Protect yourself with self-employed public liability insurance

The world has become too litigious and even self-employed persons find themselves liable to costly third party liability claims and law suits. If you are a self-employed person, it is important that you protect yourself and your business from potential stressful and costly third party liability claims. One way to do this is to get self-employed public liability insurance. Self-employed public liability insurance helps self-employed persons overcome third party liability claims.

Types of self-employed public liability insurance

There are different types of self employed public liability insurance you can get. If you are unsure about the self-employed public liability insurance to take, professional indemnity insurance and public liability insurance are two types of self-employed public liability insurance you can take to protect yourself and your business against liability claims.

Professional indemnity insurance

Professional indemnity insurance is recommended if you are in the business of providing clients with professional advice. In the even a client suffers financial loss as a result of your advice, professional indemnity insurance can help cover costs related to any liability claims that may be levelled against you. Some potential clients and customers will only do business with you if you have sufficient professional indemnity insurance and so it may be necessary for you to have the cover. Basic professional indemnity insurance can provide cover ranging anywhere from £50,000 to £5,000,000 maximum.

Public liability insurance

Public liability insurance, on the other hand, is particularly useful if your line of business brings you in contact with members of the public or entails you visiting customers’ homes. The insurance cover protects you against liability claims in the event you are alleged to have caused injury to a person or been responsible for damage to their property. Public liability insurance typically covers a minimum of £5 million up to a maximum of £10 million if you work in the public sector.

What to look out for when getting self-employed public liability insurance

You will need to look out for some basic things when getting self employed public liability insurance in order to get the right insurance that meets your individual needs. Look out for:

  • Any exclusions on your policy and the implications of the exclusions. You'll, therefore, need to read and understand the policy document in full before you buy
  • The level of indemnity insurance your clients might expect you to have before you buy your cover. Try and meet your clients’ expectation when buying your insurance
  • Legislative requirements for employers’ liability insurance, if you employ people. You may be legally required to get employers’ liability insurance failure to which can result in hefty fines for every day you are uninsured.

Bottom line

It is human tendency to make mistakes and sometimes you may be guilty of negligence or carelessness that results in injury to people or damage to their property. Other times unscrupulous customers or clients may cook up stories on their own and claim liability or lawsuits against you and or your business.

It is advisable that you seriously consider getting self-employed public liability insurance if you are self-employed. This insurance can help protect you and your business against potential liability claims that can have devastating financial implications on your business and financial standing.

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