A public liability insurance policy is an essential tool for businesses that work directly with customers, clients, and members of the general public. It provides financial protection in the event that someone becomes injured or their property is damaged while on your business premises. It may also cover the legal costs involved with defending prosecutions brought against your business. This link:https://www.tradesmansaver.co.uk/public-liability-insurance/
Normally, the compensation paid out by your public liability policy would be for bodily injury (BI) or property damage (PD), but it could also include loss of income, medical expenses, and other costs. Typically, it’s your responsibility to prove that you weren’t negligent in order to claim compensation. Negligence is broadly defined as not doing what a reasonable person would do in the same situation. For example, if you had water gushing out of a burst pipe and you didn’t shut off the mains supply, most people would think that you should have done this before going to find a plumber. This is negligence and you’d be liable to pay for the damages caused.
The Benefits of Public Liability Insurance for Small Businesses
It’s not a legal requirement for businesses to have public liability insurance but many companies in industries where a member of the public is likely to visit your business will take it out as standard practice. Some businesses might also be required to have a minimum level of coverage before they are considered for government contracts or to start trading with certain organizations.
The amount you pay for your public liability policy will depend on the risk to your business, and the insurers that you choose to compare quotes with. Generally, the lower the risks, the cheaper the policy will be.