Business General Liability Insurance

If you’re in business, avoiding legal challenges, lawsuits and compensation claims can be one of the most stressful parts of your daily grind. You need to make sure that you and your employees do everything you can to avoid risk, manage mishaps and protect the assets of the company.

Managing your liabilities as a business owner can be difficult. There are so many companies offering all different kinds of business insurance that sometimes you can’t see the wood for the trees. Understanding your liabilities in business can help to protect you, your employees and the longevity of your operation. It can also help ensure that you are covered against damaging and extortionate legal battles and compensation payments should your negligence cause damage, injury or even death.

Adequate business liability insurance is probably an essential purchase if you’re a business owner. Depending on your liability requirements, bundled policies, which include public, employers' and property liability cover, may provide you with enough protection. Although you may find that a  general policy doesn't quite go far enough and you might want to upgrade or purchase a separate policy.

Liability insurance can help cover a number of eventualities. For example, if the actions of your business cause:

•    Bodily or personal injury or death
•    Damage to or destruction of property
•    Slander due to false or inaccurate advertising

  - then you could be sued, taken to court and a compensation claim lodged against you. If you’re not sufficiently covered, any damages that you are ordered to pay could ruin your business. Some compensation claims can run into millions, not to mention court costs and legal fees so the right insurance could be critical.

Getting the right policy

Finding a business insurance policy that provides just the right amount of cover for your needs can help give your business financial protection for the future, should the unexpected happen. Here at Policy Expert, we want to help make sure you find the perfect policy at the right price.

•    Look for a policy that will cover you for legal costs associated with a liability claim. Read the small print and make sure you’re happy with the liabilities that are listed. Are there other areas of concern that are not mentioned in the key features?

•    Make sure the maximum amount the insurer will pay for each claim is sufficient. If it’s capped at £1 million, what happens if you’re sued for £2 million? Can you afford the shortfall? Make sure you have enough cover in place for the risks associated with your business.

•    Be vigilant and put procedures in place to lower your perceived risk. Raise quality control standards, keep records and documentation complete and ensure your employees are fully trained for the job they are doing. Taking all the necessary precautions may help keep your insurance rates down and reduce the risk of a claim. All businesses can take steps to reduce the likelihood of a liability insurance claim; make sure you’re one of them.

Read more in our business insurance guides or get a quote now.