A moment of slip-up or negligence that causes a workplace accident or serious injury could negatively impact your business set-up and ruin years of hard work. That is, if your business thinking fails to include one vital area: public liability insurance.
Accidents happen, no matter how careful you try to be. But what you can do, is to stop it from hurting your business.
Why You Need Public Liability Insurance
Although legal claims and suits occur all the time, no one likes to imagine it will happen to them before it actually does. Therefore, you’ll need to protect your business, so you can continue to focus on growing your enterprise. Besides, it’s often a key requirement demanded by some clients and types of contracts.
There are a couple of reasons a claimant can obtain court judgment that, for instance, will force your business to pay huge financial compensations to him or her or get your corporate account frozen. Although you cannot always control the cause of the accident 100% or completely insure yourself against negligence, you’ll be held liable if it happens on your business property or as a result of your product or service.
Your business could be sued for negligence that causes someone to fall and get injured on the property.
A claim can also be made against your business in the event of the death or disability of an employee, partner or key owner whilst in your active employment. If your business manufactures or distributes products for sale on the general market, it could be sued for damages caused by any defect or false claims, even when you have quality control measures.
Without a doubt, there are many risks and potential threats you need to protect your business from to ensure it continues to operate smoothly and remain successful. With a well-suited public liability insurance policy, you’ll do yourself a world of good and protect your venture, no matter the size, as much as possible against sudden injury, property damage or product defect claims by your customers or members of the public.
A couple of reputable insurance firms offer attractive settlement costs for a small yearly fee, which covers – among others – generous protection payout, legal defence costs and compensation, compensation per day for court attendance to defend a claim brought against your business.
Talk with your financial advisors and get the process in motion if your business is not adequately protected against legal claims.