Public Liability Insurance
If you’re a small business owner, you might work from a number of places. Perhaps you work from home, from a coworking space or maybe a small office. One of the essential questions that you need to ask yourself is whether you have insurance to cover clients and visitors who come to see you. If someone were to hurt themselves while visiting you and they decided to sue, would you be able to pay? Small businesses need to protect themselves because the consequences of a legal claim could be difficult to recover from. It could affect your finances and your business reputation, so make sure you have the protection you need.
What Is Public Liability Insurance?
Public liability insurance protects your business if a client, customer or member of the public injures themselves or has their property damaged while on your premises. Many small business owners might feel that they don’t need it, due to working from home or a shared space, or simply because they feel that it’s not necessary for a small business. However, if somewhere were to decide to make a claim for any expenses, you could be liable to pay. Public liability insurance will cover your legal costs to help you fight your case, as well as any compensation that might be rewarded.
Who Needs It?
You might assume that your business isn’t big enough to need public liability insurance. However, businesses of all sizes need to think about whether they need it. If you have clients who come to meet you or anyone else who visits your place of work, public liability insurance can protect you. Even if delivery drivers and other professionals visit your business, you could be at risk of someone being injured and suing you. Public liability insurance can also protect you if you work from a client’s office, including if your client claims you have damaged their property or someone claims to have been injured by your business.
The Consequences of No Insurance
If you don’t have public liability insurance, you could find yourself in trouble if anything happens on your business premises. If someone gets hurt while visiting you at home or their possessions are stolen when they drop by your office, you could find yourself on the wrong end of a lawsuit. The costs you face could be a struggle for you to pay as a small business, especially if you need to hire a lawyer to defend you. Without insurance, you’ll have to pay the costs yourself.
Does Your Coworking Space Protect You?
If you work in a coworking or shared space, such as a WeWork, you might assume that their insurance protects you. But does it really? Unfortunately, that’s not always the case. In fact, you might be asked by the owners that you have public liability insurance before you move into a shared space. You need to find out if it’s necessary for your business.
Small businesses need to take out public liability insurance if they want to protect themselves. Make sure you look into it for your business.