As a responsible business owner, safeguarding the interests of your company, employees, and clients is paramount. The unpredictable nature of accidents and unforeseen incidents can lead to substantial financial liabilities that could not only dent your business’s finances but also tarnish its reputation. This is where the crucial role of public liability insurance comes into play.
What Kinds of Business Need Public Liability Cover?
All businesses, regardless of size or industry, should consider taking out public liability insurance. While certain professions, such as construction and hospitality, are more prone to accidents and claims than other industries, there is no business that cannot benefit from the protection offered by a public liability policy.
Key Takeaways
- Public liability insurance provides financial protection against liabilities arising from injuries or damage inflicted on third parties.
- Tradespeople, due to the inherent risks associated with their work, should prioritise obtaining public liability insurance to mitigate potential liabilities.
Public Liability Insurance Covers:
Public liability insurance is an important policy to your business, which offers a wide range of benefits and protection for businesses of all kinds – from larger conglomerates to individual tradespeople and any small business. This insurance covers your legal liability and helps to protect you against claims made by a member of the public.
Just some of the instances which a public liability insurance will cover include:
- Legal fees and expenses arising from a claim made against you
- Medical costs for anyone hurt or injured as a result of your work
- Damage caused to third party property due to your work
- Losses caused to the claimant due to negligence on your part.
Public liability insurance is essential for most tradespeople, providing protection against almost any claim against your business could incur from the general public.
What Are The Benefits of Public Liability Insurance?
Public liability insurance can offer financial protection against a wide range of liabilities. These may include, but are not limited to:
| Advantage | Significance |
| Protection against unforeseen financial liabilities | This coverage shields businesses from unanticipated expenses like legal fees and compensation claims that might arise due to accidents or damage inflicted on third parties. |
| Maintain professionalism and credibility | Possessing public liability insurance demonstrates commitment to ethical and responsible practices, boosting credibility and attracting potential clients. |
| Peace of mind for business owners | Business owners can focus on core activities knowing their business is shielded by public liability insurance, granting them peace of mind and fostering confident operations. |
| Comprehensive coverage against unforeseen risks | Public liability insurance offers comprehensive coverage against a wide spectrum of injuries and incidents, encompassing property damage, bodily injuries, and product defects, thus ensuring businesses are fortified against unpredicted risks. |
Is public liability insurance important for my clients?
In most cases, yes! While they might not care until something goes wrong, if it does this type of insurance can make sure that they are protected, in addition to their premise in the event of damage to property. Whether you run your own business premises, or you work primarily on-site, a PL insurance policy can help you to defend yourself, your clients and the general public.
Remember, while public liability isn’t compulsory, it’s extremely important that you and your business are sufficiently protected, and able to pay out in the event that you do cause injury or damage to a member of the public or their property. At Tradesman Saver, we’re dedicated to providing the cover your business needs to protect yourself from legal expenses arising from a claim made by a member of the public.
Does my trade association require me to have insurance?
While this depends on your exact trade association, most accredited bodies for tradespeople in the UK do require that you have public liability insurance in place. Legally, you aren’t required to have PL insurance in-place, but anything can go wrong on the worksite. No matter how careful you are, accidents happen, and it’s always worthwhile making sure you have the correct business insurance to protect you and your company if the worst should occur.
If I have public liability, do I also need employers’ liability insurance?
Yes. If you employ anyone, then employers’ liability insurance is a legal requirement. This type of insurance can cover you, and your employees in the event that they suffer an injury while at work. The legal requirement is for a minimum of £5m worth of cover, although the standard limit offered by insurers in the UK is £10m. If you don’t take out this type of insurance, then the law states you could face heavy fines and possible criminal prosecution.
For Public Liability Insurance You Can Rely On, Choose Tradesman Saver Today
At Tradesman Saver, our experienced team can help you find the right type of cover to protect you, your business, your employees and the general public. Thanks to comprehensive public liability, you’ll be protected against claims made by members of the public as a result of your business activities. We can work with you to supply the right policy for your business, and ensure that you are protected against legal claims following damage to their property, or personal injury as a result of your actions.
