If you run a business then it is almost certain that you need public liability insurance cover.
Public liability insurance covers you for any injury you cause the public or damage you cause to a third party's property whilst performing your trade.
Getting a quote can be quite daunting but these instructions will prepare you for all the questions that the insurers will ask you...
When did you start trading?
Not something you are likely to remember at the spare of the moment so dig out your records to find out when the business started.
How many staff do you have?
Another easy one you may think but you also need to establish what role they play in the company. Normally you would split all staff into one of 4 categories which are principals/partners/directors, employees, labour only sub contractors and bona fide sub contractors. Within these categories you will also need to know if they are manual or clerical workers and also if they are full or part time workers.
This can get confusing for larger companies who will find it hard to provide this information but most insurers will simply rate on your annual turnover and/or wages if this is the case so have these figures to hand also.
What experience do you have in the trade?
You may have worked for someone else doing the same trade before deciding to start up your own company. If this is the case then you could get a discount if you can advise how much experience you have doing what you do.
What does your business do?
It may sound silly to have this prepared but be aware that it is not as easy as saying "I'm a builder". The insurance company will rate on the occupation that you specify but then may have additional sub categories for your trade such as the locations you work on, the heights you work at, etc.
What is your insurance/claims history?
If you have had previous insurance, have details of the company it was with and the expiry/renewal date. Also have details of how long you have held insurance without making a claim as some companies do offer a no claim bonus if all of this information can be provided.
If you have had any claims then have details of the date, circumstances, cost and any other related information of the incident.
What level of cover do you need?
Most public liability insurance policies start at £1,000,000 of indemnity which is what most people take out but if you feel you need further cover where risks might be higher then you can normally get £2,000,000, £5,000,000, or £10,000,000 cover. Most work for the council requires £5,000,000 minimum. The insurer will be unable to make this decision for you so it is best decide before you get a quote.
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