How much does public liability insurance cost?
Accidents happen across all industries. They range from the apparently trivial to the very serious, but even the most minor of mishaps can seriously impact your business.
Public liability insurance covers your business against legal claims from customers and other members of the public. It can be a relatively low-cost way to insure yourself and your business.
If you're not sure whether you need it, read our article, 'What is public liability insurance?'.
How is the cost of public liability insurance calculated?
Like all insurers, Direct Line for Business takes several factors into account when calculating our premiums. These include but are not limited to:
- the industry you work in
- the nature of the business
- the scale of works undertaken
- where you work
Our insurance specialists develop and price our policies based on a detailed understanding of each sector and the risks that come with that line of work.
What level of cover can I get?
There are a lot of additional insurance options that can come with the cover as standard or optional for an additional premium. These optional extras could be additional cover for your tools and business equipment. Whatever you choose, it's important to read the fine print to know what you're getting.
Direct Line for Business can provide you with £1 million of public liability cover as standard. You can extend this cover to £2m, £5m and £10m for an additional premium. The extended cover is ideal for public sector contracts, such as work for local authorities that need a higher level than the standard cover.
Having public liability cover can also be a great way to represent yourself as a professional who understands the risks that come with your line of work. This could help you to develop new business and win contracts.
Is this all the cover I need?
Some tradesmen and other small business owners feel that public liability insurance is all the cover they need. There are optional extras you could add to your public liability policy, such as insurance for tools and business equipment, business stock, and injuries to named working partners.
Depending on your trade, there are potentially some other forms of cover you may want to consider:
- Employers' liability insurance, which is a legal must for all businesses with employees
- Van insurance, because a standard vehicle policy generally will not cover you for business use.
- Professional indemnity insurance, helps cover your business if a client claims that there is a problem with the work you've done for them.
How much is public liability insurance for businesses and self employed people?
A wide range of trades and businesses take out public liability cover so the cost of a policy can vary a great deal. Public liability is typically an affordable form of cover for self-employed individuals.
At Direct Line for Business we won't charge you any interest in your first year (0% APR representative, subject to eligibility, 18s and over). This allows you to spread your costs over the year rather than paying the full amount upfront. Additionally, if you're given a better quote for the same level of cover elsewhere, we guarantee to beat it.
The only reliable way to know how much you'll have to pay for cover is to get a quote for public liability insurance.
If you're unsure about what cover you need, give us a call on 0345 303 1761. We will explain all of the cover options available and help you get the insurance you need for your business.