The four types of people who need public liability insurance
No matter how well you plan to eliminate every risk from your business, there will always be risk of an accident occurring. If you are responsible for an accident, your company or business could face costly compensation claims. Public liability insurance protects your company or small business against this and a wide range of other mishaps that could lead to hefty accident compensation claims.
Public liability insurance coverage
Apart from protecting your company or business from compensation claims, public liability insurance also protects against reverse situations. For example, if you are employed in a company and your negligence or lack of due diligence results in an accident that causes injury to customers, employees or damage to their property, public liability insurance may be able to protect you from claims leveled against you too.
People highly at risk of liability insurance claims
While anybody can be a victim of liability claims, there are four types of people who are highly at risk of public liability claims. If you are among this group of people, it is highly recommended that you take out public liability insurance.
1. The self employed trader
If you are a self employed trader who provides goods and or services to the public or other businesses, you will be held liable of any claims successfully brought against you in regard to your product or service offerings. While you are not legally obliged by law to take out public liability insurance, it is strongly advised that you do so to protect yourself just in case claims are brought against you.
If you are an employer, you are legally obliged to have employers liability insurance (ELI) that protects you in case your employees suffer injuries in the workplace or as a result of their duties in the workplace. ELI, however, does not cover injuries to members of the public. You are strongly advised to get public liability insurance in addition to ELI to be adequately protected as an employer.
3. Event organisers
If you are an event organiser, there are a many things that could go wrong like cancellations, bad weather and technical issues. In most cases, you will be required to get event insurance policies to hold the event, which will usually include public liability cover. If your event insurance policy does not provide public liability cover, make sure you get the cover included or buy the cover from another company before you hold events.
4. Tradesmen and women
Finally, if you are a tradesman or woman in fields like building, electrics and plumbing, you need to take out public liability insurance. The risk of a claim being leveled against you is potentially higher than in most industries because of the physical nature of the work. The use of potentially harmful equipments also increases the danger of an accident happening. This makes the need to get public liability cover absolutely necessary.