What is Public Liability Insurance?


If your business is the type where you are likely to meet public, client’s coming to your site or you go and work on a client’s property, you should get public liability insurance. It is not as much as you needing it but it has more to do with the fact that it is a safety net in case you run into trouble. If something damaging happens, you might not be ready to cover it but it could potentially ruin your finances.

In addition, you need to remember that as a society, we are very litigious and it is only increasing each day. Even though you might not be in the wrong, but if someone decides you are then just to prove your innocence you might need to take legal action or have one taken against you. Having a case gone to court is ahighly expensive proposition. Having a public liability insurance will help you cover this and more.
There are a couple of things you need to know about public liability insurance-
PLI is an insurance that covers you and your business against any compensation or legal action taken against for damaging or injuring a member of public or their property. More often than not, it is most likely to be a compensation claim against you or your company. Even so, trying to cover thatwith your wallet might ruin your finances as these might include medical bills, repair bills for property etc. Having a public liability insurance in place would help you work through all this and more.
You need a PLI if you or your business works with the public. Businesses like a café, salon, gym, cleaners, roofers, plumbers, tradesmen, shops, etc., should consider getting a public liability insurance. Even if you work from home but have clients visiting you at home, even though you should consider getting a public liability insurance. You need to be prepared for various instances like, hot coffee dropped on a customer, a customer tripping over your furniture or any type of damage that could happen to a customer or your equipment while servicing them.
A PLI is not compulsory by law. However, more and more public sector contracts and projects require you to have one. PLI is becoming a prerequisite for multiple regulatory bodies to work in a particular industry. IF you are not sure if your industry is one ofthem, you should consult a senior insurance advisor.
A PLI is not compulsory but an employer liability insurance is. If you do not work independently but have a team of people working for you, it is mandatory for you to take an employer liabilityinsurance to cover any injuries that happen to them. However, interestingly, if you are working alone, then it should be the first thing on your list. If some accident occurs or something goes wrong, you are the only one responsible for the legal action bills or repair and medical bills. Taking care of this without someone as a backup would mess your finances and leave you and your business in a lurch.

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