PUBLIC LIABILITY INSURANCE
What is public liability insurance?
Basically, it covers you against any claims for damages made against you by the public (not employees) for any bodily injury or physical damage to property.
Who needs public liability insurance?
Basically, any company or person in business. Accidents can happen, so don’t gamble with your business.
What kind of cover do I need?
The main thing to remember when buying public liability insurance is that you will only be covered for the activities that you have disclosed. But, remember this also extends to location as well - are you working on any hazardous sites? Are you working outside the UK?
But, there are many other clauses and restrictions on a standard public liability Insurance policy that you need to be made aware of.
For example, did you know that in most cases it will exclude damage for property that you are working in? So, if you were an electrician fixing an air-conditioning unit and you accidentally damage it, you might not be covered. G3 Insure can help. We have access to certain policies that will automatically extend cover as standard for such an event.
Limit of Indemnity
Put simply, this is the amount that your Insurer will pay. This limit could either be for each and every loss, or in the aggregate, so you need to make sure you know which applies to your policy.
When deciding on a suitable limit of indemnity you need to work out the liability risk for your business, and think about any potential claims that may be brought against you or your business because of something that you have done.
A small business that constructs advertising signs was advised by their broker to increase their level of public liability cover from £1m to £5m at renewal of their insurance policy, which the company agreed to. Less than a week later, an unusually high wind blew one of their signs off a building. The sign travelled along a high street and struck a pedestrian, causing a severe disability. The business was found liable because the sign had not been secured correctly, and the claim was settled at £4.7m, with the insurance policy covering the payment (BIBA 2016).
So if you want to make sure that your public liability insurance measures up then give G3 Insure a call on 01244 838 821 or fill in the form on the contact page.