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Protect yourself and your business against harmful accident and lawsuits with the right liability cover.
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Liability insurance is a type of business insurance that provides cover for companies against any lawsuits that may be brought against them. Employees, customers, clients and any other third parties who come to harm on your premises may have grounds to bring legal action against your company, and these kinds of lawsuits can cost a company millions. Liability insurance cover protects against these claims by helping to cover compensation or legal fees.
If your business employs any members of staff, it is a legal requirement for you to have employer’s liability insurance, and you could face fines of up to £2,500 per day if you don’t have adequate cover. You will need this type of liability insurance if you employ: full or part-time staff members; temporary staff, interns or apprentices; contractors or self-employed freelancers; or even just volunteers.
You may be exempt from needing employer’s liability insurance if you only employ close family members, or if you are the only person working for the company. However, make sure that you keep up to date with current legal requirements to be certain that you and your business aren’t breaking any laws.
Public liability insurance is not a legal requirement like employer’s liability insurance, but it is strongly advised for any business which has dealings with third parties (any person who isn’t an employee), either physically or virtually.
If a third party are harmed or their property damaged on your business premises or because of your business, then they are able to bring a legal case against your company. The cost of appropriate compensation or the legal fees you may be liable to pay could be in the millions and would damage many businesses beyond repair.
Public liability insurance would protect you against this kind of financial damage by paying out if such a lawsuit is taken out against you or your business.
Many small business owners aren’t always aware of what type of cover their business needs. If you employ anyone, even a freelancer or volunteer, you will need employer’s liability insurance cover. Public liability insurance isn’t a legal requirement but is a sensible precaution against an incident that could put you out of business.
As a small business, you may only need minimal cover if you only employ a few people or have few clients. Talk to our team today and they will be able to advise on what cover you need for your business.
The cost of liability insurance varies depending on the cover you need. Some small businesses may only need cover for up to £2m, which would have lower premiums than cover for a policy that covers up to £10m in legal fees and damages, for instance. Our friendly team is on hand to talk to you about your business’s requirements and find the cover that’s right for you, at the best price.