“What does public liability insurance cover?”, we hear business owners everywhere cry. While taking out a public liability insurance policy is not usually required by law, it is, nonetheless, a wise move for any business owner, no matter how large your premises is, how many staff you employ or what type of business you carry out.
The great thing about a public liability insurance policy is that you can choose exactly how much coverage you want. Generally, a larger company will require more cover, but if you are a manual worker, such as a plumber or a builder, being well insured is a wise move as you are more likely to need to make a claim than a group of people working in an office.
Broadly speaking, having public liability insurance will protect you from two major incidents:
Damage to property
Companies that use third party property to carry out their work should make sure that they have at least basic public liability insurance. Professions which involve working in private properties, such as plumbers and joiners, should also invest. Damage to property is one of the key things covered by the policy, helping businesses to avoid having to pay hefty fines if they break or damage someone else’s equipment.
Remember, even the slightest scratch on an item’s paintwork can count as damage to property, leading to enormous expense for the party who damaged it. Therefore, if your industry involves handling other people’s possessions or using their equipment, public liability insurance can be an absolute life saver should you inadvertently damage it.
Injuries sustained at your premises
Even those who work from home should invest in public liability insurance to cover them if someone is injured while visiting their ‘premises’. (Your home still counts as a business premises if that’s where you work)
If, for example, a visitor injures themselves by falling down the stairs of your premises, your public liability insurance will cover the compensation costs, as well as any medical bills.
Injuries sustained by the general public
It isn’t just injuries within your workplace you need to worry about. If the nature of your business involves going out to other locations, such as public places, buildings or residential homes, public liability insurance can also come in handy there.
For the likes of builders, painters and decorators, plumbers and electricians, a good policy will cover you from accidentally injuring someone else while you carry out your work. For instance, if you are installing a new light into someone’s home and the ceiling came down and injured the homeowner, your public liability insurance will cover their injuries and any property damage.
Finding the right level of public liability insurance is paramount to any company. So, visit Cuuver to find the right policy for your business, today.
This should not be construed as advice and is guidance only.