Is Public Liability Insurance mandatory?


Business owners work hard to develop and maintain their businesses. With so much going into owning a business, it is important to also protect it. Business owners should have certain types of insurance coverage in order to do this.
One type of business insurance that a business should have to protect it is public liability insurance. While public liability insurance is not mandatory, it is strongly recommended for businesses. The reason for this is that it can protect your business from any claims being made by third parties.
In customer-facing businesses, customers as well as members of the public will come onto the business premises. This also includes those who operate businesses from their homes. Public liability insurance provides many different aspects of coverage.
If a third party were to make a claim against your business insurance, the policy would cover any damages awarded to the third party. The damages are awarded in the cases of injury or damage to their property. However, this is not all that is covered. When dealing with these kinds of claims, it is often necessary to obtain the services of a solicitor. This can be quite expensive. Public liability insurance will reimburse a business for these expenses.
Sometimes when dealing with third party claims, the injured party will seek treatment from the hospital. They may also need an ambulance. In some of these situations the NHS may seek reimbursement. If this is the case, a business with public liability insurance would be covered for this expense.
When obtaining public liability insurance, the premiums will vary according to the business and the industry. Many times it depends on how many people may be on the premises at one time, as in the case of a hotel. Also, the premium amounts depend upon the level of coverage selected.