If you are running a business of any type, then you probably know that the public is always a liability. You may exist to serve the public and the products that you create may be for the public specifically, but there is always the chance that someone will press charges against you or even attempt to bring your company down. That being said, having some sort of public liability cover is extremely important.
There are several different circumstances which may lead to a lawsuit of some type,
one of which could be accidental damage. If you are keeping client-owned equipment at your facility there is a chance for it to become damaged. Some businesses may repair construction equipment and you probably know that some of that equipment can run several hundred thousand pounds.
In addition to that you might actually have an equipment breakdown during the working day. It is highly unlikely, but you may be sued by a client if you cannot get their work finished in a timely manner. It may not be your fault, but in a court of law it may not matter and many businesses find themselves taken under by claims of this nature.
If you take out a public liability insurance policy however, you may not have to lose your business. Even successful claims are extremely expensive and can run the company coffers dry. A decent cover policy however will take care of the funding if you are not actually at fault. If you do find that you are at fault however, the company will pay any damages awarded to the claimant.
In addition to that you will have any lost wages reimbursed in the event this becomes an issue. There are different cover levels when it comes to public liability insurance and in order to determine exactly how much cover you need, you will have to take a look at your business and do a bit of a risk assessment. Check around and determine exactly what kind of risks are present in your business and once you figure this out you can start planning and even contact an insurance agent.
It is of course recommended that you take out full public liability insurance cover simply because you never know what might happen. Different states will require different levels of public liability cover which is something to keep in mind while you are doing your shopping. There are so many variables in business and some of the incidents that occur will not even be your fault.
A worker could show up drunk and fall down on the job, or a customer could do something relatively silly within your store. In any case it is important to have insurance whether you win or lose because you simply do not want to be responsible for the various legal fees associated with standard court cases, let alone if the situation gets out of hand. That being said, it’s time to search for a public liability insurance agent and see what it can do for your business.
By Logan Little