Property Owners Liability insurance provides cover for legal costs and expenses incurred whilst defending an allegation from a third party who has been injured or their property has been damaged, arising from the ownership of your property.
Business and property owners have a responsibility to ensure that their premises are well maintained and do not present a risk to its tenants, visitors or other members of the public.
However, no matter how hard we try to look after our buildings, we cannot predict when someone is going to fall and hurt themselves on our property or whether a broken door, chair or ceiling tile is going to fall and cause injury. Also, in the unlikely event of a fire or flood, it is very possible for a member of the public to be harmed.
If the individual is badly injured on your premises and feels that the situation could have been avoided, they have the right to claim compensation and take you and your business to court. For a business owner, this will mean paying legal fees and taking time off work and if the victim claims successfully, you may have to pay thousands of pounds in compensation that the judge awards including medical fees, hospital treatment and ambulance costs claimed by the NHS.
So by having Property Owners Liability cover in place, you are able to prepare yourself for the unexpected and any legal fees or damages can be paid for by your insurer. There are additional levels of cover available such as loss of income and loss of rent cover to pay for any rent you might have lost as a result of a fire or flood.
Property Owners Liability is essential cover for all property owners and landlords, whether the property is a house, block of flats, shop, office, factory or other residential or commercial premises.
Landowners may also wish to arrange Property Owners Liability cover for a private road or other areas of land.
Sometimes property owners or business owners cover is included in your business insurance – so it is important to check the terms of your policy. If you are renting your office from someone else, you will need to double check that the landlord insures the premises or you will be held liable for any damages to the public.
Depending on your policy, you may receive cover to for your property already in your public liability insurance because it involves protecting your business for any damages to the public.
There is no easy answer to this question but as a minimum you should not consider a limit of indemnity of less than £2m. Many property owners purchase £5m and it is not uncommon to see limits of indemnity of £10m, depending on the size of your business and property.
Many insurers will include Property Owners Liability as part of their buildings insurance quotation at no extra charge. However in some instances separate or standalone policies are necessary and these can easily be arranged.
Our qualified advisors are here to help you arrange the insurance cover that you need. We understand that every business is different, whether in size or requirements, so we are pleased to provide a policy that is tailored to your needs.
We have a dedicated team of staff based in Andover, Hampshire and they are available to take your call and process your application. As an independent broker, we will take your details and compare policies from several specialist insurers, using introductory offers and deals where possible to find the best premium for you. Why settle with just one insurer, when you can access several deals at once from Be Wiser?