What Risks May a Public Liability Policy Cover?
Today’s business owner is exposed to a huge variety of risks on a daily basis, whether they’re running a busy restaurant, heading up a building project or working for a not-for-profit organisation. Any business that comes into contact with clients or whose product/offering comes into contact with clients is at risk of a Public Liability claim.
Every business is different, and so are the risks that they face. In the case of Public Liability, these risks are almost impossible to predict. Such as:
- A tradesman visiting a client mistakenly takes out the power of the entire building, resulting in several businesses losing valuable hours of work. The tradesman could be liable for any lost income as well as the cost of repairing the problem.
- A client is visiting an office is injured after tripping over equipment. The office owner may be held liable for any damages and costs incurred as a result, such as medical expenses or loss of wages due to the injury.
- The owner of a gym experiences a water pipe burst in the changing room where patrons store their bags during exercise. Laptops and mobile phones are damaged beyond repair. The gym owner may be held liable to cover the replacement of these electronic devices.
- A waiter is serving a hot beverage at a café and accidentally spills it on a customer, burning them in the process. The café may be held liable for ensuing medical expenses.
As a small business owner, the continuing success of your business rests upon your ability to manage, mitigate and transfer risks. It is possible to reduce the risk that you are exposed to by evaluating and taking steps to minimise them. However risk cannot be totally eliminated, so it is imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business, employees and the general public.