Protect Your Business Financially with Public Liability Insurance
Often used in business situations, public liability insurance protects you if you’re held legally responsible for injury or harm to a third party (such as a member of the public), or for damage to a third party’s property. This can happen during the course of your business activities.
Public liability insurance is best suited for construction businesses, retail shops, landlords, and event organisers, as these industries involve high-risk business activities or frequently deal with members of the public (opening the possibility of accidental injuries).
Although, even the simplest, low-risk business operations hold the potential for serious impact, for example, if a visitor at an office trips over an uneven floorboard, they can hold the company they were visiting responsible for their injuries, stirring up legal defence fees and potential settlement costs. Public liability insurance keeps you financially covered across all aspects, including third-party medical expenses, property damage costs, compensation payouts, and legal costs.
The costs associated with a public liability claim from a third party are enough to significantly impact your business, or even send it bankrupt. In some cases, legal liability can end up falling back on the business owner. At Lync Insurance, our team can help you find an insurance policy that financially protects you and your business from third-party public liability claims.
Public Liability Insurance for Small Businesses & Contractors
Public liability insurance is just as important for small businesses and contractors as it is for large companies. Paying off public liability expenses can be significantly tougher if you own a small business, as even a minor accident can lead to costs in the thousands of tens of thousands, which your business may not be able to absorb. Unlike a company, if a sole trader is held legally responsible for third-party damage or injury, the business owner becomes personally liable for the debts and legal obligations of their business, putting their personal assets at risk.
At Lync Insurance, our team can assess your small business or contractual work activities to help you find a public liability insurance policy that meets your needs and keeps you financially protected from public liability.
Public Liability Insurance Costs and Quotes
The cost of public liability insurance depends on a variety of factors about your business, such as the industry you’re in, where your business operates, how large your business is, how many physical locations you have, and how much monetary cover you need. Because so many factors are involved, it’s difficult to provide an average cost for public liability insurance, however, our experienced team can assess your business and insurance needs to provide a quote that suits your situation. Get in touch with our professional brokers today to protect your business from public liability.
