If you’re self-employed or a sole trader, it’s essential to protect yourself from challenges that could harm your business. One way to do this is by making sure your clients or the public are safe while they’re on your premises. Public liability insurance helps you handle unexpected issues that might come up.
To get public liability insurance, there are several important things to consider. This type of insurance helps cover any damages you’re legally required to pay or negotiate for settlement, which can sometimes be quite high. Having a policy from a reputable provider can shield your business from these substantial costs.
Public liability insurance also gives you additional crucial coverage. For example, if a client or member of the public files a complaint or claim against you, you might need legal assistance. These insurance policies help cover the significant legal fees, which can be a big help in defending yourself.
If the person making the complaint gets physically injured and needs medical attention, you could be held accountable for their medical costs if you’re found at fault. These expenses might include anything from a doctor’s visit to more extensive charges like emergency room visits, short-term hospital stays, and ambulance fees. Without public liability insurance, you would have to pay these costs out of pocket, potentially causing severe financial strain on your business. Therefore, public liability insurance is fundamentally about protecting the financial stability of your business.