Public liability insurance cover protects a business from claims made by individuals who were hurt while using/working with your property or structure, such as injury at a building site. Why is this important? Often times small businesses do not have the necessary budgets to pay for claims made by others, if they were to be sued. This can cause problems in an industry where people are usually working within tight budgets and tight timelines (construction). These claims can also run into thousands if not millions of pounds depending on the type of injury caused. This could be enough to bankrupt a company.
This is why having Public Liability Insurance cover is crucial for any construction company or property developer as this industry is more prone to accidents and injury due to the nature of the work.
Public Liability Insurance for Construction Companies
The main job of any construction company is to create and maintain structures (buildings). By nature, this often comes with risks of injury for those who are constructing or using the structure. For example, someone could fall from a roof while working on it or cut themselves with an object used in construction. Without public liability insurance, it becomes easy for this third party to sue the company and win.
It is important that all construction companies understand the need for public liability insurance cover and how it can protect them.
Public Liability Insurance – Legal Issues
Liability arises when one person suffers injury or loss because of another’s actions or inaction. Without public liability insurance, the legal costs of any action can be brought against a construction company if they are found to be at fault.
Public liability insurance provides protection for the policyholder against legal costs and those compensation claims made by third party individuals or businesses insisting that they were injured on the property of the policyholder, and that this injury was due to some action (or inaction) taken by the policyholder.
To protect yourself from any legal issues you will want to make sure your company carries public liability insurance.
Public Liability Insurance – Protection Against Claims
When someone suffers injury or loss on your property, you are at risk of being sued in court. For example, if a customer trips whilst walking around on your new housing development. Even if she wasn’t watching where she was going she could make a compensation claim costing you thousands in legal fees.
Without public liability insurance, it would be easy for this person to sue you and win. This is because without public liability insurance coverage, the third party does not have to offer much proof that your company was at fault. They may say they were hurt in a specific area because of some kind of hazard you should have been aware of.
Public liability insurance protects you so that in the event an incident does occur and you are sued, public liability insurance will take care of all legal fees.
Construction Companies Need Public Liability Insurance
In the construction industry, there are risks that come from using or constructing a building that can injure third parties. It is important for any construction company to have public liability insurance because without it they are exposed to third-party legal claims as mentioned above. Make sure you have the coverage that meets your needs by contacting an insurance broker such as Construction Insure today.
Public liability insurance cost depends on a number of variables, each project or company is unique and that’s why talking to a specialist in public liability insurance for the construction industry, one that has financial services registration is highly recommended.
This will ensure that your public liability insurance covers you for the things you need it to. Public liability insurance policies are one of those that any broker would advise you to take out, it can cover a whole host of elements including:
- legal fees
- compensation claims
- medical fees
- personal injury
- property damage
If someone injures themselves on your business premises or construction site and you are deemed liable then you will need to cover any compensation payments as well as medical expenses. Accidents happen and there is no way of knowing when or how and as a business owner, if your business activities or premises are seen to be the cause of any accidental injury then you will need to pay for medical treatment, legal fees, in fact any of those things mentioned above.
Having the Right Public Liability Insurance Cover
So having the right public liability insurance policy is vital. There would be nothing worse than an accident happening and you find that you don’t have a public liability insurance policy that covers you for everything you need. Getting a public liability insurance quote is as easy as picking up the phone and calling us today on 020 3958 6868 to speak about your public liability insurance requirements.
We are professionals who take pride in providing quality services to ensure our clients succeed. We welcome you to contact us so we can provide you with more information on public liability insurance.
Other types of Business Insurance to Consider
There are several other types of insurance that should be considered for a business.
- Employers liability insurance
Employers liability insurance is required in most countries. This insurance protects the business from claims of negligent hiring. The standard minimum amount of liability is equal to your yearly payroll, but this can be increased if you are in a dangerous industry, such as construction or manufacturing where liabilities are higher.
- Product Liability insurance
Product liability insurance provides coverage for claims that your product caused injuries or damaged someone’s property. An example of this would be if you were baking cookies and a customer claimed they got sick after eating one, the claim could result in a lawsuit against your business.
- Commercial Vehicle insurance
If you use any vehicles for your business, whether it is a standard van or just a delivery service, van insurance should be considered. Commercial vehicle or car insurance provides coverages for damage to the van if someone were to get hurt in an accident or cause damage to another person’s property. Also there are legal expenses that may be accrued after an accident involving your vehicle.
- Profit Protection insurance
A profit protection policy protects the profits that you have earned for a specific period of time or during certain business conditions, such as if your building is damaged due to storms or other disasters. This insurance is very useful and can help you keep your company afloat during tight financial times.
- Workers Compensation insurance
Workers compensation insurance covers employees who are injured on the job. The amount of benefits paid to an employee will vary depending on the severity of their injury or illness. You can usually choose whether you want it to cover partial or full disability, medical costs, vocational rehabilitation, and survivors’ benefits.