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If you do not like having a boss breathing over your shoulder while you work, then you might have already made a career out of being self-employed. In the UK, self-employment is a general term used to describe someone who has his own business and works for himself. What most people working under these circumstances find so desirable is having that freedom to work as hard or as light as you want, following your own pace and time. Most self-employed individuals own very small businesses and may not even employ any other staff.
If you are a solo worker and you only have yourself as the employee of your own business, what type of financial protection should you have? For this, it definitely pays to protect yourself and your investment which comes in the form of your business. Fortunately, there is such a thing as a self-employed public liability insurance plan.
No matter how small or big your daily operation is, it is necessary to protect your investment and yourself which is where a self-employed public utility insurance plan comes in. In case you are a business owner who has one staff working under your employ, remember that you also need to take out an employer’s liability insurance plan which is compulsory in the UK.
A self-employed public liability insurance plan, on the other hand, protects you from any claims for damages by third parties. In case a customer or other members of the public files a claim against you as a representative of your own business, the insurance plan provider will grant the benefits to the claimant.
So what exactly are these instances where a public liability insurance plan will protect you against? If a client files a claim for causing injury, death or damage to property as a result of your negligence or even accidents - these are the events that the self-employed public utility insurance plan will be good for. The term public here refers to customers, clients and other people who have no involvement whatsoever with your business operations. Even neighbours, onlookers and passers by who have problems with the product or service that you are offering can file claims against you. Any such claim can become extremely substantial if it involves legal costs, etc, which many small businesses could not stand without adequate financial protection.
Another important benefit of self employed people having public liability insurance in place is that it makes perfect sense to obtain cover, especially if you are not backed up by a huge corporation. Just imagine how much of a legal mess you will be in should a client sue you because he or she slipped from the wet floor on your office.
What seems to be a simple situation with a straightforward solution would not be so anymore if there are legalities involved, so it definitely pays to have a backup in the form of your public liability insurance policy. This way, you would not have to meet the full costs of any claim and not need to contemplate the possibilities of filing for bankruptcy if worse comes to worst.
When looking for the best self-employed public utility insurance plan, it always pays to make a comparison of the different policies offered by several insurance companies. Let us say that you are a self employed individual who is working from home. The following factors will be considered by the insurance company before offering you a policy that will suit your specific needs as a client:
Again, putting in place a public liability insurance is not at all mandatory for the majority of businesses. However, it is your best bet against possible unfortunate circumstances which might lead you to be in the middle of a legal mess in case a customer, client or member of the general public files for a claim against your business. Being the self employed individual that you are, it definitely pays to have all the aces at your side, so get the financial protection that you and your business needs by taking out the best self-employed public liability insurance plan that you can find.