3 Mistakes People Make When Taking Out Public Liability Insurance
Although public liability isn’t a legal requirement for most UK
businesses, the fact remains that it’s a very powerful type of cover for any
company that deals with the public. Failure to take out public liability
insurance could result in enormous financial losses if a client or prospective
customer were to make a claim against your business for injury or damage to
their property.
If you’re thinking about taking out public liability insurance, it’s important to
remember that not all policies are created equal. Here at OnSite Insurance, we
offer a range of construction insurance solutions to meet the needs of contractors
and builders across the UK. Read on to learn some of the most common mistakes
people make when taking out public liability insurance.
1.
Getting Inadequate Coverage
The most critical error you can make when taking out public liability
insurance is getting inadequate coverage. While it might tempting to save a few
pounds by opting for a minimum coverage policy, there’s always a risk that it
might not be sufficient to cover all the costs of a claim. Many insurance
companies offer cover ranging from about £1 million to £10 million, but the
exact amount that’s right for you will depend on your unique circumstances.
Your business operations, the type of work you perform, how often you interact
with the public and a range of other factors can all affect your public
liability insurance requirements. Be sure to have a chat with an insurance
professional for more advice.
2. Not
Comparing Quotes
As noted, choosing the cheapest liability insurance isn’t always the
best idea. However, it also goes without saying that cost will likely factor
into your decision when choosing a policy. With this in mind, before you commit
to anything, it’s a good idea to get a few quotes from different construction
insurance providers and see what’s on offer. By comparing your options you’ll
be able to make a more informed decision and better equipped to find a solution
that offers a good balance between affordable premiums and great coverage.
3.
Forgetting to Read the Fine Print
There’s no denying that trying to decipher all the clauses and
conditions of an insurance policy can be challenging, but it’s absolutely
critical that you take the time to read the fine print and fully understand
your options. In the worst case scenario, neglecting to do so could leave you
without cover and financially vulnerable if a member of the public sustained an
injury or damage to their property that involved your business.
If you’re thinking about taking out public liability insurance, you’ve
come to the right place. Here at OnSite Insurance, we specialise in providing
public liability insurance specifically designed to meet the needs of builders
and contractors across the UK. Get your free quote online today or give us a
call
on 01902 324 194 and speak to our expert staff for more information
about our services.
