What you need to know about Insurance for Public Liability
Insurance for Public Liability is an economic necessity for all self employed people and limited companies in the economic climate of today. With the economic slow down many people may be thinking about saving money and they may be thinking about not taking out or renewing their policy. This could be a very expensive mistake to make. A policy can start from as low as £45.00 for £1,000,000 indemnity for some trades such as a hairdresser. This premium is tax deductible if you are self employed or a limited company. Also, if you are a subcontractor you may not be allowed on site without having insurance in place.
Many of the leading insurance companies have several features and benefits that most businessmen will find very helpful. Insurers often have a free business, legal and taxation helpline that many people have found to be invaluable in the past. They also often have automatic cover for bona fide subcontractors.
This means that if you use a bona fide sub contractor that subsequently you find out has no insurance, your insurer will deal with any claim. An example of this can be if you are building an extension on a house and you have a corgi registered plumber install the central heating and he floods the house. If the plumber has no cover then your insurance company may well deal with any claims.
You can also include many features onto the basic policy such as contract works, hired in plant, own plant, tools cover and goods in transit cover.
If you employee anyone, or are a limited company with more than one employee, it is legally compulsory to have employers liability insurance. The only practical way of having this cover is to have insurance for public liability policy. Employers liability insurance is always for £10,000,000 and covers a sole trader or limited company if any of their employees are injured in the course of his or her work.