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How Much Does Public Liability Insurance Cost?




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Advice About Public Liability Insurance Costs

No matter which industry it is that your business is in, the one thing that you should never scrimp on is insurance. Let us say that you have a small office with expensive office equipment inside. If you will not get an insurance policy to protect your office from theft, possible fire or other similar instances, what will you do in the event of thefts of fire? Instead of starting again from scratch using your own money, you can put the pieces of your business back together by claiming compensation from the insurance company that you hired.

The same thing holds true when a customer or members of the general public suffers a loss or damage to property, as well as injuries resulting from dealing with your company. Instead of the money for the compensation having to come from your company funds, the insurance company will be handling it for you instead. This is called a public liability insurance plan.

How Public Liability Insurance Plans Work

The way that public utility insurance plans work is pretty much the same as regular insurance. As a business owner, you will simply be transferring the risk of your company getting sued by a customer or members of the general public. Instead of your having to shell out funds for the claim, the money will come from the insurance company instead where you got your public liability insurance plan from.

Depending on the nature of your business, the public liability insurance plan will cover the damages paid to members of the public for:

Injuries sustained from accidents which occurred within your business premises.

Damage to property as a result of using faulty products manufactured by your company.

Any inconvenience resulting from your company’s business activities.


The most effective illustration of why most businesses need public liability insurance is this. Let us say that a client walks into your office to sign some paperwork. Unfortunately, he or she trips from an exposed bunch of cables which was carelessly left there by one of your employees. The client can sue for any injuries sustained as a result of the falling or slipping accident.

What are you supposed to do in case the client files a claim for compensation? When you have a public liability insurance plan, you would not have to pay for the damages yourself because the risk has already been transferred to the insurance company.

How Much Is Public Liability Insurance?

Next, we look at the cost of public liability insurance? Whatever the size of your business, it pays to purchase this plan and it is in fact a requirement to protect your company if it is operating in the UK. Here are a few more essential information about how much is public liability insurance:

You are not required by law to have public liability insurance in the UK if you are a small business owner, a small trader, a partnership or a corporation, but it is very much in your business interested to have it in place. It also pays to know how much public liability insurance costs if you are operating in a home office environment.

If you are thinking of costs and wondering how much is public liability insurance, it can vary enormously depending on the size and nature of your business. In terms of the level of cover that you need, small business owners should have £1 million to protect their business. The larger your business is, the higher the level of public liability insurance cover you should have, and therefore the more it will cost. For instance, mid-scale to large entrepreneurs need to have anywhere from £5 to £10 million in public liability insurance coverage.

Finding The Best Public Liability Insurance Company

After determining the cost of public liability insurance, what are the things that you need to look for when hiring an insurance company? Since you are dealing with large amounts of cover, it definitely pays to go with an insurance company which specialises in handling public liability insurance claims for business owners. You can use the recommendation on the homepage of this site to compare all the best insurance companies in one go.

Make a comparison of the costs offered by each company to know how much is public liability insurance if you will hire them. Finally, make sure to go with an insurance company that has a reputation of being reliable. After all, you are entrusting your business in their hands.

In the event that you unfortunately have to deal with a lawsuit filed by a client, customer or members of the general public who got inconvenienced from doing business with you, you can rest assured that the public liability insurance plan that you have gives your business ample financial protection, thereby reducing the risks of possible financial ruin.






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