Understanding the Risks of Not Having Public Liability Insurance
- By OnSite Insurance
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- 24 May, 2018
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Understanding the Risks of Not Having Public Liability Insurance
Although every good builder will go to great lengths to ensure their work environment is as safe as it can be, unfortunately accidents can still occur. In the event that one of your customers, a member of the public or some other third party person was to sustain an injury related to your business operations, it’s possible that your business could be held liable.
That’s where public liability insurance comes in. This type of policy is specifically designed to cover the costs of these claims and can be critical for maintaining the financial security of your business. Read on to learn more about some of the risks of not taking out this type of builders insurance.
1. Compromises the Safety and Security of Your Customers
It’s no secret that safety is paramount in the construction industry. Should anyone happen to get injured on your worksite and your company is found liable, you need to be confident that you’ll have the resources necessary to settle any resulting claims. Public liability insurance provides coverage to ensure that affected parties are fairly compensated for their injuries, protecting your reputation as a business and providing your customers with a high level of security.
2. Devastating Effects on Your Company’s Finances
Without public liability insurance, your company may be directly responsible for paying compensation to the injured person in question. In some cases, this may be relatively inexpensive, but in many cases the claim can easily add up to hundreds of thousands of pounds. Even the most successful business is likely to feel the financial repercussions of such a claim, which may have a huge effect on your profitability or viability as a company.
3. Time Consuming and Emotionally Draining
There’s no denying that being on the receiving end of a public liability claim can eat up your precious time and be incredibly emotionally draining. Having public liability insurance can reduce these effects substantially because, while there’s still a process to go through, at least you can rest assured that your insurance company will support you throughout, the compensation will be paid for and your company’s finances will not suffer.
4. Restricted Business Opportunities
An often overlooked risk of foregoing public liability insurance is that it can potentially limit your business opportunities. How? Well, many companies and local councils in the U.K. simply won’t work with companies that don’t have public liability insurance as there’s too much risk involved for all parties. Investing in public liability insurance is a simple way of proving your responsibility and trustworthiness, and may pave the way for new avenues of growth.
Are you thinking about taking out public liability insurance? If so, we’d to hear from you. Here at OnSite Insurance, our team of experts are committed to providing companies across the U.K. with the insurance they need to protect themselves, their employees and their customers in today’s business landscape. Get your free quote today online or by giving us a call on 01902 324 194.
