Your Company Could Fail Due to Employee Negligence
Needless to say, your business is in distress and there is a good chance you will not financially recover, that is unless you have the proper insurance in place.
Public Liability Insurance:
Many people think that if your customers are not coming to a building you own for business there is no need to worry about public liability insurance, however that is not the case. If you provide any type of service to clients such as construction, cleaning, painting and more you or your employees are in a position to damage expensive items and property. Besides, today there are so many solicitors offering no fee unless you win damage claims that you could face a courtroom at the drop of a hat.
Even if you are very diligent and careful around the public you may find that, you will be unable to bid on certain contract jobs if you do not have proper business insurance, which includes public liability. More and more businesses and organisations are refusing to work with companies without this kind of insurance; it simply is not worth the risk to them.
The level of public liability cover you need will depend a great deal on the potential liability. For example if you own a singing telegram business where your employees never get past the front door of a clients home you may not need as much cover as a contractor who will be replacing the entire roof. It is important that you talk over the limits of your business insurance policy with a reputable agent.
Many business owners choose to combine public liability with employer's liability cover. When you have an employee, you will be required by law to carry employer liability insurance. This insurance protects your company from claims made by employees who have become injured or ill while on the job. Combining two types of insurance is a common practice and may save you significantly on premiums, however the main goal is to protect your company from financial ruin in case of a claim.
Shopping for Insurance:
When you do business in the UK or anywhere else, you want to adequately cover your resources. It is difficult to right down impossible to predict the actions of your employees and customers. One rogue employee or customer who thinks you could be an easy target for a liability claim could sink your entire operation. For the best results work with a company familiar with UK laws and regulations.
Owning your own business is thrilling, fulfilling and can be quite profitable, however you must adequately protect both the business and yourself from liability claims. This is where proper business insurance cover comes into play, with it, you can rest easy and without it, you are constantly in danger of total business failure. Do not leave yourself or your business vulnerable, by purchasing the proper type of commercial insurance.
No. of Times this article has been viewed : 870
Date Published : May 5 2010
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