Buying public liability insurance – ten things to consider
Are you looking to buy public liability insurance cover for your business? If so, here are our top ten list of things you may like to consider before buying:
1. Whilst you are not legally obliged to have public liability insurance it’s worth bearing in mind that many customers and businesses will insist that you have it before you can work with them.
2. Ensure you are completely honest with the insurance firm when applying for public liability insurance as they will need to know many aspects of your business.
3. You should carry out risk assessments of your business and its operations to ensure you have a better understanding of your firm’s liability insurance requirements. For more help on this it’s worth visiting Government websites to find out more on completing a risk assessment.
4. Keep up to date with current health and safety regulations, issues and updates through the HSE website.
5. When considering taking out liability cover you should evaluate your start date, as you may wish it to start at the beginning of a particular project.
6. Always check the limit of public liability cover made available to you and ensure it’s enough to cover your requirements. Our business team are always on hand to answer any questions you may have.
7. Compare the different liability quotes you’ve been presented with. Whilst some insurers will offer “optional” extras (such as tools cover), others may offer them as part of the price.
8. Deciding the level of excess you want. The excess is the amount you will have to pay of the claimed amount. For example, should you have a claim for £2,000 and your excess is £750 you may only get £1,250 back from the insurer.
9. If your business changes during the period of insurance, you will need to inform the insurance company since this may affect your premium.
10. You may need to check the geographical extent of the liability cover as some insurance firms will not provide protection outside of the European Union (EU).