The cost of the insurance policies differ dependant upon the nature of your business and the risk factors apportioned to your line of work. A variety of different polices are offered by insurance providers, who will assess your Limit of Indemnity. This term relates to the amount of insurance cover your business is likely to need and that would be covered on your behalf by your policy in cases of claims being brought against you.
As with many types of car insurance, % no claims discounts can be applied to policies. These discounts recognise businesses that manage potential risks well and adhere to health and safety regulations, resulting in a lack of claims.
What Does The Insurance Cover?
Public liability protection covers injuries and damages claims brought against your business, either at your own workplace, at a customer’s workplace or elsewhere when you are carrying out your business. Protection against these claims is at the very heart of this type of insurance.
It also covers other mishaps that you might encounter, such as damage to or loss of equipment that you own or have hired from third party suppliers. Equally, it covers damages to or loss of goods in transit.
Putting a financial value on the cover provided by this form of insurance, average policies are based on Limits of Indemnity up to £1million, £2million and £5million. Employers liability, however, which you are legally obliged to have if you employ staff, covers up to £10million.
How Do I Get A Quote?
For instant gratification, policy quotes are available from a variety of providers online. If you would prefer to discuss your requirements on a face to face basis, you can speak to a local Insurance Broker in your area. Brokers have extensive knowledge and experience of a variety of different Insurers and their policies, thus enabling them to offer you bespoke advice.
Or you might decide to cut out a middle man and purchase your policy directly from an insurance company of your choice. If opting for the latter, it is worth checking that your chosen provider is a member of the Association of British Insurers, which guarantees their authenticity.