Liability insurance, also commonly known as public liability insurance is something that all self-employed persons should think about even as early as when writing their business plan. Liability insurance is highly recommended a necessity for several self employed people whether they are manual, clerical or a professional trade who want to protect their business.
The standard benefits of a public/products liability policy are you are insured for your legal liability for injury, illness or disease to any member of the public, loss of or damage to their house occurring over insurance. For example if you're a plumber and accidentally flood a property you are focusing on, the price of the damage will be covered under your liability policy.
With a public liability insurance coverage you as a rule have three standard options for your degree of cover required. The limits of indemnity are �1,000,000, �2,000,000 and �5,000,000. The limit of indemnity you are covered for simply means that the insurance policy will cover any insured peril around the limit required ie �1 million. When choosing the level of cover you require you should consider the worthiness of properties that you focus on. For example in the event that you focus on a school you should have a public liability degree of indemnity that is sufficient to rebuild the school if required. If you work on large properties you may require a level of indemnity more than �5 million. This is often arranged by purchasing yet another liability policy called an excess layer. This policy is in addition to the standard policy and can increase the level of indemnity to �10,000,000.
Employers liability insurance can be added to a public liability policy. Employer's liability insures you for the legal liability for injury, illness, death disease or nervous shock of any employees caused over insurance. Assuming you have an employee or perhaps a labour only sub contractor you are legally required to have employers liability insurance. The minimum level of employers liability insurance is �5,000,000 by law but most insurance companies have an even of �10 million. An example of an employer's liability claim is if your employee was on a faulty ladder and fell and injured themselves . Employer's liability claims are normally for higher levels than public liability claims.
Under a liability policy also you can have the optional extra cover of tools insurance and goods in transit cover. Tools covers are for loss or damage to hand tools and hand held portable tools owned or hired in by the insured. Business Insurance Companies Norfolk of tool cover is generally from �1,250 to �2,500 with a single article limit of �250 approximately. Tools cover can be risen to include theft from an unattended vehicle. Goods in transit can also be included for up to �2,000 for just about any one occurrence.
Finally before investing in a liability policy you should make sure the insurance company and the insurance professional are regulated by the Financial Services Authority. The Financial Service Authority (FSA) regulates all British insurers and brokers. This regulation would be to protect the customer. Also for this reason regulation insurers must provide what is known as key facts or a policy summary for any insurance policy they have available. These are perfect if you prefer a quick summary of what the policy does and will not provide cover for.