Having the correct insurance in place for your business is essential to ensure you are covered in the event of an unforeseen problem or accident. For some businesses, public liability insurance (PLI) will be a legal requirement, whereas for others who have interaction with the pubic it should certainly be a preference. It can be applied to any business that has dealings with the public, whether they be in the form of carrying out meetings in their office, making deliveries, or completing business operations in the public sphere.

Protection for Your Valued Clients

Public liability insurance is first and foremost a means by which to protect your customers and clients. It is not only a legal obligation but a moral one too to provide the appropriate care and precautions necessary to ensure that the public is in safe hands when they come into contact with your business. In the unthinkable event that something goes wrong, PLI can be the security net that you need in order to ensure that the injured party is cared for properly. It is this kind of forethought that can also save your business from ruin, as we will go into below.

Save Your Business from Going Under

When you are working with the public, a small accident can lead to a big legal suit. If you do not have the correct PLI insurance, then the costs of this can be deadly to your company. You may be liable to pay damages and medical fees on top of your legal costs, which is often enough to send any company under. Ifa member of the public is accidentally injured on your property or as a result of your business operations, public liability insurance will cover all of these costs, meaning it offers great peace of mind.

Be Reputable

Although some companies are required to have PLI, others opt to have it simply because it gains them a good reputation. Many customers want to know that they are dealing with a professional company who is able to take care of any problems that may arise, which often means that they will opt for a business that is insured over one that isn’t. This means that having public liability can increase your customer base and give you the edge when trying to win a contract or deal.

It’s Better Safe than Sorry

It is always the case with insurance that people purchase it in the knowledge that it’s always better to be safe than sorry. Unfortunately, accidents do happen and there’s no telling when one might strike. By having the correct public liability insurance in place, you can ensure that any damage to either people or property that may result from the actions of your company is rectified quickly and effectively.

Regardless of how many health and safety precautions you may put in place, you are never immune from mistakes. Where your business and the wellbeing of your clients is at stake, it’s always best to be prepared for the worst.

By Genaro Martin

Linda Martin: Linda, a renowned management consultant, offers strategies for leadership, team building, and performance management in her blog.