how they could affect your business. Here’s a rundown of two of the most common claims:


DAMAGE TO PROPERTY It’s every tradesman’s worst nightmare; causing damage to a customer’s property whilst carrying out your work. Whether it’s causing damage to a skirting board whilst sanding floors or a carpet roll causing damage to furniture and fittings, public liability cover could save your business from shouldering compensation costs.


IS ANYTHING EXCLUDED? Cover will contain unique exclusions depending on what you do. These can vary according to a number of factors so make sure you give your quote documents a thorough read so you don’t get caught out.


Although exclusions vary, it’s safe to say that your policy will not cover the following as standard:


• Damage to your own property • Defective workmanship • Deliberate acts of damage or injury


BE PREPARED Public liability insurance is one of the most


important forms of business cover, but how does it apply to you? Here, Trade Direct


Insurance provides a comprehensive guide to what it is all about.


WHAT IS PUBLIC LIABILITY


INSURANCE? It’s designed with third parties in mind. That means that cover is available for most people that interact with your business including customers, clients and members of the public.


If a third party suffers an injury due to your work, public liability insurance is there to protect you from hefty compensation costs. It also covers third party property damage too, so you can insure for issues such as damaging a customer’s furniture.


In most cases, insurers will also pay the legal costs associated with defending a claim, taking the pressure off you if a claim goes to court.


Without this insurance in place, your business could be left out of pocket in the event of a claim, so it’s worth thinking about how public liability insurance could help you.


WHAT DOES IT COVER? A customer taking legal action against your business is a scary thought but if a third party suffers damage to their belongings, develops an illness or disease or suffers an injury connected to your business; this may be a reality you have to deal with.


Public liability claims are diverse and it’s not always obvious 40 | FEATURE


It’s also important to remember that public liability insurance doesn’t cover your employees. If you employee anyone in your business, including part-time, temporary or placement staff, you’ll need to cover them with employer’s liability insurance.


DO I NEED PUBLIC LIABILITY


INSURANCE? No matter what type or size of business you are, and regardless of which industry or sector you operate in, the chances are you might need some form of public liability insurance.


Although it is not a legal requirement, it could be a contract requirement. In most cases, you are not required to carry public liability cover by law, but you may not be awarded a contract if you don’t have this cover in place. A local council, for example, will often ask to see proof of public liability cover before awarding you a contract.


You don’t need to be a limited company to benefit. If you’re a sole trader interacting with third parties, the chances are you could find yourself in a position where public liability cover could help you.


HOW MUCH DO I NEED? This question can only be answered by you! It all depends on the size of your business and the kind of work you carry out. You’ll need to have a think about the worst case scenario and what kind of claims you might need to make.


Most small businesses will insure themselves with public liability limits of £2,000,000 to £5,000,000 but cover is also available for £10,000,000 and more.


As with all insurance, it’s important to weigh up the cost of your policy against the cost of a claim if you didn’t have insurance in place. You’ll usually find that paying an insurance premium is much cheaper than the cost of putting something right yourself. It’s all about peace of mind for you and your customers.


www.tradedirectinsurance.co.uk www.tomorrowscontractfloors.com


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