Public Liability Insurance – What You Need To Consider

You know of all the factors that make your business run smoothly, and all those moving parts come with their own risks. Because not all Public Liability policies are the same, it’s important to know what to look for, and how much cover you’ll need to fully protect your business from risk.

We’ve briefly listed out a few important points to keep in mind when you are looking for the best Public Liability insurance.

Does your policy cover all your business activities?

Depending on your occupation and insurance policy, cover will be different from business to business.

Because there are various different Public Liability policy sections and ranges of cover, it’s very important that you carefully read through your policy wording. You don’t want to wait for a claim to be made against you, only to discover your policy will not cover certain types of claims. It is especially important to read the exclusions, the policy conditions, and endorsements – as your current policy may not cover all your business activities.

Ensuring your current insurance plan matches all your business’s operations is also very important, and many business owners regularly update their insurance policy to include their new business activities.

Do you have enough cover?

There are a few factors to consider when trying to decide if your insurance policy provides the necessary cover for your company. This would include the nature of your business operations, the number of staff on payroll, potential risk managements, etc.

A home-based business will have far fewer risks than an owner of a fast-food restaurant. Businesses in the catering and services industry have a steady stream of customers, staff, suppliers on site, and much more. The potential for accidents/incidents are far higher, and have constant risk potential.

Compared to an accountant or bookkeeper working from home, who occasionally travels to a client’s premises – the exposure to risk is far lower than other occupations.

It’s important to honestly calculate the levels of risk your business will face, and not cut corners in your policy – the right insurance cover has saved many small businesses from going-under or experiencing extreme financial strain.

Does your business occupation require you to have Public Liability insurance?

There are many differences that would dictate whether you would need Public Liability insurance.

Certain professional memberships require some form of basic Public Liability insurance in place. Some contract work will also require a business to have Public Liability insurance in order to undertake the job. For instance, it’s common that those who work on construction sites, run fitness studios and gyms, and restaurants, need some form of Public Liability insurance. Stall holders will also often need to have Public Liability insurance before they are able to sell their goods and wares.

It’s always best to investigate the industry you are in, and ensure you have the right insurance cover in place. It is also preferable to check if you will need extended coverage for Product Liability if you are selling any products.

Always compare quotes carefully

When it comes to finding the right quote and cover for you, it’s important to spend some time going over each policy and checking what they cover and the level of cover offered. An important rule of thumb is also – the cheapest is not necessarily the best.

Don’t be afraid to talk to your insurance agent, and don’t hesitate to ask any and all questions. Understanding your policy wording goes a long way, and the best way you can ensure your business is adequately protected.

Get in touch with us at Bi-me and get all your insurance queries straightened out. Our hassle-free online quotation comparison will also give you the power to choose your policy correctly, right at your fingertips.

Do you have a risk management plan in place?

As a business owner, you’re well aware of the endless tasks and moving parts – and ensuring your business has a risk management plan to minimize the potential risks and manage accidents is integral for your business operations.

Take the time regularly to re-evaluate your business’s potential risks and incorporate safety procedures in those places. Restaurant managers and owners have a daily check, which ensures there are no hazards or potential risks that could have been averted. It’s a small price to pay for peace of mind.

We’ve made a list of a few important factors that are beneficial to keep in mind when developing your risk management plan:

  • If an unfortunate incident were to occur, have a plan in action in place for you and your employees.
  • Safety equipment, such as fire alarms, sprinklers, and CCTV cameras can vastly improve the safety of your business.
  • Regularly check your business premises for potential risks each day. This could include overgrown trees, lack of wet-floor signage, loose pavers, or any other type of hazard. Remember, most claims made against business owners are by their customers.

*This is general information only and does not take into account your financial situation, needs, or specific objectives. As with any insurance, cover will be subject to the terms, conditions, and exclusions contained in the policy wording.

Public Liability insurance with Bi-me

You can get instant online quotes available 24/7 – for purchasing insurance, making changes to your policy, or getting documents. Our website is mobile-friendly, so you can even add cover while on the move.

Bi-me business insurance covers small businesses and start-ups the way most insurance companies don’t. For us, no policy is too small. With our simplified online process, you can immediately compare and buy the insurance that will fit your business like a glove.

Remember, securing your business today ensures your business is around tomorrow.