With the growing emphasis on the rights of customers around the world, public liability insurance for small business can be seen as a real boon.
What is Public Liability Insurance?
Knowledge is power to you and this aptly applies here in the case of a public liability insurance. It is an insurance that extends its cover to many businesses in UK and in other parts of the world. The USP (Unique Selling Proposition) of this insurance is manifold though the customers or the public, in general, do not to pay anything for the same. A business establishment with a public liability insurance enjoys a layer of protection against the accidents and the damages occurred from its business activities and claims raised by the public for the same. In short, public liability insurance entails the following.
• A layer of security for the business establishments against the unforeseen circumstances and the claims made therein by the public.
• Public and customers in general feel secured when they visit a business establishment that has public liability insurance to its credit. Therefore, such a business establishment gives confidence and sustainability to customers and the public alike over the years.
• The business establishment remains protected against any windfall monetary loss by way of accidental claims. In other words, public liability insurance for small business plays a pivotal role for the survival and sustenance of small businesses.
• From a customer’s standpoint, public liability insurance is life’s good that sets off his/her losses by reimbursement in the event of an untoward incident.
• The best part is that public liability insurance can be customised according to the need/s of a business establishment. It further connotes that you can get a 100% resolution and cover against the unusual losses caused by accidents and others. For instance, the public or the customers get paid by the public liability insurer against the business establishment’s legal liability of an injury, death, or a damage to life and properties of the customers and public.
• This insurance also covers the legal costs of settling the claims over and above the compensation amount payable to the complainant. However, the amount payable towards compensation and the legal costs does not exceed the sum assured value of public liability insurance.
• The minimum and maximum limit of public liability insurance in UK can go as high as 1 million pounds and 10 million pounds respectively while the cost of such insurance will greatly vary based on the type of business and the level of cover it selects.
Public liability insurance, however, does not cover the employees of the business establishment who may fall victim to those untoward situations. However, to our findings, this insurance is extremely helpful for small businesses around the world as it gives them a protection against hefty compensations and legal fees. For instance, your cleaning business may hit hard if your consultants at the client’s office forget to put up a wet floor sign and some people fall and injure themselves against the floor.