If you own a business, it can be put in jeopardy if you are ever sued for an accident on your premises or if someone claims you damaged his or her home with a faulty repair. However, if you are covered by insurance, then you can file a claim and have the expenses paid for by the insurance company rather than pay those expenses out of pocket. Every type of business doesn’t need the same level of insurance coverage, and it helps to know what public liability insurance covers.
Is Public Liability Insurance Necessary?
Although you don’t have to buy public liability insurance for your business, like most other types of insurance, it is good to have it in case an accident occurs on your premises or where you are holding an event. All types of businesses buy public liability insurance, including retail stores, restaurants, and self-employed workers. Even charities buy it to provide insurance coverage for events they hold. Being covered by insurance can help prevent your business from going bankrupt if an accident does occur or if you are responsible for damaging a customer’s property.
What Does Public Liability Insurance Cover?
Before you consider buying a policy, you should find out exactly what it covers and how the coverage will benefit your business. Although buying a business insurance policy can be complicated, you can get
advice so public liability insurance is made simple with Keystone. Most public liability policies cover:
- Injuries to another party when an accident occurs on your business premises, at a customer’s or anywhere else
- Damage to a customer’s property if you are liable for it
- Solicitor fees and other legal expenses
- Repair costs for damage to another’s party
- Medical treatments, including hospitalisation if necessary
- All expenses for which you are liable
While the level of coverage you buy is up to you, the company you buy it from can help you determine how much coverage you will need on your policy. Some small to medium-sized business insurance policies provide for coverage amounts of one million to 10 million pounds. The type of business you own will help determine your specific needs.
What Isn’t Covered?
Public liability policies do not cover any injuries you sustain on the job or any damages to your property, and they will not cover injuries to your employees or any damages to their property. By law, businesses must have employers’ liability insurance to cover any injuries to employees while they’re on the job, as well as any damages to their property. Your general business insurance, as well as your medical insurance, should cover any injuries or property damage that you sustain.
When you are ready to purchase a public liability policy for your business or for a charitable event, you should seek advice from an experienced company. They can help you purchase a policy for your business, or a short-term policy to cover a public event, so you don’t lose all of your money if someone is hurt or if their property is damaged.