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Public Liability Insurance provides protection for your business in the event a claim is made against your business for injury to people, or damage to third party property. As an example, public liability insurance can provide protection in the form of compensation and legal cost coverage if a member of the public sues your business because they’ve been injured or their property has been damaged. To check your full coverage look at your insurance contracts and paperwork. Contact us for a quote on public liability insurance.
Any business enterprise (including sole traders) should have Public Liability insurance in place as they could be exposing themselves to possible claims against them, or, financial loss if proven to be at fault. Public liability insurance is not a legal requirement however some trade associations and businesses may not allow you to register with or work with them. It is also important to be aware of any insuring requirements that might be in place in any agreement or contract that is signed. Often there are requirements for set levels of PL to be maintained within these.
In the event you do not have public liability, you could become liable for a huge payout if the unexpected happens. This could result in you losing your business, your livelihood and in some extreme cases, your own personal assets.
The standard limits are £1m, £2m or £5m however limits in to the hundreds of millions can be found if needs be.
If you regularly work in customers’ homes and other residential or private properties, then you will already be aware of the risks faced to avoid damage to property and or injury to clients. With this in mind, having Public liability insurance would remove the financial risks associated with being a sole trader.
This will depend on the level of cover needed and the type of business you are in. Trades that work with height, heat and water tend to pose the most risks in the eyes of insurers. Therefore, most insurers will base their premium on the kind of business and also turnover (not profit) as a way of estimating how active your business is.
Even though the cover is an optional purchase, it is prudent to weigh the costs of a policy premium versus the cost of a claim.
You may also want to consider Employer’s Liability Insurance and Product Liability Insurance for extra site protection.
The BuildSafe team has over 40 years’ experience in the property sector. As independent brokers, we are here to find you the best Public Liability Insurance quote on the market.
Contact us for further guidance.
Build Safe is a trading name of London Belgravia Brokers Ltd, Registration Number: 9069586 . Trading address is 60 Margaret Street, London, W1W 8TF. London Belgravia Brokers Ltd is an appointed representative of Ten Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.
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