Friday, 24 August 2018

A Quick Intro to PLI (Public Liability Insurance UK)

Updated: 24 August 2018
In this blog, we will try to create a guide to people in the UK who is looking for information about professional insurance policies.

Public Liability Insurance UK 

 To succeed in the world of business, you're going to have to take the time to learn about all of the legal parts of your world that matter the most to you. This will help you to create the best kind of front for when you are looking at protecting yourself as well as your valuable clients. One of those critical parts that every business needs to have down is insurance. Public liability insurance UK is a well-constructed world of protection for businesses that makes it easier for each one to get the quality protection needed to be a success. Let's take a look at it.

For Businesses/Individuals: Simply Business
For Tradesman: Tradesman Saver

 What is liability insurance? 

 The first thing to understand is the definition behind liability insurance, which will help us to appreciate what, exactly, it does for us as business owners. This is the protection that we can get in both the legal world as well as the financial world when there is an injury on our premises involving someone who is not a direct employee of yours: someone making a delivery, a customer, etc. This protection is in place to make sure that you are not responsible for a large payout in the event of an accident, including medical fees and legal fees if the member of the public is interested in suing your business for the injury.
Self employed public liability insurance If your business is still growing and you are considered self-employed right now, understand that public liability insurance is still something that you are going to need to consider. Whether it's someone coming to pick up the product you sell, a supplier delivering business supplies, the potential for injury is no different. Your own personal insurance is intended to cover personal matters, but if someone is coming to your home on a business matter, you have to make sure that you have an insurance to cover the costs of anything happening.

 Why you need public liability insurance?

 You might be reading all of this and think “Great, but why do I even need it?” It's a common thing to wonder, especially when you think about the idea that it's another premium that you have to get used to paying every month. The thing is, you really are going to need public liability insurance if you want to succeed in business. It's a critical expense that will either make or break you in the event of needing it.

 Let's take a look at an example to better clarify its necessity. You are working in a shop, a customer comes in to make a purchase, slips on a wet floor and breaks her leg, making her unable to work for eight weeks. This is a common example, seeing as slipping on a a wet floor is actually one of the most common claims that public liability insurance brokers find coming their way. If you have insurance, you register the claim that the customer is making for hospital fees and medical bills, time lost (in terms of employment), etc and that's it. If the customer is looking to take this to a courtroom, it covers legal fees as well. This is all paid from amount that you've specified for the insurance plan that you have in place (typically it is 1 million). If you don't have insurance, you'll be responsible for taking care of all of those fees yourself from your corporate account. If you are a middle of the line business with standard loans and debts, this is going to be a huge cost for you to swallow that could sink your business even in the best of cases. This, of course, is with the best case scenario in the injury example as well. If the injury is more serious and there is damage to your business physically speaking, the price takes off, creating a problem for all size businesses form self-employment to corporations. While public liability insurance is not technically required, it's seriously recommended for businesses as soon as they start out, to make sure that everyone has the best chance to be able to succeed without getting shut down or torn apart by medical or damages fees that could have been avoided with a plan in place.

 What it covers ?

 Now that you can see its importance, let's take a look at what, exactly is covered in most standard public liability insurance plans out there. Firstly, insurance contracts can vary in amount depending on the kind of business that you're in, so the amount will be determined by the those details that you give out. Whatever the payout may be, it is intended to cover injury and medical bills as well as wages lost in most situations. It can cover legal fees if the case goes to court. It also covers damages to your premises as well as to the public's vehicle if it is done by your product in transportation. Public liability insurance also covers injury and associated costs when there are events going on off the work site that are sponsored by your business (for example, a corporate retreat, a family-based fun event, etc). The point of this kind of insurance is to protect everyone involved and make sure that everything comes together with the right result for everyone. All that, and none of it will come out of your own pocket, saving your business's bottom line and potential for the future along the way.

 The bottom line to remember about public liability insurance is that even though it isn't legally required, it's worth he premiums and effort that you'll go through to put it together yourself. Having the right protection in a moment of need is critical to helping your business get through the entire ordeal, and you don't want to be left wishing that you had gotten the insurance when you had the chance, Get it now and you'll see the positive results if the time ever comes for you to need it within your company's lifetime.

Tradesman Public Liability Insurance

A tradesman is someone who uses his or her set of skills to provide services to others and as a means of employment. These tradesmen have acquired the skill with years of training and expertise, learnt it professionally or became skilled on the job but they render services that help repair, design, make or assemble things, etc. that make the customer happy or satisfied, at least most of the time. However in case of situations where things go wrong, the years of experience, training as well as goodwill can all go down the drain. To protect oneself from such situations, tradesmen, whether any electrician, handyman, carpenter, plumber, builder, designer, decorator or anyone providing a service, need to insure themselves and their trade via suitable policies, such as the tradesman liability insurance.
A tradesman public liability insurance covers any damage caused by you or your employees on the client's site or their property or damage due to an accident or incidents that result in injury or damage to the client or to the public while working on the job (trade).

Who needs a tradesman public liability insurance? 

 Irrespective of the exact nature of the job, any tradesman who is not employed under someone but working on his own needs an insurance. It could be a plumber, builder, electrician, joiner, carpenter, designer, etc. where an insurance policy can be tailored to the tradesman’s meets and suitable for his particular business. The policy terms, coverage and premiums can be customized and designed with respect to the particular type of business or trade as well as its size, whether it's a sole person business or one that has a team.

Need for tradesman liability insurance and its benefits 

 A tradesman liability insurance is not a compulsion for any business or a requirement legally, but it is still highly recommended irrespective of the size and type of the business. Tradesman liability insurance can offer within the policy public liability insurance that can pay for any damages or injuries or claims made by the public that may be caused due to you or the employees. It even covers costs for legal fees and compensation claims. It is essential for any business that has clients or members of the public visiting their premises or the employees are interacting with the public to have a public liability insurance in place. Even businesses that are operated from home but have clients visiting the place need an insurance to protect against any accidental injuries or damages caused to the public.
Apart from providing coverage against accidents, damage, injuries and unforeseen events, a tradesman liability insurance along with the public liability insurance give more credence to the business as well as respect. Customers nowadays seek out companies and businesses that have insurance policies in place as they consider it to be a sign of reliability. Thus, along with the other benefits, an insurance for the trade adds brand value and creates a better image for the business.

Additional features about tradesman liability insurance 

 A tradesman liability insurance apart from providing public liability insurance also clubs other insurance types which can be beneficial to the tradesman. These include tool insurance especially for those tradesmen whose job depends on certain tools and any loss or damage to those tools can make the business suffer. Income protection is another feature provided by certain policies which help the business sail through in tough times and catastrophic situations where the running of the business is hampered or income generation stops. These combinations and options within a tradesman liability insurance are provided as per the needs, specifications and requirements of the business.