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It does not matter what industry it is that you are in or how many employees you have. As long as you are running a business, you need to have ample financial protection in case something unfortunate happens. In the same way that you want insurance protection in case your home is destroyed by a fire or your car gets stolen, you should prepare for the kind of eventualities that could otherwise jeopardise the future of your business.
Just imagine how much of a legal tangle you could get into if a client slipped on your office floor, and you got sued for damages. Fortunately, you can always rely on public liability insurance plans to protect you from these instances and many others.
First of all, it is helpful to understand what PLI or public liability insurance is all about. Although not compulsory, a public liability insurance plan is something that it is good business practice to have in place. Not least because it can protect you against claims that might otherwise threaten the whole future of your business. As long as your business brings you in direct contact with clients, possible customers or members of the public, it will be extremely beneficial for you to take on PLI plans.
This type of insurance policy provides financial coverage in the event that members of the public who have been injured file a claim against your business for injuries that they incurred or damage to their property. Those who own stores where customers come and go, or contractors who work on other people’s property, can really benefit from the advantages of having public liability insurance.
The public liability insurance policy provider will pay out in case a mistake is made on your part as a business owner which caused injury to a member of the public or a customer. The same thing applies when damage to property occurred as a result of your business operations. The most common example for this is when a customer slips or trips while on your premises or in your office, and it leads to certain injuries. He or she can file a claim against you for negligence. This is especially true if it is found out that the potentially slippery or dangerous area is not marked with a warning sign. If you do not have insurance in place you will have to foot the bill for any damages awarded out of your business.
Another example of a claim is if you are a self-employed IT support technician. When you are fixing a customer’s laptop computer and you accidentally knock over a cup of water which caused permanent damage to the machine, public liability insurance can cover any claim made by your customer instead of your having to pay for it.
Now we will consider how you can obtain the cheapest public liability insurance plan without having to compromise on the comprehensiveness of the coverage. Here are a few tips to keep in mind:
Determine how much coverage you actually need based on the nature of the business that you have.
Before deciding to go for the cheapest public liability insurance plan that you can find, it is important to always consider your personal business maintenance needs. Based on the nature and size of your operation, there is a certain amount of public liability insurance coverage that you require. Remember that the costs can add up especially if there are a lot of claims filed against you. The good news is that insurance premiums are typically not that high, so you can still get sufficient coverage without settling for the cheapest public liability insurance.
Go online and make a comparison of the plans offered by different insurance providers. Make a comparison of the different public liability insurance quotes that you can find. Compare the comprehensiveness of the coverage, whether there are clauses that suit your needs as a business, and make a decision based on these instead of simply choosing one with the lowest rates.
Finally, see to it that despite the fact that you are getting the cheapest public liability insurance plan, it is still perfectly acceptable to your clients. There are some people who would not even think about doing business with you unless you have a good enough public insurance plan. For this reason you need to have a plan that provides an adequate level of cover. It very much depends on the nature and size of your business, but for even small businesses, cover up to £2million is pretty standard.
As such, it definitely pays to take the extra time and effort into making sure that you have a comprehensive public liability insurance to protect both your endeavour and the individuals who are doing business with you.