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Public Liability Insurance For Dummies
Cover That’s Got Your Back (And Your Business)
Insurance can be tricky to wrap your head around, especially when you’re busy thinking about other, more important things, like what’s for dinner, or your plans for the weekend. The thing is, it doesn't have to be. Let us explain...
What is Public Liability Insurance?
Public Liability Insurance protects you if you’re deemed legally responsible for causing injury to third parties or damage to their property. It also covers the legal defence costs your insurer agrees to pay while handling or settling a claim.
Put simply, this cover protects your business from any accidental damage you cause to other peoples’ property, or when you cause injuries to members of the public.
Why do you need Public Liability Insurance?
Public Liability Insurance is not a legal requirement, but it is an important policy to have in place if you are running your own business.
For example, you may be required to have a certain level of cover to get a job as a subcontractor on a development project, or your client may request to see proof of your insurance before they offer you a contract. Local councils, for example, usually require liability insurance up to a certain level should you wish to take on a contract with them.
Insurance isn't just an expensive piece of paper that can help you land a big contract though!
Imagine you’re a plumber working in a customer’s house. You fit a new boiler and replace some of the pipework for the central heating system. All seems well, but a fitting gives way and leads to an escape of water that damages the TV wiring and wrecks the cabinets in the kitchen.
You could be looking at damages valued at hundreds, if not thousands, of pounds. Without having Public Liability Insurance in place, it would be your responsibility to pay for those damages.
Now, you might chalk that up to bad luck and pay up out of your own pocket. However, what if that same situation happens whilst working on the third floor of a block of flats? The escape of water could cascade through the building, damaging multiple people’s properties, stacking up a bill in the tens of thousands of pounds.
Not so easy to stomach.
If you have Public Liability Insurance in place, these incidents would be covered, and you would only have to pay the excess for the claim to be processed. Insurance gives you the peace of mind to crack on with the day job.
Where can I get my business covered and how much does it cost?
Fortunately for you, right here!
At Rhino Trade Insurance, we offer three levels of Public Liability Insurance to cover your business: £1,000,000, £2,000,000, or £5,000,000 limits of indemnity. The level that you need can depend on the jobs you do, where you work, and contractual requirements you may have to fulfil.
The price of Public Liability Insurance depends on the trade that you do and the work that is undertaken. The higher the risk, the more the premium will be. However, we try our best to get the most competitive rates for your business.
Why don’t you run through a quote for your business using our quote engine or give us a call to get a helping hand from our Insurance Executives!
About The Author
Ed Dixon
As a vital part of Rhino's underwriting team, Ed ensures that the insurance we provide is of the best quality and in the best shape it can possibly be. Ed has worked his way through the ranks of the Rhino team, and now helps manage Rhino's growing book of business making sure we stay the course for our customers and always continue to improve.
Trade most identified with: Carpenter - Ed's skills for insurance are akin to a carpenter's skill with a chisel, masterfully crafting the cover we offer to suit the needs of tradespeople nationwide.
