3 Mistakes People Make When Taking Out Public Liability Insurance
- By Onsite Insurance
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- 13 Jun, 2018
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3 Mistakes People Make When Taking Out Public Liability Insurance
Although public liability isn’t a legal requirement for most UK
businesses, the fact remains that it’s a very powerful type of cover for any
company that deals with the public. Failure to take out public liability
insurance could result in enormous financial losses if a client or prospective
customer were to make a claim against your business for injury or damage to
their property.
If you’re thinking about taking out public liability insurance, it’s important to remember that not all policies are created equal. Here at OnSite Insurance, we offer a range of construction insurance solutions to meet the needs of contractors and builders across the UK. Read on to learn some of the most common mistakes people make when taking out public liability insurance.
1. Getting Inadequate Coverage
The most critical error you can make when taking out public liability insurance is getting inadequate coverage. While it might tempting to save a few pounds by opting for a minimum coverage policy, there’s always a risk that it might not be sufficient to cover all the costs of a claim. Many insurance companies offer cover ranging from about £1 million to £10 million, but the exact amount that’s right for you will depend on your unique circumstances. Your business operations, the type of work you perform, how often you interact with the public and a range of other factors can all affect your public liability insurance requirements. Be sure to have a chat with an insurance professional for more advice.
2. Not Comparing Quotes
As noted, choosing the cheapest liability insurance isn’t always the best idea. However, it also goes without saying that cost will likely factor into your decision when choosing a policy. With this in mind, before you commit to anything, it’s a good idea to get a few quotes from different construction insurance providers and see what’s on offer. By comparing your options you’ll be able to make a more informed decision and better equipped to find a solution that offers a good balance between affordable premiums and great coverage.
3. Forgetting to Read the Fine Print
There’s no denying that trying to decipher all the clauses and conditions of an insurance policy can be challenging, but it’s absolutely critical that you take the time to read the fine print and fully understand your options. In the worst case scenario, neglecting to do so could leave you without cover and financially vulnerable if a member of the public sustained an injury or damage to their property that involved your business.
If you’re thinking about taking out public liability insurance, you’ve come to the right place. Here at OnSite Insurance, we specialise in providing public liability insurance specifically designed to meet the needs of builders and contractors across the UK. Get your free quote online today or give us a call on 01902 324 194 and speak to our expert staff for more information about our services.
