Public Liability Insurance is insurance plans where company will pays all the claims for damages and compensation if your business has caused injury or death to public lives or damage their property.  It is called must have plan for your business otherwise your business may look into serious financial trouble if all the claims need to be covered from your own pocket. Compensation amount cover by company can be extremely high and pays any related legal fees as well. Consult with your local adviser in your area for sound financial counseling.

There is no law that forced you to have Public Liability Insurance but the way it pays out in course of mishap asserted as essential part of your business. Usually most business have minimum of 2m pound cover but actually it depend upon the size of business. So you have to tailor your insurance policy that match exactly to your needs. Take advice from a knowledgeable staff from your local adviser and secure your business from any financial disaster.
Association of British Insurer (ABI) is an independent body that every insurance company should be a member of. Taking advise from any financial adviser is good option and if you are decided to do it by yourself then take all the necessary steps to check the insurer credibility.  Usually, premiums depend upon type of business and rated on an estimate of the level of the business. For most of the business it is turnover, but other factors may be used. For example, in a hotel business numbers of beds used to determined the numbers of guests.
Although there is no obligation by law on you to have Public Liability Insurance but you may find it very difficult when dealing with customers’ .Because they can ask for adequate proof for insurance in order to do any business. This is the reason almost every businessman have this policy that not only help to minimize the financial burden occasionally,  but  also give you a peace of mind as well. You can have extra pair of hands in your decision making process by taking advice from any local adviser.

Posted by Unknown Wednesday, December 2, 2009

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