Insurance is something that every business needs – but it has to be the right type for you. There’s a whole variety of insurances that businesses can take but there’s one in particular that will be of great help if an accident occurs involving a member of the public.
Public liability insurance is a type of insurance designed to cover a business if a customer, client, member of the public or any other form of third party were to suffer a loss or injury as a result of the business’s activities, and if the third party made a claim for compensation. If this were to happen, the insurance would cover the compensation and any other legal costs.
Public liability insurance isn’t a statutory legal requirement for businesses but it could prove invaluable if your business interacts with third parties on a frequent basis.
Public liability insurance protects your business
A good example of this is for a taxi firm. If you are a taxi driver, you are responsible not only for the safety of yourself and your passenger, but also the general public. For a taxi firm, public liability insurance is just important as taxi insurance, however they are separate items – you don’t automatically get public liability insurance when you get taxi insurance.
An illustration of the necessity of public liability insurance would be when you take a passenger from home to work. From the moment when that person gets in your taxi to when they have reached work’s threshold, you are responsible for their safety. If they were to be involved in an accident when crossing the road, you would be liable for that accident. Public liability insurance protects you and your business from any unforeseen circumstances or accidents involving passengers and the general public.
It can stop your business from going under
There is no way of knowing when an accident will happen, no matter how small or low risk your business may be. It could be something as small as a loose piece of carpet which could cause a customer or client to fall over and be injured.
If this happens, the injured party could make a compensation claim. If this is the case, then you will need to get legal advice to help you defend your case; this could be costly. Even if you are successful in the case, it could cost your business thousands of pounds in legal fees which, for small businesses, could be catastrophic financially.
Having a public liability policy will ensure that your business is completely covered if anything like this happens. Public liability insurance will cover all of the legal fees, repair of damage, loss of earnings and any other inconvenience caused.
Ideally, every profession where workers have to encounter the general public should have public liability insurance to ensure that, if any accidents were to happen, your business would be able to cover anything that the claimant is requesting.
insureTAXI assist with finding the specific insurance for your bespoke needs – ensuring your taxi is covered for you, your passenger and the general public.