Do I Need Public Liability Insurance?

Do I Need Public Liability Insurance?

As a trusted source of advice and support for Master Craftsmen, members often ask about different types of insurance and their suitability for their business.  Business partner One Broker answer some of the most commonly asked questions about insurance.

Account Executive Ed George explores the subject of Public Liability Insurance and why your business needs it.

1. What Is Public Liability Insurance?

It’s an insurance policy designed to protect your business.

Also known as PLI. It provides financial support for legal costs and damages in the event that your business is alleged to have caused injury to a member of the public, or damage to their property.

Most insurance companies can arrange cover for £1m to £10m, depending on your business’s needs.

2. Is It a Legal Requirement?

No, only Employers’ Liability Insurance and Motor Insurance are required by UK Law. However, some trade associations and clients may request that you have a certain level of PLI.

3. Do Master Craftspeople need Public Liability Insurance?

While it’s not a legal requirement, it does provide vital peace of mind in an increasingly litigious world. As an accredited Guild member you will be required to have the right insurance in place, with Public Liability Insurance, you can rest assured that you’ll be able to defend any claims in court and cover any compensation costs if the claimant is successful.

4. How Much Will it Cost?

It depends on a variety of factors. Your business, your clients, and the level of cover you require.

5. How and Where Can I Buy the Right Insurance For Me?

You can buy Public Liability Insurance by going directly to an insurer or through a broker. We’d recommend using an independent insurance broker.

We’ll take the time to understand your business and exposure to risk, before searching the market to find the best value policy for you.

Want to Know More?

Contact Ed at One Broker by email or phone to discuss your insurance protection or login to your Guild membership area for more details.