Public Liability Insurance in the UK – Why Your Business Needs PLI?
Public liability insurance (PLI) protects a business from claims raised by members of the public for injury or property damage. It is a useful policy for your business to have, especially if in your line of work you have to interact with the public.
Public liability insurance can be purchased as a standalone policy or as a part of a wider cover for your business along with employers’ liability and personal injury. You will save money when you buy this policy bundled with others. Most providers include public liability insurance in their standard business insurance policy package.
If members of the public or your clients suffer an injury or face property damage because of the work you do, then public liability insurance offers you cover.
Legal costs and claims can result in significant expenses. With public liability insurance in place, you can breathe easy about meeting these costs, should they ever arise.
This cover extends to injuries to the public, suppliers, and client. It covers compensation in case of hospitalization or death of a third party. Costs of repair and replacement in case of damage to property and objects. You will also receive financial assistance for legal costs that arise from defending against claims.
Public liability insurance is recommended for businesses that frequently interact with customers, either on their own premises or at the customer’s place. Trades that require working with equipment and machinery on client sites should consider this insurance. Basically, if there’s a chance that your work may lead to injuries to a third party, then you need the cover this insurance provides. While public liability insurance is not a legal requirement, it will help you raise your professional profile with clients. If you plan on bidding for government contracts, then having this policy will help you meet selection criteria. Prospective clients may require that you have a minimum level of public liability insurance.
The level of cover you need will depend on the kind of work you do. A builder carrying out construction or excavation work in the open will need a more comprehensive policy than a computer technician will.
It is a good idea to have a policy that covers for the worst situations possible in your line of work. However, since the probable claim amount may vary with the clients you take on, you should review and alter your public liability insurance policy every time you accept a new client. If your company works on local government contracts, you will require higher cover. More cover does not mean a steep increase in premium amount. For a few hundred pounds extra, you can get a much more extensive cover that will enable your business to function smoothly.
If you need cover that exceeds the indemnity limits of an insurance company, you should consider talking with the provider. It’s always possible that the insurance company may create a bespoke insurance package for you. If the work you do requires your involvement in more than one trade, make sure that you mention all trades when seeking a quote online.
PLI protects you across multiple scenarios. If any incident leading to legal fees, medical expenses, and compensation happens on premises that you own or have rented, then this policy protects you. In fact, with rented venues, you have cover for costs arising from the actions of your guests. If you hold frequent work-related meetings and consultations at home, then having public liability insurance covers you against liabilities arising from injuries to your guests.
Public liability insurance is an important part of any business insurance policy. Cover for potential liabilities while abroad on work is a very useful aspect of such insurance. Public liability cover ties in with product liability cover. It protects you from claims arising from mishaps and damage caused by products you supply.
Compare providers for the best quote and also any useful add-ons attached with a public liability insurance policy. Check if your favoured provider offers financial loss cover as a free add-on. Financial loss cover protects you from claims not related to injury or property damage. Its usefulness is easy to understand.