Public liability insurance is essential for any profession or business. Every self-employed person should carefully consider whether the appropriate coverage is in place for his or her business. This is not something you only need if your work involves manual labor with inherent risks. It’s essential to any type of business that has clients at its premises, even if they are your own homes. It is essential for anyone who works from home, whether you are in direct contact with clients or employees at their workplaces.
Public liability insurance should always be considered a business expense. It should be included in your financial planning and business planning. Proper coverage will save you a lot of money compared to having to pay for damages if there is no insurance. Public liability insurance is meant to protect your company and yourself against any damage that is caused to property or persons by your business activity. The coverage is limited to third-party incidents and does not apply to employees. This is typically handled under separate employee liability insurance.
There are many situations in which you may need to defend yourself against a claim of damages to persons or property. Some of these cases can be very serious. The main cost could be legal fees. This can quickly add up no matter how absurd or baseless the claim. These must be properly defended, and your insurance will cover the substantial legal costs.
This type of coverage is only for self-employed people who work at home and do not meet clients or have visitors at their house.
You can be held liable for minor injuries or damage to property when working on someone else’s premises. One of the most common examples is if someone accidentally cuts through a water pipe and causes flood damage, or knocking over valuables as they move around a client’s house. It is common for someone to slip or trip on a wet surface, causing injury. It could happen because you’re working on a client’s property, or even a passer-by outside.
The nature of your work is important. While these are the obvious examples, there are many other options for any kind of activity. Sometimes, even the most simple of tasks can result in serious injuries and can cost you a lot of money in compensation claims.
Lack of adequate coverage could cost more than premiums. Uninsured business owners could be subject to a claim that could result in your business being sued. Although most policies allow you to choose how much coverage you need, a million pounds is the minimum. It may sound scary, but it does not mean premiums will go up. Premiums for self-employed people running small businesses will be affordable.
You can shop around online and review policy conditions to make sure you get the right coverage.
