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Top Tips When Taking Public Liability Insurance

Public liability insurance compensates third parties that suffer injuries on your business premises. Third parties could be customers, passers-by, suppliers, or visitors. Employees and business owners are not considered as third parties. Although public liability insurance is not compulsory, it can help you avoid expensive personal injury suits. This guide discusses some considerations you should make when choosing a public liability insurance cover.  

Choosing An Insurance Provider

As a rule, you should work with reputable companies when taking the public liability cover. One of your main concerns should be the claims filing and payment process. Reputable insurers will allow you to file the injury claim on their website. Besides, they will send an adjuster in a few days to investigate the claim. You should also assess the company's customer care policies. For example, some companies will have a 24-hour toll free line that enables you to contact the insurer at any time. Others will send regular newsletters detailing how you can manage your insurance cover.  

Check The Terms of The Cover

Consider the following when evaluating the terms of the cover: 

  • When should you make premium payments? Some companies demand a one-off payment while others allow monthly or quarterly payments.
  • What does the policy cover? Some insurance companies can adjust the cover to include product and general liability insurance covers.
  • Check the exemptions on the cover. For example, what type of injuries are covered? If you provide freelance services, does the policy offer coverage when you are outside the workplace?
  • Some insurance companies will compel you to make claims within a specified period. Otherwise, you will incur penalties. 

Understand Industry Regulations

Check local laws and professional association bylaws to identify public liability insurance regulations. For instance, contractor associations could have a minimum insurance limit. Some clients could also compel you to have a specific amount of public liability insurance. Otherwise, they could accuse you of breach of contract. 

Make Your Workplace Safe

Once you take the cover, the insurance company will visit your workplace to identify site hazards such as slippery floors, poorly maintained elevators, and gas leaks. Besides, your business premises should have an essential safety standards certificate. Typically, you will pay more premiums if your workplace contains multiple hazards. The insurance company will increase the premiums if you make multiple claims. As such, you should eliminate the risks in your workplace to reduce your insurance premiums. 

When taking public liability insurance, choose an insurance provider, check the terms of the cover, understand industry regulations, and make your workplace safe.