Public liability insurance plays a very important role in the well-being of a company or business. This is because it deals with being able to address the grievances and claims raised by people. These people are adversely affected by the normal day to day routine of the business. Every company or business has to conform to certain safety precautions and rules to ensure that no one gets hurt or injured and there is no damage to personal or public property. But accidents are sudden, unplanned and unexpected incidents over which no one has any control. Thus it is always better to be prepared and be safe than be sorry.
Mandatory clauses to be included
Today it is very easy to get public liability insurance online. But before that it is also equally important to compare the rates and charges being offered by the different insurance providers. What is being offered in lieu of the premium paid should mandatorily include:
- Compensation claims: irrespective of whether the accident takes place on the company premises or elsewhere, any damage to life and property needs to be covered under this.
- Legal expenses: All expenses incurred for legal proceedings taking place against claims raised against a company should be refunded in totality.
- Repair costs: If it is a case of loss or damage to property, all repairs undertaken by the company against whom claims are being made, should be covered.
- Medical costs incurred: In case of any injury, all medical fees and other expenses incurred for ensuring proper treatment of the same should also be covered under this.
In fact there are other minor clauses also which need to be included but the above four are the main things which have to be present in the policy being taken.Even price comparison websites like the Money supermarket, when talking about public liability insurance, talks of the inclusion of the above clauses. For them public liability insurance might not be a legal requirement for the establishment and running of a company. This mandatory legal requirement is restricted to the purchase of the employer’s liability insurance. This is corroborated by the fact that the state and the government has not included any payable penalties for the non-purchase of this insurance policy.
Why is Tradesman saver the best
While all insurance providers more or less provide the same facilities and services, those offered by Tradesmen in their “Tradesman Saver Public liability for UK Tradesmen” policies are one of the best in the industry. In fact premiums for Tradesman Saver policies also start from as low as £53 for one year. This makes it the best and most cost effective public utility insurance policy available today in this sector.
Tradesman Saver also has their own website which makes it easier for potential customers to get a quote or even sound business advice. The honesty and sincerity of approach shown to each customer makes him feel privileged. This also accounts for the phenomenal success enjoyed by them today even thou they started off with very humble beginnings and staying strong in an industry as dynamic and demanding as the insurance sector for more than 30 years. Setting benchmarks even today, the Tradesman saver public liability insurance is by far the best policy that a Tradesman in UK can avail.
Factors influencing the cost and level of coverage
The amount or cost of the public liability insurance depends on the following factors:
- The popularity and success of the trade,
- The annual turnover of the business or company concerned,
- The nature of the business,
- The risk factors involved and
- Choice of additional insurance benefits to be purchased along with this insurance.
In fact both the level of cover for which the company or business concerned is eligible and the amount of premium to be paid are dependent on the above factors. But the standard rule which is prevalent generally ensures that companies get a minimum level of £1 million with the purchase of this policy. This amount may go up depending again on the above factors as well as the premium opted for. It has been generally seen that people working for the public sector require a higher level of coverage as compared to the others. In fact for getting contracts and work-orders from the public sector units too companies and businesses need to have public liability insurance.
This insurance is like a safety net which prevents the company from suffering financially in instances of claims raised for accidental damages and injuries to property and life. It is thus always better to be safe and purchase the same than to be sorry in the long run.