Everything You Need to Know About Public Liability Insurance for Your Business

Public Liability Insurance for a Business – Do you run a business? If so, then you need to know about public liability insurance – both what it is and what it covers. To ensure that your company can continue operating if you’re held legally liable, purchase this insurance as soon as possible. Read on to learn more about this type of insurance and why it’s so important to your business.

What is Public Liability Insurance?

One of your greatest assets as a business owner is your reputation. Customers, vendors, and employees all rely on you as a leader and trust you will do right by them. However, if you cause harm or injury—even unintentionally—your reputation can be called into question and people may not want to work with you or buy from you again. That’s why public liability insurance is so important: it protects your business against claims arising from bodily injury or property damage caused by someone else—either one of your customers, a vendor, or one of your employees. It’s also known as commercial general liability insurance, CGL coverage, or malpractice insurance.

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Why Your Business Needs It

In case your company ever has a slip-up and someone is injured, public liability insurance will cover any costs related to it. A lot of businesses don’t think they need a policy like that. It seems like an unnecessary expense; if something bad happens on your property or at one of your events, surely you wouldn’t be liable? Unfortunately, that’s not how things work in real life. If you own a business and haven’t yet thought about getting public liability insurance, read on to find out why you should get one as soon as possible.

What Does it Cover?

Public liability insurance (also known as PLI) is an essential part of any small business’s commercial insurance package. But what does it actually cover, and how much do you need? It pays out damages resulting from personal injury or property damage incurred as a result of your business operations. These can include cases where customers slip on spilled drinks or hurt themselves in your store, but also cases where they suffer an injury while using one of your products at home. Typically, personal injury claims are not covered by product liability policies. To make sure you’re protected against lawsuits, talk to an insurance broker about getting PLI coverage that meets or exceeds $2 million.

How Much Does it Cost?

There are several factors that determine how much public liability insurance will cost you, including your business sector, number of employees, and their experience. If your business is involved in handling hazardous materials or maintaining dangerous equipment, your policy is likely to be more expensive than one in a low-risk sector. On average, you can expect to pay anywhere from £55–£400+ (AU$85-$655+) per year. However, some businesses with hazardous materials may be asked to shell out upwards of £2k (AU$3k) annually.

Why Choose AllClear ID?

Public liability insurance provides cover for all types of legal claims, such as defamation, patent infringement, and contractual disputes. To keep your business running at an optimum level, make sure you have a policy in place. When it comes to public liability insurance, there’s one company that we think can meet every need; AllClear ID offers flexibility and affordability while still giving you great protection should an accident occur.

What Should I Look Out For?

There are a few different types of public liability insurance, so it’s important that you know what they are. Broadly speaking, they include; third-party property damage; third-party bodily injury; employer liability, and crime cover. If you need public liability insurance for your business, it will be better to opt for an all-inclusive package deal that covers everything from small claims up to multi-million-pound claims. This is because if you don’t have one of these packages, even small lawsuits could cause your premiums to increase dramatically. It’s also worth knowing that having criminal records or related convictions can affect how much you pay – so check before you sign! For more information about public liability insurance, take a look at our guide.

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Is There Anything Else I Need to Know About Public Liability Insurance for My Business?

To work out exactly how much public liability insurance you need, it’s useful to figure out your business assets and consider what would happen if someone was injured at your premises and took legal action against you. Would you be covered by existing policies, or do you need additional insurance? How much would that cost? Have a think about these things before taking out a policy so that you don’t find yourself with an unexpected bill in three years time. Another thing worth noting is that some public liability policies only cover workers who are employed directly by your company. If anyone else visits your site (e.g., a sub-contractor), they might not be protected.