Public Liability Insurance



Accidents do happen, from time to time. That’s the nature of running a business and life itself. Having public liability insurance now is important to be covered just in case if a customer or member of the public suffers a loss or injury because our business. It is not currently a legal requirement to have, but most its very advisable.

As I run my own gallery I hold public liability insurance. Gallery is located in old building; several steps and outside space could have potential risks for public and it’s also covers me on occasions if I want to go and sell my products in artesian markets. 


I brought my public liability insurance as part of my business insurance policy, combining it with other covers such as professional indemnity or employers’ liability insurance, everyone can get public liability as a stand-alone cover.


As a part of my POP up SHOP assignment me and my team girls find the place to exhibit and sell our artwork, which will be in Uttoxeter Indoor Craft & Produce market / Saturday 24th March 2018. There is legal requirement for us to have public liability insurance. To avoid purchasing separate cover I will be using my existing one and will trade as SUKI Gallery, bringing some more additional items I own frim gallery, which also will promote not just me as an artist, but my own business.




 


PUBLIC liability insurance


A customer slipping or tripping over is one of the most common accidents in the book and can often result in a public liability insurance claim.

Public liability insurance protects if customers or members of the public suffer personal injury or property damage because of your business. It can pay for the costs of subsequent legal expenses or compensation claims and is an integral cover for businesses that interact regularly with customers.(Hiscox Business Blog, 2018)

PUBLIC liability insurance cover


Public liability insurance covers your business against compensation claims and legal costs, if a third party – such as a customer, supplier or member of the public – is injured or their property damaged while on your premises, or while you’re working in their property. (Hiscox Business Blog, 2018)Typically, public liability covers:
  • compensation payments for third party injury or even death
  • repair or replacement costs, for damaged property or possessions
  • medical fees, if the NHS decide to claim for hospital treatment, or an ambulance call out

Do I need IT?


You may need public liability insurance if your business meets members of the public. It covers compensation costs and legal fees if you’re sued for injury or property damage, whether the incident happens at your business premises or because of your business activity elsewhere.

Why important?


Public liability insurance - sometimes called ‘PLI’ - is an essential cover for most types of business. It’s especially important for customers to be sure that your business has the right insurance. Even when a business does everything right there is always the chance of an accident happening. With the right insurance, a business can operate knowing that should the worst happen, their customers’ property could be repaired, their possessions replaced and their medical costs paid for. Basically, for your own peace of mind

How much does public liability insurance cost?


How much you pay for cover depends on the size and type of your business, and the level of risk it undertakes. Different insurance providers, have different prices is worth to shop around to find right insurance.

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Least but not last choosing not to purchase public liability insurance will not land you with a jail sentence or a hefty fine. But having the right insurance can make your business look more professional and offer you peace of mind.

You don’t want to get into a spat with one of your best clients over the consequences of an accident or damage to one of their properties.

Getting a public liability policy means you can let your insurer deal with any problems, while you get on with running your business.



Usefull links:


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Hiscox Business Blog. (2018). What is Public Liability Insurance? | Hiscox. [online] Available at: https://www.hiscox.co.uk/business-blog/what-is-public-liability-insurance/ [Accessed 24 Feb. 2018].




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