Candice Lewin, Team leader at Aon Risk Solutions explains why you may need Public Liability Insurance
Does your business need public liability insurance
SME public liability, generally speaking, is designed to protect your business if a member of the public were to suffer an injury or if they were to incur some property damage as part of your general business activity.
What it covers you for is yourself and your employees going into a customer’s home, office or business premises, but it also protects you if they come onto your premises.
So public liability will protect you in the instance of you being subject to a claim for either an injury or property damage because compensation costs and legal fees can be pretty hefty, but your public liability will stop you having to pay those out and protect you against those sorts of mishaps if they happen.
What it doesn’t cover you for is employee claims. So if you have employees it’s a legal requirement to have employee liability, so you’d need to consider that separately. It’s essential that you have that cover so that you don’t suffer huge costs and bills if you are subject to a claim, but there’s loads of other reasons why it’s important. If your workers see, and your customers see that you have a genuine concern for their welfare and for their convenience it’s a great way to gain trust and actually to build relationships as well.
The other factor is if you win a contract you may have to prove that you have a minimum level of public liability cover. So for example local councils will often need you to prove that you’ve got at least two million pounds worth of cover.
So basically, if you come into contact with the public on a day to day basis, face to face, you need to talk to your broker about public liability insurance,