To Advertise On This Site Please Contact Us
For self employed individuals and sole traders in the UK it is good to invest in a comprehensive insurance policy which covers the most important risks inherent in running any business. It also protects your assets from possible financial ruin in case an unfortunate incident occurs within your office or premises.
Basically, the comprehensiveness of the insurance policy that you need depends on the scope of your business operations. If you are running a one-man business, you essentially need to protect yourself and your assets. To get you started, here are some of the insurance bare essentials for any business:
Now, let us focus our attention to one particular type of insurance policy that your business should have: PLI or public liability insurance. This is taken out by most business owners in the UK to protect them against any claims for damages by third parties.
To have a deeper understanding of how important it is to obtain a quote for public liability insurance, let us first compare PLI with other types of business insurance. Do not confuse this with professional indemnity cover or employer’s liability insurance. The latter is actually a mandatory requirement for businesses in the UK, which only provides financial protection for staff and employees who fall ill or get injured while serving as your employee.
Just like any other type of insurance plan, it is extremely important to obtain PLI in case someone gets injured or their property is damaged. Let us say that you maintain a small office which you are leasing from the building owner. In case a client, a guest or even someone who just happens to pass by gets injured by slipping on your office floor, you could be held legally liable for the injuries. The same thing holds true for damage to properties or other businesses. Once the legal liability has been established, financial compensation will be given to the claimant.
This is where getting a quote for public liability insurance comes in. When you go online, there are some websites which allow you to simply key in your post code, and different quotes for public liability insurance will be generated for you. If you cannot find a UK website which has this feature, you can simply list down as many quotes for public liability insurance as possible and make a comparison of each.
When getting a quote for public liability insurance, you will learn about how comprehensive the plan is. It tells you how the PLI plan covers legal fees, costs, expenses, hospital treatment, ambulance cost and other fees associated with the injury to a person or damage to property.
No matter which one you end up choosing, the important thing is to not immediately go for the cheapest one. Always consider the specific needs of your business based on the type of operation that you have. If you have a lot of guests and possible clients flocking to your office, getting the most comprehensive public liability insurance plan is always the best way to go.
Finally, is getting a quote for public liability insurance a compulsory thing if you are a business owner? Generally speaking, it is not. However, there are certain types of businesses wherein PLI is is either compulsory or where you would find it difficult to operate without it. You might even encounter potential clients or customers who would not do business with you unless you show them proof that you have adequate public liability insurance coverage, which just goes to show how important this policy is for business owners.