Public Liability Insurance

If you own a business, you will need to be protected in the event that your actions cause harm to a customer or a member of the general public. Some common examples here can include an accident on a construction site, providing the wrong advice in regards to the installation of a product or even recommending the wrong kind of food supplement to treat a specific medical condition. If you do not posses what is known as public liability insurance, you could very well be placing the status of your business in jeopardy. Let's take a closer look at how this package functions as well as some of the most common variants.

What is Public Liability Insurance?

Like any insurance plan, the main goal of public liability is to provide you with a certain level of financial protection in the event that a lawsuit is filed against your firm. As opposed to paying hefty out-of-pocket costs, a liability plan will offer you a financial “umbrella” which will offer significant leeway. So, what are the main types to consider and what does each have to offer?

Basic Public Liability Insurance Plans

These are the most common types of policies and while they are not mandatory within the United Kingdom, the majority of businesses will normally possess some form of liability insurance. The main difference is essentially in the levels of coverage that each plans provide. Most companies can choose policies ranging from as low as 1 million pounds to as high as 20 million pounds or more. Higher-end policies are generally reserved for firms which may be faced with multi-million pound lawsuits (such as medical companies).

Professional Indemnity Insurance

This is often confusing, as some believe that it is completely separate from public liability insurance. On the contrary, it is merely another type of policy. Professional indemnity insurance is used in the event that your business is involved with providing advice or expert knowledge (such as when repairing an expensive hard drive with sensitive information). If you offer the wrong advice and this advice results in damages to the client or their property, it is wise to be protected by professional indemnity insurance.

Finding the Best Policy

Now that we have quickly reviewed the two main types of public liability insurance, it is a good idea to take a look at some practices which will allow you to find an agreeable plan. The first piece of advice is to shop around with the help of third-party online comparison sites. These will provide side-by-side examples of some of the most popular bundles and what they are intended to cover. Next, take a look at the maximum amount of protection that you will require. It is often wise to consult with a professional in order to determine this figure. Some other key points to address include:

  • The reputation of the provider.
  • What others may be saying about their service.
  • The potential to enjoy reduced rates if you do not file any claims (referred to as a no-claims bonus).
  • The possibility of upgrading a plan in the future if the need arises.

These are some of the key takeaway points associated with public liability insurance. Please feel free to refer back to this guide if you require further guidance.

The Top Providers

If you happen to own a business, it is normally essential to possess some form of public liability insurance. In fact, a growing number of lenders are now refusing to supply the necessary funds if you do not have this type of protection. Public liability insurance is designed to protect you and your employees against any financial damages that may arise as a result of an accident, the wrong advice or similar unforeseen circumstances. As you may have already imagined, this is a truly massive industry within the United Kingdom. Although you have a number of choices, how are you to reliably select the most appropriate option? This can be a bit of a daunting question, for it is likely that you do not have the time to perform a great deal of research. Let's break things down and make them simple by providing you with a list of the top providers in the industry.

  • Simply Business Business Insurance
  • AXA Business Insurance
  • Hiscox Business Insurance
  • Premiere BusinessCare Business Insurance
  • Direct Line Business Insurance
  • Novas Insurance Business Insurance
  • Trade Direct Business Insurance
  • NatWest Business Insurnce
  • Performance Direct Business Insurance
  • Instasure Business Insurance

As always, examine each in greater detail to “insure” that you will be able to receive the best deal possible.

Didn't find what you were looking for?