Running a business can often be a bit of a minefield as there are so many things to think about. As well as trying to maintain a profitable business, it’s important to ensure that you as a business-owner are protected.
Insurance is one of the best ways to protect both yourself and your business, but it’s not an area that many businessmen and women are overly familiar with. So, just what is public liability insurance and why do you need it?
Public liability insurance is a type of insurance policy that is needed by any business who has members of the public, customers or clients on site at their premises, or whose premises they visit.
Public liability insurance covers you and your business if a member of the public is injured by you or one of your employees, or by accident, whilst they are on site at your business premises. As well as this, it will also cover you if you accidentally damage property belonging to someone else, whilst you are in the process of carrying out business activities.
On top of this however, public liability insurance will also cover the cost of any legal representation you may need in the case that a claim is brought against you or your employees.
It is worth noting that this type of insurance will only cover claims that are brought against you or your business by a third party. It will not cover any claims that are made by your own employees – this would be covered by a different type of insurance known as employer’s liability insurance.
The amount of cover you will need will vary from business to business so it is vital that you get the right cover for you and shop around to find the best policy.
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