Public liability insurance is a product that is available in the United Kingdom that protects the public from accidents or injury that can occur at a place of business. A place of business can include any type of premises, including a home. Public liability insurance is not a requirement but is a necessity for all types of businesses. This is because litigation has increased in the United Kingdom, which has resulted in more damage claims being filed.
- Business that want protection from liability when a member of the general public gets injured will need public liability insurance. A business owner can be sued for breach of duty or negligence, which will be covered by public liability insurance. This type of insurance provides security to businesses in the United Kingdom from penalties, awards and additional costs that can result in financial difficulty for a business or owner.
- The rates that insurers use for public liability insurance policies are calculated by using what is known as a book rating. A book rating is a standard charge for a policy that can be modified by an insurer based on a variety of factors. Factors can include the level of risk a business presents based on a business industry or profession. Claims history can also be used to modify the premium. Businesses will pay a lower premium by having a safe workplace with very few claims.
- A public liability insurance policy will provide coverage for business costs as the result of damages that are awarded to an injured party. Injury can occur to a person or property and be caused by a business, a business owner or an employee. Public liability insurance will also pay for any expenses, legal fees and hospital treatments that are required for an injury.
- A company, business owner or self-employed individual faces many risks by not obtaining a public liability insurance policy. If an insurance policy is not in force, a business owner or company that is sued for compensation will be liable to pay the total amount of the claim. When a claim cannot be paid, the assets of a business or business owner may be at risk, which can result in the loss of the business.
- There is no law in the United Kingdom that specifically requires a business to obtain a public liability insurance policy. However, public liability insurance coverage is required for establishments that provide horseback riding to the public. Business may also find that without public liability insurance, they will not get hired to provide work without proof that a policy is in force.
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