If you have a car, one of the most important things that you do is get an insurance. This is to protect you from possible penalties once you get into an accident. This is the same with your business. Even if you are the only employee, or if you have a couple of staff on the team, you need to get a public liability insurance.
Although this is not required, it is important. This is why most business owners understand why they need to insure even their business, their tools, and equipment against loss by accidental damage or theft. These are incidents that you have no control of but should be prepared before it even happens.
Self-Employed Public Liability Insurance Covers
Self-employed liability insurance UK covers you against compensation claims made by a 3rd person that blames you for the damage caused to their property by your business activities, which has resulted in injury. These claims can be very costly, especially if you don’t have an insurance to cover it. Legal costs will also be covered by the charges on claims and the cost spent while defending your case. This also means that you already have a legal team who will work on your behalf to handle any compensation claims.
Even though you are extra careful, so is your team, accidents can always happen. You have to check every possible risk factor in your workplace to avoid negative events to happen while you’re at work. Just a simple cable that was not properly placed might cause someone to trip over. And when this person files a compensation claim, it can be over the top. But if you have insurance, you will be protected.
The Claim Amounts
Fire is the most common but the most dreaded thing that can happen to you or someone else’s property. If it’s a simple house, you can get £100,000 in average. If needed to relocate, the costs will also be covered. If you caused a fire on commercial spaces, it can cause millions.
Here are some of the expensive claims from reported injuries.
- Severe facial scarring (£60,000 – £80,000 )
- Permanent hip injury (£85,000 – £90,000)
- Foot or leg amputation (£150,000 – £155,000)
- Blindness – £35,000 (one eye) or £175,000 (both eyes)
- Brain damage. (£250,000 up to £ 280, 000)
- Neck injury causing paralysis. (£260,000 – £265,000)
Protect Your Business
Most self-employed businesses don’t have that many savings to pay for these massive amounts of compensation claims. If in any case of injuries caused by your business activity, the claims on these cases are complicated which will need a legal expert to help you with your case.
Self-Employed Business: Do You Need It?
Before you sign up for your insurance, learn about PLI or public liability insurance. This will give you peace of mind because of the protection and security that it can provide you, your business, and your team. All you have to do is focus on running your business, and let your public liability insurance provider do all the work for you.