There are many types of insurances that have been crafted to protect businesses from unwanted circumstances. One of these is liability insurance.
You can think of liability insurance as the friend you call to clean up the mess. Being a contractor is already a pressure job, keeping in mind the vagaries of the market and the increase in competition. So where does it leave you when you are stretching your resources to complete your work and you are suddenly facing a damages claim due to an unforeseen event.
Public liability insurance provides an option to negotiate a third party claim in case there was an injury, death or damage to property, which has been attributed to your company’s site, product or services. Claims paid as part of liability insurance in the UK reach to the billions, which is an indicator of how necessary it is to protect your business. In 2015 alone, more than 5 billion pounds was spent in payment of liability claims.
Without liability insurance, you are putting your contract business at a great risk. Fighting claims can eat into your funds and render your business bankrupt. Choose the best moves for your business. Along with looking for growth, you should also protect it from the worst-case scenarios. Liability insurance is a good start.
Am I eligible for Liability Insurance?
Does your work require you to interact with members of the public, or third parties, which are not your employees or connected with your project? Maybe you are making a pavement outside a mall, or building a wall for a public park – in these cases, you would be better off with a strong liability insurance coverage.
The best way to get started with your liability insurance scheme is to reach out to the experts. You don’t need to fix an appointment or have a lengthy one-on-one. You can fill in some basic details online and get a liability insurance quote in just a few minutes.
What is Employer Liability Insurance?
Employee liability insurance is applicable to a scenario when an employee claims damages. Injuries and death can be a possibility in some segments and industries. This type of insurance will protect your business from the costs that may incur in litigation and paying for damages.
Factors for Liability Insurance
When you are applying for liability insurance, your premium and coverage will depend on certain factors. Your turnover is one of them. Third-party coverage is important if you are working on a third-party site.
Quick and Affordable Liability Insurance
When choosing an insurance provider, make sure that you are enjoying the most competitive of rates. You can choose both public and employee liability schemes and get a free IR35 assessment, another important part of your business’s tax compliance. With simple documentation, you will have a hassle-free experience getting your insurance finalized. It is very important that you are giving correct information when you apply for any insurance scheme. If your information is false, your insurance contract would become void and cause you a big financial loss in case you need coverage.