3rd Party Liability Insurance

Finding The Best Value 3rd Party Liability Insurance

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Advice On Third Party Liability Insurance

Finding 3rd Party Liability Insurance

See The Top Recommendation For Comparing Public Liability Quotes Online

All public liability insurances are in relation to a 3rd party one way or another. This is a form of cover that the vast majority of businesses need to have in place to protect them against possible claims by third parties. The sort of things being protected against are situations where your actions or business activity causes damage to other people’s property or injury to them. This means any property or equipment belonging to a third party, or any injury to any person other than someone on your own workforce (who would be covered by employers liability cover).

So the main type of situations we are discussing here are in very general terms the kind of things that can happen when you go to customers premises to carry out work, or when other people come onto your premises. In either case you have a responsibility not to act negligently and if any act or failure to do something on your part leads to any form of damage or injury, there is a potential claim that can be made against you.

This is much more of an issue these days, when people are only too keen to take people to court and claim damages for even the most trivial things. Nothing seems to be anyone’s fault any more, and people have a need to blame everything that happens to them on someone else. This blame always has a monetary value attached to it, and there are many lawyers out there only too happy to help them make a claim against you. Whether we like it or not, this attitude does increase the chances of a claim being made against you as a business owner or manager.

Legal claims and compensation can very quickly mount up. Legal fees are never small and some of these cases can go on for years, with fees building up the whole time. The thought of entering into a situation like that without adequate 3rd party liability insurance in place does not bear thinking about. It is the kind of thing that could spell the end for some small businesses or self employed people.

So, while this type of policy may not be compulsory for most businesses, it really is a necessity in terms of good business sense for anyone whose work involves going onto other people’s premises or having visitors in your own workplace.

3rd Party Liability Insurance - The Potential For Claims

There really are countless possible scenarios where anyone could have a serious claim made against them, no matter how careful they are, so just deciding that it will not happen to you is not a realistic option. You could fill a book with possible situations where there is some form of accident and something or someone gets damaged. Even if you are not using tools, and doing the sort of things that may seem more overtly liable to accidents, you are still far from risk free.

What if you were in someone’s house and you accidentally brushed against an expensive ornament or vase and it fell over and broke? Or maybe you are offered a coffee in a client’s offices and you accidentally spill it down the back of a computer, causing irreparable damage and valuable data loss? Or consider the possibilities when someone comes onto your premises to see you. There may be obvious risks if you have any type of workshop or area with equipment and machinery, but there are plenty of potential claims waiting to happen even in just an office environment.

Perhaps you have a loose carpet tile that you have been meaning to fix and someone trips over it. It could even be something that is not an existing fault and not known to you at all. How about a leak developing in one of your lavatories and the first person in is a visitor, who slips and injures their back? There you have a potentially huge claim, and even though you may argue that you could not have prevented it, it is still going to cost you a lot to defend that position.

Finding The Best Value 3rd Party Liability Insurance

The amount of cover you will need will depend in part on the nature of your business, and the perceived nature of the potential claims, but in general most small businesses are going to require cover for up to about one million pounds. That should not be seen in the same light as certain other types of insurance, however, where a million pounds would be a huge amount of cover. It really is not so big when you think about the potential and the types of claims that can be brought. So do not go thinking that the premiums will be enormous, because they should not be.

There is no shortage of brokers or direct insurance companies who provide liability insurance for businesses of all sizes. The internet is a useful way to quickly come up with a list of reputable companies that you can approach. The best way is to use online services to get quotes in from a few different ones before making a judgement about which is the best value. Remember to take care to compare like with like as far as possible. Look out for exclusions and excess amounts, as these will affect the premiums.

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