Times are tough for businesses at the moment, and many are finding that cutbacks need to be made in order to stay afloat.
Business owners, and those setting up new businesses in a difficult economic climate, will be looking at all bills and trying to get outgoings down to a minimum.
When you find your public liability insurance quote online, or receive your renewal quote, it’s natural to question whether public liability insurance is worth the investment. It’s easy to have a ‘it won’t happen to me attitude,’ however, as with most insurances, when you consider that the worst case scenario could devastate your business and possibly leave you bankrupt, the policy premiums seem to be a small price to pay.
The fact of the matter is that, with the best will in the world, accidents and injuries can happen anywhere. And should one happen on your business premises, or even when you are doing business elsewhere, you could easily find yourself with a costly compensation case on your hands.
It also pays to consider that the growth in the ‘compensation culture’ means that members of the public are far more likely to make a claim against you and your business than they were five years ago.
There’s been an 18 per cent increase in payouts between 2007 and 2011, and the prominence of Claims Management Companies means that this growth is unlikely to slow or stop.
Even if your business falls foul of a fraudulent or hyperbolic claim, the legal fees spent in defence can run into many thousands of pounds.
For the amount that an adequate public liability insurance policy costs, the consequences of not having one are simply not worth the risk.
Protect your business during difficult times by making public liability insurance an essential business expense.