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What is Public Liability Cover?

How much Public Liability cover do you need?

All businesses are different, so the level of Indemnity needed will depend upon many different factors including the size of your Turnover, the types of clients you work with and the types of projects worked upon.

Public Liability insurance provides cover limits of £1 million, £2 million, £5 million or more. The cover level is the maximum amount that your insurer will pay out in the event of an insured event happening. Cover is provided by insurers on a claims occurring basis, when the work was done is irrelevant.

Public Liability cover levels are calculated in millions because compensation figures will take into account things such as Third Party’s loss of earnings, medical costs and ongoing care costs. Your insurance can also cover the legal fees and defence and court costs.

Take advice on the level of cover that you need.

 

Your customer demands

It is important to understand the requirements of your clients and what limits are specified within the contracts you have with them.

Most clients will stipulate a particular level of cover that they require. This is often the case with Government and Local Authorities who will usually require their suppliers to have at least £5 million of Public Liability/Products Liability cover in addition to Employers Liability cover if you have any employees.

 

Assessing the level of risk

What is the potential amount of financial exposure your business has to members of the public and the possible extent of compensation claims? Think about the type of work you do and the risks associated. You should also consider the costs involved in repairing or rectifying any damage you may have caused.

 

Trade Bodies or Associations

Many Trade Bodies and Associations will require their members to have a particular level of Indemnity. If you are in doubt then you should check your membership requirements.

 

Who needs Public Liability cover?

Public Liability cover provides legal liability protection to businesses in the event of compensation claims due to injury to members of the public or damage to Third Party property. It is not however a legal requirement.

Liability insurance is purchased by businesses that come into regular contact with members of the public or tradesmen who work at customer premises.

 

What types of claims can Public Liability insurance provide cover for?

Public Liability insurance can cover compensation claims made against you for personal injury, damage to Third Party property such as your customers, suppliers or any other member of the public who comes into contact with your business. Most reputable policies extend to Products Liability. Here the indemnity provided is in the aggregate whereas the Public Liability is each and every loss.

 

How can Courtprice help you protect your business?

We know that your business is important to you and keeping it financially secure will allow you to focus on the important day to day running of the business. Our service will provide you with access to specialist insurance advisers, a panel of leading Insurers, along with a range of products to provide you with the cover that you need at a premium you can afford.

If you wish to obtain further information then please do not hesitate to contact our Development Director, Julian Goodman by telephone on: – 0121 447 7555 or by email: – julian@courtprice.co.uk. Alternatively, you can speak to any of the team here at the office in Alvechurch for further advice and guidance.

This entry was posted in Blog.
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