What is Liability Insurance?
Liability insurance cover is very important to protect both business’ and customers should the need arise. Various companies, local authorities, and business insist that you not only have liability insurance, you are required to provide proof that you are covered and have liability insurance.Certificates are sometimes displayed in offices where they can be clearly seen by customers and anyone visiting the office.
How Does Liability Insurance Protect Me?
We at Deninsure provide Commercial property business insurance quotes and Public liability insurance quotes that are competitive. The type of insurance cover you need will be dependent on the type of business you are in and a varying number of risk factors. The minimum level of cover usually begins at around the £1 million. The higher the risk factor and the more you have to deal with customers and members of the public the more insurance you will require.Public Liability Insurance will cover you for such things as loss of earnings, legal costs, damages awarded to claimant or compensation, cost of putting right any damage and even future loss of earnings.
Points to Consider:
When taking out insurance there are points that should be considered:
- How many offices/business’/outlets do you have?
- What type of business do you run?
- How large is your workforce/staff?
- Are you in a trade that deals with customers regularly?
- Has Health & Safety ever been an issue?
- Have you have ever had a claim made against you?
When you are ready to take out Liability Insurance, you will need to answer a series of questions about your business, the function of the business and you Insurance needs, this is to ascertain the correct level of insurance required.
These factors can be instrumental in deciding the level of cover that you will need, when taking out Public Liability Insurance or Commercial Liability Insurance. If you have had claims previously made against you or you have been the subject of Health & Safety enquiry, your insurance premiums could be higher.
Who Needs Liability Insurance?
For instance if you take on catering contracts for the local authorities you will need to have Insurance in place before you can even tender or be considered for acontract.
If you visit clients or if they come to you for a service, if you are a wine bar serving meals and you often have large numbers of customers or private parties/functions, your level of insurance protection will have to reflect this.
Slips, falls, accidents can happen to anyone at any time, slippery floors, wet, floors, if you are protected, so is anyone who uses your service or your premises.
There are a large number of people who need Public/private liability Insurance. If you visit clients, or have customers or clients come to your business you should have adequate cover. Some of the jobs and trades where Insurance is required will include:
- Market Vendors
- Licenced Premises
- Venues for hire
- Antique restorers
- Gas fitters
- Public Servants
To Insure or Not to Insure
Whether you own/run a business in a premises or from home that provides a service, sells or prepares food, deals with the public, fits or repairs you will need insurance to protect not only the public and clients but also yourself. Anyone can be the subject of an Insurance claim. Avoiding the question of insurance is not a risk worth taking and without insurance you are putting yourself and your business in a very uncertain and vulnerable position. A claim against you could destroy your business and bankrupt you, leaving you with no income, no business and no clients/customers.