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The Ins And Outs Of Public Liability Insurance
By Peter Kenny
With the compensation culture increasing around the world, having public liability is becoming more and more important. If you don’t have public liability included in your current building insurance, then now is the time to look at getting better cover. Here is some advice about why you need public liability insurance, and what to look out for:

What is public liability insurance?

Public liability is an policy that protects you from claims that other people might make against you in the event of an accident. If someone damages their property or injures themselves in or around your property or business then public liability will cover you for any compensation claims that might occur. Cover usually ranges from £250,000 up to £1 million.

What are you covered against?

Public liability will insure you against accidents or loss that others might suffer in or around your home or business premises. You are covered against claims from trespassers, as well as injury that might occur to anyone from falling objects or people carrying out repairs. If an accident occurs on your property and someone claims against you, your will help you pay any compensation.

Included in your contents insurance

Some contents or property policies have in-built public liability insurance. You should check with your insurer whether this is the case, and what level of cover you have. Even if the is included, you need to make sure that you are adequately covered for any accidents that might occur.

Premiums

The premiums that you pay depend on the level of coverage you want. If you are simply covered your home, then premiums are likely to be lower than if you are covering a business. However, premiums are relatively cheap for the level of cover that you are afforded, and it is therefore essential for anyone running a business. With compensation claims on the rise it is also a good idea for homeowners to have adequate public liability insurance.

Dangers of not having insurance

If you don’t have public liability then you could end up with a massive compensation bill. If you are at fault or negligent and someone makes a claim against you, then you will have to pay the full level of compensation if uninsured. A claim might range from a few hundred pounds to a few million for more serious accidents. If you cannot pay the claim amount then you could lose your home and other possessions in order to pay for the claim.

Requirements

Some businesses are required to have public liability insurance, such as horse riding schools. Any type of business that has some obvious risk to the public will be required to have public liability insurance. Also, many businesses and customers will want proof that you have public liability before they work with you, in case anything should happen and a claim is made.

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