Do you know what public liability insurance covers if you have it? There are small businesses aware they should have it, but are not sure what for. No matter what type of business you have it has to offer something to other businesses or to the consumer. That right there is your obvious connection to the public. But also during this there may well be other contact with people with risks that they would some day make a claim against you.
No one knows what is around the next bend or behind the next door but it could be one of your employees accidently injuring a passer by. Or maybe someone working on your property leaves something on the public walkway and someone falls over it. Or even a visitor that comes falls and hurts themselves.
The legal costs involving these types of work accident compenation claims can be enormous as well as size of the compensation claims themselves. Your public liability insurance should cover those types of instances and others and could be the difference of you business staying afloat or sinking.
A contract is usually a condition of having public liability insurance especially for working in the pubic sector and is usually required for contracts with bigger firms and joint ventures. If you do not have documented proof that you carry public liability cover you may be disqualified from bidding.
At times in a small business pubic relations can be difficult. If there is a bid of bad luck then happenings that are unexpected can quickly escalate and get out of control and affect your profits and reputation. It is important to have your public liability policy in force in case these types of occurrences happen.
You can have your bookkeeper check on your current public liability cover to ensure it is relevant to the company or you could have them get a number of different quotes to see what is the most cost effective for the busy.
Lynn Watson is a director of Office Assistants a business that offers the small to medium business owner the opportunity to pick from an array of services that include bookkeeping.