For the most part public liability insurance (also known as 3rd party
liability insurance) is not a mandatory form of insurance. There is an exception
to this, however. In the UK, businesses that maintain horses and allow people to
ride those horses do need to carry this insurance, as this is a law in the UK.
Other businesses have the choice of whether they want to carry it or not. If you
own a business, regardless of the type, you are almost certainly better off
taking out insurance, even if there is no law compelling you to. Public
liability insurance protects you, your business and the public.
If you take out third party insurance policy, it will protect the public if they are on your business property and an accident befalls them. You know how easy an accident can happen. It could be as simple as someone slipping in a spilled liquid in your shop. Even businesses that are a service that goes to a member of the public’s home to work needs to be protected in case something goes wrong and damage or injuries occur. Without this insurance you would have to pay out of your pocket or get money from the business.
When a business is forced to pay for lawsuits or medical bills it can have dire effects on that business. Many businesses will end up going under because they cannot afford to pay. That is why it is so important to have third party liability insurance.
Besides this cover, you will want to carry workers compensation insurance so your employees have coverage in case they get injured at work. Workers compensation will pay for an employee's medical bills as well as pay their income until they can return to work. Another form of business protection that is often purchased in tandem with public liability cover is professional indemnity cover. This is an important thing to have for any business offering professional services where there is a risk of being sued for errors in advice or services provided. So it is well worth getting a professional indemnity plan at the same time as your liability cover.
Product liability insurance is another one the manufacturing companies will want to carry. This also protects the public as well as you. If you manufacture a product and that product malfunctions it could cause injury to someone. You could face lawsuits that could get very expensive. If you have product liability it will pay for any lawsuits against you due to a product that malfunctions. This could save your business huge sums of money.
When it comes time to buy your insurances whether it is product or 3rd party liability you may want to use the internet to check quotes. Talk with an insurance advisor first to make sure the cover you are getting will be sufficient for your business. This is an important insurance and you want to make sure you are getting enough cover without going overboard. You can call your insurance company and ask them where to buy these insurances.
Having public liability insurance is important to the welfare of your business. There may not be a law that requires you to carry it but just the same you need to have it. Even small businesses that are just starting should consider purchasing temporary public liability on their business. If you don’t have it you face the risk of losing your business to lawsuits. All it takes is one injury to occur on your business property to cost you for lawsuits which will come out of the pocket of your business if you do not have 3rd party liability in place.
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