In the current economic climate, many business owners up and down the country have got plenty to worry about as they try to make sure they keep their company afloat. With so many external influences, that can change unexpectedly, it makes sense to do all you can to ensure that everything within your business is done properly. One area that this rule can certainly be applied to is when it comes to public liability insurance. This form of cover is not legally required by all companies but a company who should have it but chooses not to get it could end up in a whole world of bother.
If your business ever involves any of your customers coming to your place of work, or you going out to them to carry out a job, then taking out the right cover can be extremely important. With one of these policies in place you will be covered in the event of an accident that either causes damage to someone’s property or, even worse, causes an injury to a customer or member of the public. Even if you are the most careful worker in the world accidents can still easily happen and if you don’t have the policy to give you protection then you may end up having to meet the costs of any claim that is made against you. If this happens then it may well result in your business going bust if you can’t deal with the costs incurred. Clearly this would be a disastrous outcome – but it is a completely avoidable one if you take the time to make sure you protect yourself.
To give a better understanding of this we can take a look at a couple of examples of possible scenarios that could occur where having the right policy would come in very handy. Say for instance you are a bathroom installer and you are working within a customer’s home. While you are moving the new bath suite upstairs, you cause damage to a wall or cause a leak that creates water damage. Without the correct cover you are going to have to fork out to repair any damage caused whereas if you had a policy in place then included damage would be covered. Similarly, if you are working and a customer or passer by trips over one of your tools or bits of material lying around then there is a good chance they will make a claim against you. With the correct cover this is not something that could lead to your downfall(although it is always good practice to run a tidy ship as deliberate negligence could jepoardise any claim!).
As a business owner, it is important that you cover all bases and make sure that you don’t leave anything to chance. Public liability insurance is vital for companies and without it you may well end up regretting the small saving you make from not making it.