Do I need Liability Insurance?
Public and Products Liability Insurance
All companies should consider purchasing Liability Insurance, to protect themselves against claims made by members of the public and other businesses for injury, death or property damage which may occur as a result of your business activities. The general public are now more aware of their rights to pursue a claim for accidents, and with the advent of No Win No Fee solicitors, and reforms in the legal system, are now much more likely to do so.
Currently, over £1 billion a year is paid out in Public Liability claims, and awards for claims are steadily increasing. Without insurance cover in place, you will be liable to pay any compensation claims made against you yourself. If you are unable to cover the cost of claims you may lose your business, your home and your assets.
Most prospective clients and public bodies will require you to provide proof of cover before they will let you work for them, and will turn down tenders where cover is not in force.
Standard indemnity limits for Public and Products Liability Insurance are £1,000,000, £2,000,000 and £5,000,000. The cover you require will depend on the size of your business, your turnover, and the type of activities performed. Also, most Government and Council contracts will require £5,000,000 cover as standard. We are able to provide you with higher indemnity limits if required.
Employers Liability Insurance
UK business are required by law to purchase employers liability insurance to cover their employees for bodily injury or death and if they are made ill whilst in the course their employment.
The Employers Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims. Employers liability insurance will enable you to meet the cost of compensation for your employees’ injuries or illness whether they are caused on or off site. You can be fined if you do not hold a current employers liability insurance policy which complies with the law.
