If your business deals with visiting clients or suppliers and you have premises that customers or clients visit regularly, then having public liability insurance is a must. It protects you in cases people are injured or their property is damaged as a result of your work. If anything like a minor accident happens to people while at your premises, you can expect them to file claims that are known to be very expensive.
What is more, you will also have to pay for medical bills, fees and have many other expenses. For a small business this may mean bankruptcy so obtaining public liability insurance should really be your top priority.
Although for many companies public liability insurance may mean additional financial burden, this kind of insurance is worth the money and may represent your best investment. It may happen that a customer slips and falls on the stairs, that one of your employees spills coffee on your clients laptop or that a client is injured while in your taxi. In all of the cases mentioned, you can expect clients to claim compensation no matter how minor the accident looks to you. There are certain kinds of businesses that do not need this insurance, online businesses for example as they do not directly deal with people.
Before buying public liability insurance make sure you and your insurance agent consider all the possible risks that your business might present to the public. This can help you calculate both the risks and the level of cover needed for a particular business. The level of cover will not be the same for small home business and high risk businesses that work with chemicals or have a large number of third party clients visiting the premises such as bars, shops or cinemas.
Public liability insurance policy gives you financial security so that you are confident and relaxed that you will have financial support in any kind of situation. This is the time when everybody is looking for some extra dollars and not everyone is ethical about the way they earn money. There are many people out there who think big companies can afford to pay compensation for accidents which in many cases are not even caused by your business. Therefore, if you invest in public liability insurance you will only have to pay the premium and the insurance company will take care of the rest.