Public liability insurance is often a necessary part of running a business. It protects your company from lawsuits arising from injury or damage to the property of a customer, client, or member of the public.
The Importance of Public Liability Insurance
Given the nature of accidents and the cost of both medical and legal bills, without public liability insurance, a single unforeseen incident can jeopardise your livelihood. The insurance typically covers the full cost of the claim, including any expenses derived from defending the lawsuit as well as caring for the claimant. The benefits of public liability insurance include the following:
- Cover for legal fees and expenses
- Cover for medical bills including ambulance fees and money owed to NHS resulting from a claim
- Peace of mind – Knowing your business is covered in the event of a claim
- Larger client pool – Many clients will not conduct business with a company that is not protected by a public liability policy
Examples of Public Liability Claims
Regardless of your amount of risk and exposure, an accident can happen to any business that interacts with third parties, including members of the public. A simple spill of your coffee could damage someone’s electronics or result in a severe burn. A wet spot in the floor of your office could prove negligent if the area was not marked with a sign.
What public liability insurance does not cover is claims made by your employees. For that, a separate insurance called employers’ liability is required. As many businesses require the purchase of both, insurers often sell these products as package deals with steeply discounted prices. While the price of your premium will mostly depend on the level of risk your business incurs, you can take advantage of bundles and price comparison sites to drive down costs through competition.
Online Comparison Sites
These days the internet empowers users with the ability to do a plethora of research on a variety of subjects, including the ratings and reliability of various insurers. However, access to information can often lead to an entirely different conundrum, the problem of too much data. When you have literally hundreds of options and thousands of quotes, restrictions, and small print to parse through, it is virtually impossible to find the time to sift through them all. Fortunately, the internet has a provided a solution for this problem through the existence of online comparison websites.
An online comparison site provides the best of both worlds. It culls, compares, and contrasts the data for you, then allows you to sort various insurers based on that information. In short, it does all the research for you and presents the options in a simplified list. Typically, you can sort by region, by price, and even by business type. By utilising an online comparison site, you actually spend less time doing more thorough research, while at the same time getting the advantage of having multiple companies compete for your contract.
A Single Form
Another way online comparison sites save you time is through the use of a single form. In the past, businesses had to fill out the same information over and over again when requesting a quote from various insurers. With the advent of the online comparison site, you can make a single entry and apply it to all the available providers in your area. Many of these sites partner with insurers to allow you to purchase directly from the comparison site.
Verifying an Online Quote
However, this does not preclude you from taking some responsibility to vet the quote you choose. Be sure the company that is offering the insurance is a member of the Association of British Insurers (ABI). It is also a good idea to contact the company or a broker about possibly negotiating the price down based on factors that are unique to your business.
For instance, if you have implemented safety training for your employees, or are immune from common risk factors pertaining to your business, you may wish to point these out to the insurer. The online comparison site is a valuable tool in narrowing down your choices quickly and easily, but it is important to remember that some additional effort could ensure you get the cheapest and most reliable rate.