Having public-liability insurance is not compulsory, but it is a valuable purchase to small businesses. This policy provides the protection to businesses in the day-to-day running and transactions.
Businesses can trade with a piece of mind, that they are protected, if any unexpected thing occurs. This insurance policy should be considered, if the clients or customers visit the business premises.
What it covers: If member of public or third party is accidentally injured by the business operations or the person carrying the business, then such persons are covered by this public-liability insurance on behalf of insurer. The damage to the third party is also covered by this policy. Any legal fees and expanses are covered by public-liability insurance.
Who needs: Every one can get the benefit of the coverage of the public-liability insurance. Certain companies, where there is a high risk and chances to have accidents, such as: Roofers, Electricians, Plumbers, Painter and decorators, Shops, Manufacturing and offices and more, are benefited mostly. These are the trades, where more accidents are likely to happen.
Cost: The cost of this insurance depends on the type of business. However public liability insurance is relatively low cost.
This insurance covers only third party claims and company assets and employees will not be covered by this insurance policy. Again in order to cover these things, you need to take the employer’s liability insurance.
So every business can get the benefits of the coverage of public-liability insurance, because it is the safeguards the business from any claims which are made against the business.