Full Cover Insurance Explained for Public Liability
by Startacus Admin
Are you working as a sole tradesman in a knowledge-based position? If you are, then consider yourself one of the lucky ones. You must be proud to be from a pool of growing professionals. Self-employed professionals in the UK have been on the rise – just two years ago, the number had risen to 4.7 million.
Is full cover Important to a Self-employed Professional?
As a successful sole tradesman, you might feel that full cover for public liability is not something you need. On the one hand, you might feel very confident in your abilities and quality of service. On the other, even if you are not to blame directly, you might run into a major financial burden, if one of your clients or a member of the public sues you for damages to property or personal injury.
Understanding Full Public Liability Insurance Cover
Simply put, public liability insurance for self-employed individuals covers the cost of a claim, in the event you are sued by a client, public member or third party for causing any property damages or personal injury. These “accidents” can occur unexpectedly when you go to meet clients at their home or place of business. However, it is not limited to just that – in fact, if an accident occurs at your place of business due to negligence (such as wires placed haphazardly on the floor), clients can still sue you for damages and/or injuries.
If you see the big picture here, public liability insurance can really save your neck in situations where circumstances are 
sometimes not under your control. Public liability risks can take shape at any time whether you foresee them or not. Unfortunately, you will not be immune to a claim that is filed as a result of serious personal injury or property damage on your part. A client or third party may sue you over a spilled cup of coffee if it causes harm in any shape or form (think electronics). A member of the public might sue you over a dropped hammer that cracks their car’s windscreen.
What one must take into account is the fact that even unfounded claims are very easy and relatively inexpensive to file. But the cost (to you) to bury that claim can be ten times more or higher.
Practical Insurance Cost, Life-long Peace of Mind
Perhaps you do not get that many client visits to your home or office, you might still find yourself in the middle of a public liability claim – for instance, if there are accidental damages to a client’s property when you make visits.
It is now easier than ever to get claim compensation even if the damage or level of injury is small. While this might not be a major sum of money for the claimant, it can cost you an arm and a leg. Furthermore, if a product you sold causes any kind of harm, you could be looking at a compensation claim.
Now that we have public liability insurance explained, let us understand how much it might cost to get yourself insured. The price you pay for the cover more or less rests on the kind of coverage you require as well as the business activities you are engaged in. In some cases, getting annual coverage may cost no more £250.
For instance, a public liability insurance policy might cover you in financial expenses to the tune of £10 million, for causing bodily harm/mental injury to a client or damage to their property. In other cases, you may get coverage for criminal defence amounting to £100,000 (claims against breach of regulation).
Some clients might also refuse to do business with you if you are not covered by public liability insurance. In any case, it is a good idea to hire the services of a UK public liability insurer to tailor a coverage plan that best suits your business circumstances. There are numerous sites out there, one for example being the UK company Tradesman Saver, where you can easily get an online quote.
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Published on: 31st October 2017
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