Running a business involves risks, and accidents can happen when least expected. Public liability insurance protects your business from claims of injury or damage caused to third parties. Without it, you might face significant financial and legal challenges. This guide will help you navigate the essentials of public liability insurance and make informed decisions.
Public liability insurance is a policy designed to cover businesses against claims for injuries or property damage caused by their operations. This type of insurance is particularly important for businesses interacting directly with clients or the public.
Public liability cover includes:
The cost of public liability insurance varies based on factors such as your business type, size, and risk level. For instance, a small business might pay less than a construction company due to differing risk profiles.
For self-employed professionals, public liability insurance is often more affordable, typically ranging from £50 to £300 annually, depending on coverage limits and industry risks.
When choosing a policy, it’s essential to compare business insurance plans to find the best fit. Consider factors like coverage limits, exclusions, and premiums.
Limited liability insurance protects business insurance owners from personal financial loss in the event of business failure, while public liability insurance focuses on claims from third parties.
Any business that interacts with the public or clients should have public liability insurance. This includes:
Once you purchase a policy, your insurer will provide a public liability certificate. This document serves as proof of coverage and may be required for contracts or legal compliance.
If your business operates on large-scale projects or in high-risk industries, you might require a £10 million public liability insurance policy to meet contractual or legal requirements.
