8 Freaky Reasons “Public Liability Insurance” Could Get You Fired…

When it comes to businesses- Public liability insurance is always popular and there are reasons for its popularity. The first reason for its popularity is of course its cost which is lesser than many other options. If there is a damage done to a third party in which you (read) your business or your business property or even your employee is found liable then Public Liability Insurance comes to the rescue. You shouldn’t expect to get your loss covered with Public Liability Insurance instead it will cover the loss which has been incurred by the third party. Does it sound like something very easy to get away with? Your car hits someone else’ on the road, the person gets mildly injured, he gets paid for getting his injuries taken care of by ACC and you walk away. Believe me that it doesn’t always happen like this.

Car accident and "Public Liability Insurance"

Car accident and “Public Liability Insurance”

Photo courtesy of daveynin(CC Attribution)

Let’s repeat the scenario and replace the person who got injured with an angry old fellow who wants to take you (as the business owner) to court for damaging his property by one of your delivery trucks (true story). If you’re running a small business to take care of your family, would you be able to appear in the court and pay for the fines, penalties, legal representation and damages awards? Have you thought what part of your business property might get affected to pay all the cost especially in New Zealand where it is a common practice for business owners to expand their business by using their houses as collateral? Just imagine it for a moment and you’ll be horrified by the mere imagination of such happening. Let’s talk about the two very important types of public liability insurances:

“Public Liability Insurance” and the old fellow

un buon tiro

Photo courtesy of euzesio (seldom here)(CC No Derivatives)

 Public Liability Insurance:

Let’s say that your business is found legally liable for its activities let’s say for negligence ( you are a plumbing company and you are sued for water damages). A person sues the entire company for its negligence and claims his loss to be covered. How much love would you feel when you will be made to lose your focus on your business growth and rather focus on appearing in the court, paying for legal representation etc.? Well with public liability insurance all of this cost is covered so no effect on your business.

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Employer’s & Statutory Liability:

When you happen to be the part of an incident you’re naturally getting prepared to face the consequences of whatever wrong has happened. But how much prepared you are to get a penalty for “accidentally” breaching a law? In addition to this, there are a few parliamentary acts and government is always stepping up to ensure the compliance to these acts. Have you done your homework?

In connection to all that we have mentioned above if you still have further questions then don’t wait for them to get answered automatically. Let me know and I will be more than happy to assist you with any concern you may have regarding public liability insurance. If you are already covered and recently renewed the policy then here are a few things which are commonly overlooked during renewal of policies by business owners.

1)      What if your turnover has increased from what it was before?

2)      What if your geographical representation has increased?

3)      Were there any new employees hired in the course of time?

4)      Is there a new partner in the business now?

Repair to the front of the house

Water damaged house and Public Liability Claim against your company?
Photo courtesy of ilovebutter(CC Attribution)

May be you’ve taken care of all those points but if you haven’t then let your insurer know as soon as possible.  Or better Call me now! To take care of everything- so that you are going to think about your business and I will take care of your business insurance.

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