these kinds of policies; for example, a horse riding business must have public liability coverage. While most other businesses don’t need to have coverage, many of their current or prospective customers will want to see proof of insurance before hiring you to do a do a job for them.

There are different kinds of liability insurance. These include Business Liability Insurance, General Liability Insurance,
The auto insurance is mandatory to be able to circulate on the roads with your

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