One of the more common subsidiary’s of the wider ‘Liability Insurance’, Public Liability Insurance, whilst not a compulsory business insurance, can be a lifeline for any working company or individual should something an incident occur with a member of the public.
What is it and why is it needed?
Ideal for any individual or company working with the public, or where the public visit a company’s premises, Public Liability Insurance ensures that the company or individual is covered should an accident occur to a member of the public on their premises. Further to this, this insurance also covers any accidents or incidents that may occur when the individual or company is carrying work out on their client’s premises.
Including the cost of all legal fees’ that may occur, whilst not mandatory, Public Liability Insurance is highly recommended for anyone carrying out work with the public.
It has to be noted that this insurance only covers claims from third parties and not employees
of your company. This is where Employer’s Liability Insurance comes into play.
What exactly does it cover?
Public Liability Insurance covers the individual or the company in the event of an accident on your premises or their premises. Imagine one of the following scenarios -
A small-scale wedding business has just opened its first shop in a small shopping centre. When trying on a selection or wedding dresses, a lady trips on one of the wedding dresses that has been left on a chair, trailing on the floor, breaking her wrist. Insurance would cover any expenses incurred should the lady pursue a claim against the business.
Out on location for magazine photo shoot, a freelance photographer leaves one of his tripods lying down on the floor. A member of the public walks by and falls over the tripod and injures her arm. Insurance will ensure that the photographer was covered if the member of the public claimed against them.
How much cover is needed and how much will it cost?
For small businesses, insurance with a cover of
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