Public liability insurance may not be a legal requirement for businesses, but if your services involve coming into contact with the general public, or using third-party equipment, it’s only sensible to get a solid policy.
Taking out a public liability insurance policy will protect you if a member of the public is injured while visiting your premises or while you carry out your work. Similarly, you will be covered if you damage a piece of third-party property; your insurance will pay the repair/replacement costs, potentially saving you a lot of money in the long run.
As with all policies, there are various ways you, the business owner, can get a great deal on your public liability insurance. Here are our tricks of the trade:
Decide how much coverage you need
Much like other types of insurance, you can choose the amount of public liability insurance coverage you pay for. You should assess how much insurance you need, which can easily be worked out by looking at the probability of you needing to make a claim.
For instance, if you conduct business in a generally hazardous industry, such as construction or joining, it is a wise idea to take out a substantial amount of public liability insurance. On the other hand, if you run a small accountancy firm in one office, you are far less likely to claim on your policy.
Don’t just opt for the cheapest policy
The price of public liability insurance differs from one insurer to another. However, if you just choose the policy which is cheapest, it may mean you save some money in the short-term, but the cheaper policy may not include some vital aspects your business may require at some point.
Furthermore, it is common for cheaper policies to charge higher excesses if you ever do need to file a claim. This means that you may end up paying more if you ever do need to make a claim, than if you invested in a slightly more expensive policy.
Make your business as safe as possible
It doesn’t matter what industry you work in, taking the steps towards making your company a safer place to be will reduce the likelihood of needing to make a claim on public liability insurance. Following the recommendations from your insurer will help you to skim a small amount of money off the policy.
Naturally, it would be foolish to simply purchase the first public liability insurance policy you come across. Visit Cuuver.com’s Public Liability Insurance page to compare quotes from some of the UK’s leading insurance providers.
This should not be construed as advice and is for guidance only.