• Catherine France

Do you know what type of Liability Insurance you need?

Updated: Mar 20, 2019

Are you running a small business?


You are probably aware that you need liability insurance but not sure what or why?


HERE IS A QUICK SUMMARY OF THE DIFFERENCES;


Public Liability – This is cover that protects you in the event that you cause damage or injury to a third party. The insurance cover you buy covers the costs of legal fees and/or compensation paid to the third party. It is often a requirement at events or if you are hosting workshops at a venue.


Products Liability – This protects you if a product you have sold causes damage or injury to a third party, regardless of whether you manufactured the product or not. It is often combined with the public liability insurance, but it is always worth checking.


Employers Liability – This cover protects your employees if they are injured as a result of an accident while working for you. A minimum limit £5 million is a legal requirement for most businesses, although there are certain exemptions – if you are self-employed or if you only employ close family (and are not incorporated as a limited company).


Professional Indemnity – This cover protects you for financial loss suffered by a third party as a result of advice or a service you have provided if they claim there is a problem with the work you have done for them.


Directors and Officers Liability – Protects individuals serving as a Directors or Officers for the personal liability as a result of actions or omissions they make in the performance of their role for the company. Anyone who is a Director or Office of a company, charity or institution run by a board or committee should consider this type of cover as they can personally be the subject of claims which would lead to fines, compensation or prison.


Examples:


MARKETING CONSULTANT - If you are a marketing consultant with no staff, you might want to consider Public Liability and Professional Indemnity insurance to cover your liabilities.


JEWELLERY SHOP OWNER - You are a small jeweller with shop and 2 part time staff, you might want to consider Public Liability, Employers Liability and Products liability.


VIRTUAL ASSISTANT - You are a successful virtual assistant with no employees, you might want to consider Professional Indemnity Insurance and Public Liability Insurance for a series of live events and workshops you have planned for the coming weeks.


You would still need to consider other cover for buildings, contents, computers, money, cyber, and events etc. to build robust protection for your business, more to come on this.


If you would like more information about the types of insurance every small business needs, please download my guide - http://eepurl.com/gi4-hb


If you have any questions, please drop a comment below or send me a message. 

© 2019 by Catherine France

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