It happens every day — a customer slips on a wet floor, an employee trips over a mis-placed electric cord, someone spills hot coffee on themselves… Headlines are full of personal injury lawsuits filed against small businesses (and large ones too!) No matter how careful you are, accidents happen and when they do, a lawsuit seems sure to follow.
In fact, the UK insurance market is estimated to be paying out £8.8 million to customers each day for accident and health claims. If an accident was to happen at your business, would you be adequately protected?
In a world of increasing litigation, every kind of business should have adequate public liability coverage. This type of coverage insures your business against accidents and injuries involving customers in your store or the people you visit in the course of normal business. It also protects against property damage claims and provides peace of mind that if something happens, someone is on your side. Policies can be tailored to suit the needs of your business, and each policy starts with standard coverage.
Although taking out public liability insurance is not required by law, many corporations have a policy of only working with other companies that have cover in place. It is therefore advisable that a company implements even a standard policy which includes coverage for legal defense costs and compensation owed. This basic coverage is important as if you are sued and choose to fight, these items can add up to tens of thousands of pounds regardless of the outcome. Some policies can also be tailored to include temporary staff coverage in case that you or your staff is unable to perform day-to-day activities due to a suit. Further to this, one of the most important things offered in many policies is a 24-hour legal hotline. This permits you to call at any time, day or night, to receive advice on how to protect yourself from potential claims or how to handle a difficult situation that arises.
In addition to these standard benefits, optional coverage is available depending on your personal needs. If you utilize tools, or computers and business equipment, you might add coverage for these items. This means that if they are harmed due to an accident you can replace or repair them at little to no cost to your business. Other possibilities to consider is a coverage for hired plant equipment and work under contract.
What is most important today is protecting your investment and business before accidents happen. In the unfortunate circumstance that if they do, you are in a position to protect your business and prevent the loss of everything you have worked for.