Public Liability Insurance
Public Liability Insurance is not a legal requirement within the United Kingdom. However, you will find that if you are working under contract with any of your clients that they may require that you have some level of Public Liability Insurance in place as a condition of that contract. Public Liability Insurance covers you or your Company for the cost of claims made by a client or member of the public in relation to injury or property damage for incidents that occur in connection with your business.
Frequently asked questions (FAQ)
Consumer policies tend to have a cooling off period. Some commercial policies will offer a pro rata cancellation refund if cancelled mid-term. Some policies are known as minimum and deposit. This means all the premium is due from the moment you take up the policy with no refunds given. It is always worth consulting with us regarding any questions you have around this. Our aim is always to provide you with the insurance solution which best fits your business and current needs.
Public liability insurance would cover the cost of legal action and any compensation claim/s made against your business if a third party is injured or their property suffers damage whilst at your business premises, or when you are working in their home, office or business property.
This also includes the cost of medical treatment and transportation costs incurred by the NHS should they claim this amount from your business following an accident.
It completely depends on the level of risk your business undertakes on a daily basis. Our cover starts at £1m and goes up to £10m. You may find clients that have a particular minimum requirement specified in this area. You should definitely find this out before taking out cover, although it is possible to increase this limit during your period of cover.
If you are working on a government or local council contract typically you will find they will stipulate a minimum level of cover in this area commonly between £5-£10million.
No, it is not illegal, the only Business Insurance that is a legal requirement is Employers’ Liability (which applies if you have more than one staff member – even then there are still some exemptions).
Public liability however still remains extremely important and safeguards you and the business protecting its interests and those of your clients and members of the public. Many of your current and potential clients will require you to have this cover in place before employing you.
We work exclusively with Insurers that specialise in looking after businesses within the Security Industry. These insurers offer specified extensions of cover that will aim to protect your security business in the event of an incident occurring? Standard Public Liability policies will not offer the same level of cover.
If you have sent us a proposal form, we can start sourcing you a quote straight away. If you simply fill in your details and submit them on the site, we will typically come back to you the same working day or next working day if you fill in our form outside of working hours.
The cost does vary a great deal and will depend upon a number of factors from, the level or limit of cover you require, your annual turnover and the type of security work you do. Policies for Public liability in isolation can start at under £500 and move upwards from there.
Yes, you can. If you have no employees, and don’t intend to in the immediate future then buying Public Liability Insurance in isolation will be more cost effective than a policy that includes Employers Liability Insurance.
Policies vary greatly. Some products, like high net worth private household policies give very broad cover including warranty free policies whilst other policies may restrict cover to very narrow set of conditions using policy wordings. It is also true that insurers approach to claims handling varies greatly and you should always enquire as to how well an insurer deals with claims.
This is a non-refundable insurance policy, usually reserved for liability insurance policies.
This is when a proportional amount of the premium is refunded in line with the amount of time that remained on the policy.
The answer is an emphatic yes! Most insurers will ask you a direct question in relation to liquidation or bankruptcies, it may be for a limited period or ask you to declare any incidents ever. It’s important to answer the question correctly as this is often an area that comes up when insurers are investigating claims.
On some occasions they do via selected registers. The best approach is to declare everything you think is relevant, thus removing any concerns you may have about historical data.
Only if you have no leeway within your policy and are required to do so under the terms of the wording. Most policies that require a turnover to be declared will be based on a year-end adjustable basis. This means that provided you do not exceed any of the triggers (i.e. exceed 25% or 50% of declared turnover) then you can wait until renewal and make a declaration. Insurers will reserve the right to charge if the amount is higher than the original declared amount. You will need to check what allowances your policy makes.