How much public liability do I need? Is it related to the size of my business?
The standard public liability cover can range from £1m , £2m and £5m, however there are higher levels of cover upon request in excess of £10mn which is called an ‘excess layer policy’.
Public Liability & Risk
The level of cover that you will need really depends on the risk of your business not the size, for example: if you provide administration services your risk of injuring a member of the public or having an accident is low. With high risk trades the consequences of your actions to the public are elevated and therefore it is more likely you will claim.
High risk & levels of cover
Airports or councils typically ask contractors to have a minimum of £5m public liability cover and if you are working in an expensive environment such as a stadium you would probably need more than £5m as there would be very high risks and consequences if your actions damaged a person or property.
At The Business Octopus we can discuss your particular business needs and the amount of liability cover that you may also need.