Why do I need public liability insurance

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Insurance is a key component of any business requirements whether you are looking to set up a new business or reviewing your existing business administration; it pays to keep a close eye on your insurance requirements and costs. It is important to regularly review your existing or proposed levels of insurance. A crucial element when considering your insurance requirements is to make sure you are getting the balance right between having the appropriate level of insurance and making sure you are not paying too much for your insurance. There are a range of different types of business insurance that you need to consider, such as employers liability insurance, professional indemnity insurance or public liability insurance.

It is important to remember that as your business grows or changes over time that your company insurance needs will also change so make sure your insurance keeps track with your business. Making sure that you provide accurate information is vital; if you don’t, then any future insurance claim you make may be considered invalid. It is always worth checking information is up to date each year and making sure you are getting the best deal rather than just renewing your insurance each year.

Businesses providing professional services or advice, for example those providing services such as accountants, architects or business consultants need to have adequate professional indemnity insurance in place to ensure that they are covered in the case of a claim. Claims could be made on the basis of advice being incorrect or agreements being breached.

If in the general line of your business you are regularly working with the public or customers or have clients visiting your offices then you should consider public liability insurance. This type of insurance will cover you if in the course of your usual business dealings people were injured or  property was damaged in some way. In the event of a claim being made against you if you had no insurance then all the costs would need to be met by the business.