It’s common knowledge that having insurance will help you protect your business, but sometimes it can get confusing. Both small and large businesses can benefit from getting Public Liability insurance in order to protect themselves financially against risks and lawsuits that could occur.
The tricky thing is, that each policy will be different depending on the nature of the business, its size, and the risks that it poses. So there may be a number of questions you’ll want to speak to your broker about including the following:
What does public liability insurance cover?
Public liability insurance protects a business against any claims made towards it by a member of the public. This can include injuries, loss, or damage to property. The insurance would cover the compensation paid to them etc.
However, as every policy is different, it is good to ask this question so you know exactly what you have covered and what you don’t. Lower levels of cover might seem appealing with their premiums, but they may not provide your business with the cover it needs.
How much cover do I require?
The amount of cover you require will depend on the size of your business, and what risks are associated with it. For example, a company that is working on a busy construction site will pose a lot more risk than a florist.
We can help you determine the level of cover you need by examining your business activities and carrying out a risk assessment. Often, the smaller the business, the lower the amount of risk.
What information do I need to give?
The most important this is that you explain all business activities you partake in, otherwise you may not receive the correct level of cover. This can cause issues when you come to make a claim.
How can I save on the cost?
A good way of saving on your insurance is to combine multiple types under one policy, for example combining public liability with professional indemnity.
Make sure that you are exploring multiple options for different quotes and compare the cover.
If you want to be clever with reducing your costs further, you could consider reducing the risks in your business. This can include small changes such as getting extra alarms, CCTV and introducing additional health and safety training to reduce the risk of injuries.
How do I make a claim?
Thankfully, at BIS, we have a dedicated claims department to make the process as easy as possible. We can go through your policy with you and assist you the whole way when making a claim. Simply give us a call to get started.
For more information regarding public liability insurance policy please don’t hesitate to get in touch with our team!