Life as a business isn’t as easy as it once was. We live in a society conscious of their rights, and as such businesses can’t push their luck and blend the barriers between wrong and right as much as they once could. Whilst obviously good, businesses also have to deal with unfair allegations, and it often has to go to court to decipher the differences between truth and function. Public liability insurance is the first step to protecting your business.
People say that we live in a nanny state, protected and wrapped in cotton wool from day one, where everything is insured or has legislation attached to it. This may well be true, and it is always a good idea to make sure that you and your business are as protected as possible in this complicated and unpredictable day and age. One way to do this, although of course it has drawbacks, is to find yourself an appropriate insurance policy.
If you own a business, then a good idea is to opt for public liability insurance. In fact, this is more than a good idea – it is essential in order to protect yourself, your bank account and your business’ future from the sky-high costs and damages that liability claims can bring to an enterprise. Whilst the type of cover you need may differ from one business to another, the same fact remains – huge bills and huge costs can cripple you whether you are a one man band or a multinational corporation.
It is worth bearing in mind that the world we live in is filled with companies who offer no win no fee legal representation, meaning that anyone with a semblance of a case can take it to court. Whether or not they are justified in their actions is, in fact largely irrelevant to you and your business – the costs required in order to protect and represent your side of the situation will be just as painful for your bank balance no matter what way the “verdict” goes. Public liability insurance, dependant on the level of your cover, will protect you against and cover for these costs, including settlements, meaning that your business can afford to carry on.
Of course, if you do decide that public liability insurance is suitable for you, then you will need to research what level of cover matches the style of your business. As with any type of insurance, choosing your cover is a little bit of a gamble, but beginning the decision by assessing the type of business you are involved in is as good a place to start as any. Always make sure to investigate every option fully (after all, this is an important bit of paper to have), as whilst 1million pounds worth of cover may suit one business or company, others may need to think about cover up to 5million.
Of course if you are an industry that provides advice and any other professional service, you should also think about whether you need professional indemnity insurance too. An essential cover, this type of insurance, closely linked with public liability insurance, helps protect you from the costs from any third party claims of professional error, omissions or neglect. In the same way that liability insurance does, these policies should help with insuring against compensation claims made by your client, and the costs of defending yourself.
The world isn’t as easy as it once was, so it probably isn’t sensible to take too much of a risk – and Public Liability Insurance and Professional Indemnity Insurance can ensure that your business is fully protected.