What does Public Liability Insurance cover?

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If you’re in the world of business, then you know all about insurance and what it means to work without it to cover you. In most – if not all – situations, working with the public without some kind of insurance will give you all sorts of legal problems. You might face huge compensation claims if someone were to get hurt, or their property were to be damaged, as a result of your business activities. So, if you own a business, or are looking to go into business, then take a look at all of the covers that you’re going to need to keep yourself, and your business, covered.

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What, exactly, is public liability Cover?

Public liability insurance is a kind of insurance that will take care of any damage or injury that happens to a property or person, not associated with your business, during the course of work.  The best way to describe this is by giving the example of, say, an electrician. They install a bit of faulty wiring, but it isn’t done correctly – the homeowner turns a light on, gets a shock and inevitably sues for compensation.  Public liability insurance would cover the compensation for the injury to the homeowner.

Having insurance like this is essential to making sure that you don’t have to pay out for damages from your own pocket. Instead your insurer pays out on the policy, covering the compensation in full, including any legal expenses.

You can already see how the cost of public liability insurance is well worth it, right?  Yes, it’s a fee that comes out annually or monthly, but it’s critical to making sure that everyone and everything stays safe and covered in the event of damage or injury.

The thing to remember is that when you’re thinking “public liability insurance isn’t legally required for a business”, that is correct without a doubt, but it is advisable when working with the public or property.

 

What does it cover?

Public liability insurance covers you, the client that you’re working with, and their property, and this extends to members of the public and their property as well. It is a general policy that will protect you if you find yourself in a situation where there is injury or damage, and protects you financially from compensation claims.  As mentioned previously, it protects against both injury and damage to property, but let’s look at that a little closer.

The cost of public liability insurance also applies to any kind of legal fees that you are going to be looking at if you have to go to court.  This is often a huge benefit to those who are looking to keep the potential fees to a minimum.  This is especially useful, even if you only have to use it once. It gives peace of mind as much as anything else.

This kind coverage can be useful for any kind of tradesman from carpenters to cleaners or from bathroom installers to builders.  Remember that this kind of insurance is meant for anyone working with the public.

 

What should I know about it?

The one important thing to take away from this is that if you don’t have insurance and you’re running your own business, you will be held accountable in financial terms, for any damages or injuries to the public and their property.  You will have to pay for the cost of any claim made against you. Having insurance is really important to making sure that you are protected and won’t suffer financially at the hands of an accident.  The cost of a potential accident or damage to somebody’s property can run in to the hundreds of thousands.

Take the recent example of a plumber insured by Tradesman Saver who damaged some pipe work in the loft of an old Victorian property.  The resultant leak caused extensive water damage to the floors below and as the home owner was on holiday and the leak went undiscovered for some time, the total cost of the claim was in excess of £150,000.  Imagine if the plumber did NOT have public liability insurance with Tradesman Saver; he would have been liable to pay for the repairs himself which may have rendered his company bankrupt.

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Self-employed? It still matters

If you’re self-employed and think that this doesn’t have any impact on you, think again.  Self-employed public liability insurance is as important as any other. Remember that you have a responsibility to be insured if you are working with the public in terms of people or their property. Public liability insurance for self-employed people is dedicated to making sure that everyone is protected, without the risk of a large claim forcing you in to bankruptcy.

In fact, self-employed public liability is even more important than ever in terms of legal fees, as most who run their own business don’t have the ability to be able to pay for these kinds of damages, and still recover enough financially.  As such, public liability insurance for self-employed people is even more important than you are thinking right now.

Don’t underestimate the power that this kind of protection can have for your business. There is a lot to be said for having a secure peace of mind, and this is definitely going to help you have that, whether you’re ever going to need to make a claim or not.

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*Based on £1,000,000 public liability, £250,000 legal expenses & £10,000 accidental death cover for a sole trader © Copyright 2018 Tradesman Saver | Tradesman Saver is a product of Henry Seymour & Co (Barkdene Ltd) which is authorised and regulated by the Financial Conduct Authority.
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