The phrase public liability insurance has become a bit of a buzz word in recent years, but people are still not entirely sure of what it means. In short it is designed to cover the costs of any injury or damage caused to the public by your business or its employees. Given the rise in popularity of compensation claims, this kind of insurance has been taken out by more and more business of all sizes. The business insurance services range can be complicated and some policies seem to overlap, so here is some clarification on what exactly public liability insurance covers.
The first point to note about this kind of insurance is that it does not cover injury or damage to any employees. This is covered by Employers' Liability Insurance, which is mandatory under legislation. However, damage caused by employees to the members of the public is covered by public liability insurance.
This form of insurance is not yet a legal requirement, however you may find that some other business, whether suppliers or buyers, will refuse to deal with your business if you don't have some form of basic cover. This is because the costs which can result from these sorts of claims can easily cripple any small or medium sized enterprise.
The reason that this insurance is not yet compulsory is because not all businesses are well-served by having it. If your business is just a "one-man band", with little direct contact with the public have little need for this sort of cover and may be better off saving the potential premiums. On the other hand, the premiums for this kind of business are likely to be quite low, so it may be worth getting covered. Similarly, if your business has a great safety record, you may think that you don't require any sort of cover. But if you do look into getting covered, you should find that an excellent track record results in lower premiums.
It is now possible to get quotes for this sort of insurance on-line, in the same way you would car or home insurance, but the range of companies which provide it is quite limited. Also, because there are so many variables involved, you may want to do it the old-fashioned way. In this case to get a fuller understanding of the range business insurance services you will be best served by contacting an expert such as a broker, who can help you with all the details.
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