Running a business comes with a myriad of risks. No matter how you try to be careful, accidents will always happen. It is even riskier when your business deals with a lot of customers, who visit your premise from time to time.
It is always difficult to predict or prevent accidents from happening. The best option is to find a way of protecting your business when such accidents happen.
The natural way of doing that is through public liability insurance. The good thing is that there are many companies that offer Insurance for public liability. All you have is to identify a reliable company to work with.
What is public liability insurance?
As the name suggests, public liability is a type of insurance that protects businesses or professionals, that interact with the public.
The insurance cover is designed to protect companies from third party claims arising from personal injury or property damage.
For instance, if a customer comes to your business premise and gets injured, they can file for an injury claim and demand compensation.
In case your business doesn’t have a public liability insurance cover, you will definitely be forced to cater for all the legal expenses as well as to settle the claim.
But with a public liability insurance cover, you won’t incur any expenses. Your insurance company is the one to cover for all the legal fees, as well as for settling the claim filed by the customer.
Below are 6 reasons why you need public liability insurance:
- Protect your business
As mentioned earlier, the main purpose of public liability insurance is to protect a company or business. Any business that interacts with a large number of customers should have this type of insurance to protect itself.
You don’t know when a customer will walk in and injure himself or herself in your business premise.
Your business is likely to incur losses if such a customer decides to file for a personal injury claim or property damage.
- Protect customers
Other than protecting your business, public liability insurance can also be used to protect your customers. The insurance cover caters to a wide range of expenses, associated with property damage and personal injury claims.
For example, it covers property damage, medical bills arising from personal injury, business disruption, income loss, compensation among others.
In other words, if the court finds you at fault, your business won’t be required to pay for the compensation. Additionally, the insurance poly also covers all customers your business interacts with.
- Protect your employees
If you are working with several employees, you need to ensure they have public liability insurance, which is also a legal requirement.
Besides being responsible for their safety, you are also responsible for the actions of your employees.
The only way to protect them from legal action is by getting each one of them a public liability insurance cover.
- If you use specialized tools
There are some businesses that use tools that require intensive training. Although you may have trained all your employees, accidents do happen.
In case an employee gets injured in the process, medical bills can take its toll on your business. A public liability comes in handy in such in this kind of a situation.
- To avoid business interruption
When an employee or customer gets injured while working or shopping at your place, things can come into a standstill. You will have to see how they will be treated or follow up with court proceedings if a customer or employee decides to sue the business.
But if you have public liability insurance, you won’t have to worry about medical expenses or legal fees. Your business will be able to continue with its normal operations, as the insurance company takes care of the rest.
- To have peace of mind
As a business owner, you don’t need to always worry about accidents, happening at your business or your products affecting your customers.
A public liability insurance cover gives you peace – knowing that everything is taken care of, in case the unexpected happens. Constant worrying and fear can affect your productivity levels and those of your employees.
Besides, it’s always a requirement by the government, for all businesses to have public liability insurance.
Eric Reyes is a passionate thought leader having been featured in 50 distinguished online and offline platforms. His passion and knowledge in Finance and Business made him a sought after contributor providing valuable insights to his readers. You can find him reading a book and discussing current events in his spare time.