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Personal liability insurance is intended to cover you for any unexpected incidents where you might be held financially responsible or ‘liable’ for damages that you cause to another person or property.
If you accidently cause damage to another party, whether it is through your vehicle, business or other activity, they have the right to pursue legal action and compensation if they believe that you are ‘liable’ or responsible for these damages. As a result, for any individual or company that deals with the public on a daily basis, it is sensible to have some level of liability insurance in place.
The cost of a lawsuit can be very expensive for a person or the business. The expenses include lawyer fees, court fees, time off work and compensation. If you are found to be responsible for any damages to the victim, you will be required to pay towards their medical bills, loss of income and emotional damages. For damaging a property, you are expected to repair or replace it back to its original state, and depending on the case, it could cost thousands of pounds.
For this reason, whilst not compulsory, it is worth having liability insurance for your company. The potential costs of a lawsuit could be hugely expensive for your business and lead to a disruption of your daily activity. Therefore, for any size companies that constantly come in to contact with members of the public or other property, personal liability cover is recommended. At Be Wiser, we work with a number of insurers that offer a variety of policies that are suitable for your business. Our advisors are on-hand by phone waiting to take your call, so call us today on 0333 999 0802 for a free and no obligation quote.
On an individual level, this could be relevant for anything that you do at home that potentially impacts a neighbour or passer-by. Your personal liability cover could pay if your child is playing in your garden and their ball flies over the fence and breaks the neighbour’s window. The cost of replacing the window will be covered by your insurance policy. Another example is lighting fireworks from your garden that accidently spark off and cause a fire on your neighbour’s property or injure a pedestrian – you will be liable for any damages and expected to pay compensation.
On a business level, this offers protection for any damage caused by you or an employee of your firm. For instance, if one of your taxi drivers knocks over a lamppost, the council will require you to replace this. Another example is if you run a construction company and some loose tools fall from the scaffolding and injury a pedestrian, you could find a lawsuit on your hands.
Public liability: This is closely linked with personal liability and offers cover to any member of the public that you or your business might come into contact with, including people, vehicles and pedestrians. Up to £10 million worth of public liability cover is available, depending on the size of your business.
Professional indemnity: This is protection for any professional advice that you give. Common for consultants, doctors, lawyers and accountants, they have the intention to add value to a company or individual’s wellbeing. However, if the advice they provide has a negative impact, despite their best objectives, the victim has the right to sue for damages and losses.
Products liability: If you sell products as part of your business and give these to the general public, there is always the risk that something you make is defective and the consequences that this has on the customer. If a customer falls sick because of the food you prepared or they get injured because of the product you sold them, they have the right to take legal action. By having cover in place, it will pay towards any legal fees, medical bills and damages to the victim. Read more here.
The cost of personal liability insurance will depend on several factors including the nature of your business, potential risks to the public and claims history. Also, depending on the size of your company, some may require more cover than others and that is why our advisors are here to help find the right level of cover for you. We are based locally in Hampshire and have a team that is ready to help you today, so give us a call or get an online quote here.