What Is Liability Insurance?
In the UK, the three main types of liability policies are public, product and employer, and they are all necessary when a business involves people, customers and the selling (or reselling) of stock, materials or goods. Protecting your business against any damages sought, and costly compensation, liability insurance can keep your reputation intact, your staff safe, and your cash flow stable. At The Insurance Octopus, we can source and design packages for a variety of business needs, including those that work with contractors, volunteers and staff. With access to top-rated insurers, great insurance deals and a friendly team, here at The Insurance Octopus, we’ve got you covered. What’s more, we provide flexible payment options, no charges for mid-term adjustments, and keep the process simple, swift, and stress-free. Updating your policy is a doddle too, because really – it shouldn’t ever be difficult.
For your Product, Public or Employers Liability quote, please fill in our quote form, or request a call back, and we’ll take you through our sourced best deals and most suitable options, at a time that works for you.
What could a Liability Insurance policy include?
Product Liability Insurance
Should a product you make or supply cause harm, damage or injury to a client, customer or a member of the public, this policy will provide compensation.
Employers Liability Insurance
In the UK, it’s a legal requirement to protect team members, volunteers, contractors with £10m of cover as standard, ensuring their physical and mental health is supported should it be affected due to employer negligence.
Product Liability Insurance
Should you, or a member of your staff accidentally injure a member of the public, or their property, then this policy will protect you. Policy covers are available at £2m, £5m and £10m, with higher amounts available.
The core covers which help protect small businesses
Liability Insurance explained
If you trade to the public and have over one member of staff the chances are you will need to, or even be required by law, to have Public, Product and Employers Liability cover.
These three core liability covers protect from fundamental public, product and employer related issues whether that be injury to a member of public whilst in store, an injury caused as a result of a product sold from your premises or any issues as a result of your employees negligence for example.
What Liability Insurance covers?
This protection covers you in case someone who works for your business injures a member of the public or their property. If the 3rd party claims against your business and are awarded damages, your Public Liability insurance would cover the costs including legal fees that may occur in defending a claim. Policy covers are available for £2m, £5m and £10m. Higher amounts are available upon request.
Covers you if you employ staff in any capacity and it will include permanent and temporary staff, paid or unpaid volunteers. As an employer you have a legal responsibility to ensure that you have provided safe and secure surroundings for your employees and visitors. A standard policy is £10m.
Covers you in the event that a product you make or supply causes damage or injury to a person or property. Product Liability is required if you have manufactured a product (including food and drink) or are selling a product that has been manufactured by another company if the company cannot be clearly identified. You will also be responsible for any products you change or repair, or any product that is brought into the UK from outside Europe.
Arranging Liability Insurance cover
When you’re considering taking out a Public, Product or Employers liability policy, one of The Insurance Octopus specialists will discuss your business requirements with you and find and compare personalised quotes from a number of major insurance providers. You will get a bespoke policy that ensures you only pay for the cover you need. We can add additional policy covers, such as Legal Expenses and Business Interruption cover.
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