The Insurance Octopus has covered the topic of Public Liability Insurance (PLI) before, and although it’s not a legal requirement, having public liability insurance is an important consideration not only for your business but for any business that you may come into contact with.
When you need Public Liability Insurance
At its most basic PLI will cover a business to pay compensatory damages to members of the public or damage to property.
You may not think that this applies to you if you are a one person business working from home, but if you were to take your business out of your home office to promote it then you would need Public Liability Insurance. If you had a booth at a marketing or trade fair where someone could injure themselves on some of your equipment or the booth itself, having PLI would make sure you’re fully covered.
Anyone you come into contact with in your business is a reason for you to obtain Public Liability insurance. As cover ranges from £1million up to £20million across a variety of different policies, we at The Insurance Octopus can provide the information to help you choose the correct cover for your company.
Where Public Liability can crossover
In addition to considering your own company’s insurance needs, you also need to be aware of the insurance implications if you decide on hiring a venue.
If you were to hire a hall to hold an event for your business, the company who own the hall will usually have their own Public Liability Insurance. If you are hiring a venue or any business that has visitors to its premises, that business will have its own proper cover which you should ask to see before working with them. On occasion, if you are a private citizen, a company may sometimes ask to see your details of public liability insurance if you wish to hold an event at their venue.