Do You Require Combined Liability
Liability insurance is a staple for almost any business simply because most businesses have to hold a policy because of the laws surrounding it. However, there are so many variables and things that could go wrong which makes combined liability insurance especially attractive. A number of these eventualities could affect your business and your livelihood so we want to make sure you’re covered for all the scenarios you need for the best possible premium price. Combined liability insurance does just that – combines public and employer’s liability insurance.
Public & Employer’s Liability Insurance
Both public and employer’s liability insurance policies help to protect you and your business and it is important to fully understand the differences and benefits of both types before you take out your policy. Public liability insurance is there to cover you and your business for any inconvenience or harm that you cause a customer whether it is through damages, loss of goods/personal belongings or damage to their property while you are working on it. Employer’s liability insurance does the opposite, protecting your employees by ensuring that you are able to pay any damages if they get injured while working for you.
Insurance Benefits
First and foremost, everybody thinks about the money. Owning a concrete combined liability insurance policy will safeguard you and your business by making sure that you never have to pay out a large lump sum for damages. However, these policies also offer additional benefits for your employees and customers alike. You will be able to show that you have their safety and health in mind along with the ability to produce any documents in any situation where liability insurance is a legal requirement.
What Cover Do I Need?
We can help you if you are not sure what level of cover you require. The amount of cover needed varies significantly based on the type of work that your business carries out – we can help you every step of the way to make sure you are getting exactly what you need from your insurance policy. Public liability insurance is usually the most costly with cover of up to £1 million being seen as a minimum. However, you may have to show that you have cover of up to £5 million if you are working in the public sector. Combined liability insurance puts both public and employer’s liability insurance together, typically providing cover of up to £10 million.
Don't Get Caught Out
Employer’s liability insurance is usually a legal requirement for most businesses, even if you are only working with one other employee. Your legal and damages costs could mount up very quickly if you neglect to set up a proper insurance policy and one of your employees files a claim against you. Don’t put your business and your livelihood at risk – get in touch with Insurance Price today and we will set you up with an insurance policy that is just right for you and your business needs.