What is Public Liability Insurance?

Robert Brown • November 20, 2018

Even with the most conscientious and careful of businesses, accidents do and can happen. Be they a result of a wet floor or loss of concentration, it’s impossible to eliminate the risk of injury, damage or loss of possessions when members of the public, clients or non-employees visit your premises. This is exactly why Public Liability insurance exists, and why it should be a key part of your business cover, if it isn’t already.

In a nutshell, Public Liability insurance exists as a means of protecting businesses against claims of injury or loss that could potentially be caused as a result of activities being carried out by you or an employee of your company. For instance, should a member of the public or a client fall whilst visiting your premises, and be forced to take several months off from work as a result of an injury, then public liability insurance can help to cover legal fees and compensation costs that this example could incur.

Whilst it isn’t compulsory by law for all companies to have public liability insurance, its worth can go beyond acting as protection for your business; clients and customers are likely to check such provisions are in place prior to conducting work with you on their own sites or on your premises, making it a potentially key component in helping to bring in more business.

Whilst its presence doesn’t cover claims made by your employees, it’s important to note that public liability falls under the bracket of an allowable expense, meaning that it can be tax deductible when it comes to determining your taxable profit.

Public Liability insurance shouldn’t be used as an excuse to get lax with personal and business safety standards, of course; any company with a history of frequent or repeat accidents will surely build themselves a bad reputation in their industry. But it does allow businesses to function with a certain degree of comfort, knowing that they are protected in the event of any issues.

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