Whilst we are all trying to cope as best we can during these difficult economic times, there are plenty of factors within the business world which can affect the success of your company dramatically. In the current climate, it is therefore important to make sure that the factors you can influence, are all up to scratch and cover your company in the correct manner, one such factor is Public Liability Insurance. Not all businesses need this protection, but if your company deals with customers in your office or premises, or your employees work from your customers’ location/place of work/home, then making sure you have sufficient cover will be incredibly important.
By taking out a policy covering you against public liability, you can expect to be covered in the event of an accident which either causes damage to property, or injury to a client or member of the public.
Even the most careful can and will have accidents on occasions, and should you find that you have the wrong policy, or worse still, no policy at all, you will have to find the monies to cover the cost of any claim made. Should this happen, chances are your company is really going to suffer if you can’t find the money to cover these often hefty insurance costs. There is good news though; a Public Liability Insurance Policy (or similar) will protect you, your employees, your customers, and also property against accidents and potential problems.
As an example, imagine that your company install kitchen appliances and in the process of installing a new washing machine into a client’s home, one of your employees knocks the washing machine against a water pipe and causes a leak. Not a life-threatening problem, but certainly a nuisance and unnecessary expense without Public Liability Cover. With a suitable policy however, your insurance company will sort out all the problems and leave you to run the business and not worry about insurance woes.
Similarly, if a member of the public injures themselves on some of your equipment, it is likely in this day and age, that they will make a claim against your company or employee.
Again the message is simple.
With a suitable policy you are covered, but without, you are likely to feel the weight of any financial implications of the claim.
As the owner of a business, it is vital that you know where your company sits in relation to having the correct commercial business insurance policy to protect your staff and your customers/the public. Failure to take the necessary steps to covering your company sufficiently, will often come back to bite you, and leave you with a problematic, or worse, impossible bill to pay, in a completely avoidable circumstance.