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Frequently Asked Questions(click to expand)
What Is Public Liability Insurance?
If an accident occurs on a premises that is uninsured then the compensation costs will have to come directly from the business. Public Liability insurance will cover those costs during the process of a claim.
Who Needs Public Liability Insurance?
Small businesses and sole traders are just as recommended to take out a Public Liability insurance policy as a larger firms so that any legal fees or damages can be covered easily without financially disrupting the business.
While Public Liability insurance is not a legal requirement, some companies or events may require business to have it before agreeing to do business with them.
What Does Public Liability Insurance Cover?
Public Liability insurance policies cover the business from any compensation claims made against it. If a visitor to the business premises suffers an accident or injury then Public Liability will cover any legal expenses if a lawsuit is taken out, any medical expenses as well as any damages awarded to pay. The same applies if a third party’s property is damaged while visiting a business. Public Liability insurance will also cover the costs of any repairs or replacements required.
Items such as computers, business equipment or tools are among the most common items that are accidentally damaged on business premises. The costs of replacing and repairing them can reach thousands, especially if they are essential to the working practices of the claimant.
If a claim is made because of negligence from the owner of the business premises then a fine may also have to be paid. This will also be covered by Public Liability insurance.
What Is Not Covered By Public Liability Insurance?
- damage to business property
- damage to property whilst being worked on
- bodily injury of person working for the business
Public Liability is aimed at covering claims made by people not working for the business. Commercial General Liability or Employers Liability insurance policies are more suitable for claims made by employees, business owners or other business personnel.
How Much Does Public Liability Insurance Cost?
- type of trade or profession
- business turnover
- number of visitors to the business premises
- how ‘public’ the premises is