Public liability insurance is the insurance that protects businesses and individuals from financial harm caused by their negligence or misconduct. It covers damages that are caused to third parties, including damage to property, personal injury, and death.
The cost of public liability insurance depends on many factors, such as the size of the company and its location.
What is Public Liability Insurance?
Public Liability Insurance is a type of insurance that protects the insured from legal liability for damage caused by their assets.The insurance covers property, employees, and business activities. It also covers any third party who might be harmed by an insured’s assets.
In addition to covering damages in the event of an accident, Public Liability Insurance also provides coverage in case of intentional wrongdoing or fraud committed by the insured. It is important to note that this kind of insurance does not cover any other types of risks such as business interruption, cyber-attacks, or environmental hazards.
How Much Protection Do You Need Under Public Liability Insurance?
In the UK, public liability insurance is a requirement for anyone who intends to carry out any work which involves the public. Public liability insurance can be obtained at a cost of £5,000 to £10,000 per year. It is an umbrella term that covers all types of risks from accidental injuries and property damage up to death or personal injury. It also includes legal expenses if you are sued by a third party as well as defamation cases.
In order to avoid any legal issues with your business, it is important that you have sufficient protection under public liability insurance for your business activities.
How much Public liability insurance cost UK?
The cost of UK public liability insurance varies depending on what type of business you are carrying out. For example, if you are a large company with many staff members then your insurance will be more expensive than someone operating a small business or freelancing.
The cost can also vary depending on how much cover you need and how much staff you have working for your business. Your coverage will also depend on the type of activity that you carry out and whether or not it involves children or domestic animals.
In UK, it costs £1.5 million to get a public liability insurance policy for a company with one million pounds worth of assets and £2.5 million for one with two million pounds worth of assets.
