Pages Navigation Menu

Everything Personal Finance

How can public liability insurance benefit your business?

As a business owner, insurance is surely high on your list of priorities.  You’ll no doubt be aware of the legal need for Employer’s Liability Insurance, and other staples such as Property and Vehicle Insurance.  An often overlooked but highly valuable form of cover, however, is Public Liability Insurance.

If your business has any interaction with members of the public, there is always some risk of accident or injury.  For centuries, members of the public have been making personal injury claims over the smallest incidents, such as this case mentioned in The Guardian, of the grocer from Lancashire who received the modern equivalent of £724 for slipping during a case of Blind Man’s Buff.  A small customer trip or a slip could seriously bruise your business’s finances and reputation, and one excellent way to prevent this is to get yourself Public Liability Insurance.  Here are just a few ways this powerful form of cover has your back.

Protect your customers

As a business, you have a duty of care to your employees, meaning you must take steps to prevent accident and injury to them whilst on your premises, or as a result of your business practises.  You also have a duty of care to three other groups of people:

  • Invitees – the customers you invite onto your premises to buy goods
  • Licensees – contracted workers, who may carry out their job on different premises
  • Trespassers – this last one may seem surprising, but even someone who strays onto your premises without permission can seek legal aid for compensation, should they be injured in your grounds.

This duty of care includes the responsibility to prevent accident or injury to these people whilst they are within your purview, and can give them the right to sue should they come to harm there.  As a savvy business owner, but also as an ethical and responsible corporation, you will no doubt want to prevent harm at all costs to people who enter your premises.  Public Liability Insurance enables you to quickly and smoothly ensure an injured party is compensated, and maintain high standards of ethical business practice and safety.

 Protect your profit

Of course, as well as ethics, as a business owner you must be concerned with finance.  Should a customer injury result in a lawsuit or the need for compensation, paying this out of pocket could have a disastrous impact on your finances.  The costs can stack up alarmingly.  Not only are there the legal fees to consider, and any potential medical costs, but an injured party may claim for loss of income due to time off work.  In addition, repairs may be required as a result of the accident, or to fix health and safety issues highlighted by the incident.  The day-to-day running of your business might suffer disruption because of this, or because of time-consuming legal proceedings interrupting operations.  Public Liability Insurance can cover such costs, to keep your business ticking over, and minimise any loss of profit.

 Protect your reputation

Should the worst happen, and a serious injury occur to a customer on your premises, the dent in your company’s reputation could be large.  In such cases, the more quickly, smoothly and civilly the situation is resolved, the better for the injured party, and for your business.  In covering legal fees and compensation, Public Liability Insurance helps to keep your profile clean and reputable in the eyes of consumers and clients, avoiding bad press and bad word of mouth, which can seriously affect profit.  It empowers you to compensate an injured party without fuss, strengthening your profile as a responsible business entity.

Even should the worst never happen, though, simply having this type of cover speaks highly of your company.  A business that visibly gives thought to matters of protection and public liability will certainly appear more professional and ‘on the ball’, and lacking such cover can give the appearance of inexperience or even negligence.  Safeguards such as Public Liability Insurance offer clients and customers assurance that the enterprise is legitimate, and their services reliable.

Protect your bottom line

There are so many insurance providers out there, that it can be difficult to find a deal to match your needs.  Thankfully, companies like Be Wiser Business Insurance can provide you with public liability insurance quotes from numerous specialist companies.  This means you get the most value for your money.  Their dedicated team of advisors works hard to assess the needs of your business, and uses their expertise to sort through numerous policies to find the right one for you.  Public Liability Insurance is one of their specialties, and they are intimately familiar with the intricacies of differing policies.  It’s their job to cut out the legwork, and find a policy that will bring you long-term peace of mind, protect your interests, and maintain the smooth running and good name of your company.