5 Things you must know about Public Liability Insurance
1. Who needs Public Liability Insurance?
Almost all businesses should have some form of Public Liability Insurance. Any business can potentially damage people or property. All businesses are bound by a duty of care for their clients, suppliers, distributors, neighbours & the environment. In todays litigious society, companies are being held more & more responsible for injuries or damages they cause to their surroundings or to other people. Companies at particular risk are those who go into other peoples premises to perform their work, companies who manufacture products which can potentially cause damage, or companies who work on other peoples assets (eg vehicles.)
2. Why should you take out Public Liability Insurance?
One only needs to read the newspapers to see the recent spate in liability awards made against companies who failed to protect their surroundings or third party people. With the courts cracking down on negligent companies, even one claim could potentially bankrupt your business. Unfortunately, accidents do happen & even in a perfect world, every company would be unable to perfectly protect every person or item they come into contact with. Public Liability Insurance costs a fraction of the price of paying large awards if your company is found negligent. Even if your company has not been negligent, the legal costs incurred in defending your company could cripple a business if not insured against. Taking Public Liabilty Insurance is a prudent way to ensure that your business will survive through all the trials & tribulations it will face.
3. How much does Public Liability Insurance cost?
Very little! We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the cheapest premiums for your business.
4. Typical claims incurred on Public Liability Insurance Policies
We generally receive two different types of Public Liability claims, either smaller valued but more frequent claims, or the more rare but extremely large claims. Small frequent claims include clients vehicles being damaged by unkept parking areas, items falling off of buildings hitting nearby cars or other buildings, gates closing on third party vehicles, general lack of maintenance which causes damages to the surrounding areas & so forth. The more rare but crippling claims occur when third party people are injured because a company failed to protect them. We have also had huge claims where entire hotels or townhouse complexes had to be evacuated & repaired because of accidents made by businesses, the claim was therefore not only for the repairs but also for providing accommodation of a similiar nature to all the distressed occupants.
5. What other insurance should be considered along with Public Liability Insurance?
If your business provides advice, designs or consultation services or if your work involves lots of calculations or stringent procedures, Professional Indemnity Insurance should be considered.