Do I need Public Liability Insurance?
Public Liability Cover should be considered if members of the public, clients or customers visit your place of work. If you want to take up Government contracted work or even wish to work with other companies, you may find that having proper Public Liability Insurance is a prerequisite of carrying out the work. Public Liability Insurance for the Self Employed may also be necessary if you have clients regularly visit you at home.
With regular advertising on the TV for assistance with accident claims, the number of people filing lawsuits is rising each year with almost £1 million being paid out in Public Liability Insurance claims. The number of small businesses becoming bankrupt is also increasing due to an inadequate amount of PL Insurance in place. If you were to be sued for a Public Liability claim and are not able to cover the costs of it due to a lack of cover then you may lose your business and potentially other assets including your home to make up the costs.
The Health and Safety Executive (HSE) may also request your certificate of Public Liability Insurance upon inspection. If you are unable to produce a certificate they can fine you as a business owner £1000 and fine your company up to £2,500 for every day you are without suitable insurance.