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Understanding Public Liability Insurance

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There are a number of stressors that you have to worry about when you own a business. Sure, there are fantastic benefits, such as being able to be your own boss, being in total control of how your business is run and how you treat your customers or clientele, and being able to feel like you’ve truly made a difference in your own life or the life of others. But the headaches that can come along with owning a business can often change the enthusiasm that you may feel. One of those headaches? Insurance. Public liability insurance is a must for many entrepreneurs, but that doesn’t make it any less frustrating.

What Is It?

Public liability insurance is coverage that’s designed to protect business owners. It covers things like legal costs or compensation payments if, for whatever reason, your business is being held responsible for property damage or injury to a client, or, really, any member of the public. But, if you’re like many people, you probably think you don’t have the type of business where your customers or clients would be likely to be injured, so why would you need to have public liability insurance?

Let’s say, for example, a customer walks into your store to speak with you about a project they want you to work on. You offer them a cup of coffee and they accept, only during the time they’re visiting with you, they accidentally spill the coffee and burn themselves badly enough to need medical care. Or let’s imagine that, for whatever reason, one of your employees is derelict in his duty and forgets to put up a sign that says “wet floor” after he has mopped. Then a customer walks in and accidentally slips and falls, injuring themselves. These are both very good reasons to invest in public liability insurance as it’s a possibility that the injured party in both cases could come back to sue the business owner.

Is It Something I Need?

Public liability insurance isn’t actually a legal requirement. It’s not something that any business needs in order to operate, but business owners who do any business with the general public tend to realise that public liability insurance would definitely be something helpful for them. This type of insurance is purchased by people like hairdressers, tradesmen, restaurant owners or, really, any shop owner who has the public come into their establishment regularly.

But what if your job doesn’t require that the public come into your office? You may not require public liability insurance in those cases. People who work at home, like writers or those who work for call centers, would likely not need this type of insurance. But if your job requires that you go to the public, such as if you’re a tradesperson or a photographer, having public liability insurance can definitely help to protect your assets. Compare quotes today to learn more about whether this type of coverage is one you want to add to your company.