After the question: “what is public liability insurance?”, comes the inevitable query: “how much is public liability insurance?”. The truth is that there is no set price for taking out a public liability insurance policy, and the amount you will pay depends on a number of different factors.
As we mentioned in a previous post, the level of cover you will require is based on the level of risk your company incurs when carrying out the day to day tasks. If there are a lot of risks involved, you will pay more. If your employees are at risk of sustaining injuries due to the nature of their work, it is worth making sure you are sufficiently covered.
If your company works on a local authority or government contract, it is advised that you have a minimum level of coverage of between £5-10 million.
However, working out how much public liability insurance is for your company also hinges on the size of your business. The larger your company, and the more employees, the more cover you will require. On the other hand, if you are a small business or sole trader, you could pay as little as £40 a year.
It also depends on how much coverage you want to take out; public liability insurance has different minimum standards for different industries, so it’s worth doing some research on the minimum required for your type of business.
Insurers will assess how likely you are to need to make a claim, and how much a claim would cost. Inevitably, this will either make your policy cheaper or more expensive.
Of course, the cost of public liability insurance will differ from insurance provider to insurance provider. For this reason, it’s best to shop around to compare rates from a variety of insurance providers. Visit Cuuver’s website now to start comparing public liability insurance policies, today.
This should not be construed as advice and is guidance only.