Both in terms of practicality and, in some cases, the law, the risks and exposures of a business may be significantly different those of a private individual.  That is why business public liability insurance exists – to help provide a degree of financial protection should any of those risks come to pass.

Of course, the word business may cover a wide variety of different activities, ranging from a corner shop to a horse riding establishment up to a major international corporate enterprise.

Yet right across the spectrum, all businesses may have certain things in common with each other.

Risks all businesses may face

These may be seen as:

• environmental risks – fire, flood, storms and high winds etc., may all wreak havoc with your property, its internal equipment and fittings plus things such as your stock and tools;

• external human intervention – it is an unfortunate fact of life that not everyone will respect your premises or property and the fact that you are a business, as opposed to the residential or private concern, may offer you no protection whatsoever from burglars and the like;

• staff risks – if you are an employer (and the definitions of that may be broader then you suspect) you may be exposed to claims from your employees if they have suffered injury during the course of the legitimate pursuit of their duties – in fact, the law may require that you take out employers’ liability insurance.

This is far from a comprehensive list but it may indicate just how vulnerable a business may be, irrespective of its size. There are various forms of business insurance available that are aimed at specific areas of requirement – such as shop insurance, computer cover for small businesses, tools and equipment cover for trades people and so on. Companies such as Endsleigh  Insurance offer a range of solutions.

With the exception of employers’ liability insurance (in appropriate circumstances) these forms of business cover are not mandatory.

Public liability insurance for businesses

As with most other elements of business cover, public liability insurance is not a legal requirement (though there may be exceptions depending on your business). It is designed to protect you against claims from third parties should someone be accidentally injured, suffer a loss, or even die, and your business is found liable.

Insurance claims for slips, trips and falls are among the most common type of public liability claims, and your business could suffer financially if a claim is made against you and you do not have adequate protection please.

There may be little doubt that we are now in a claims-orientated culture where businesses (and individuals) may be sued and having this protection in place may give you peace of mind that should something go wrong, your public liability insurance will step in and provide financial support.

Do also note that in some businesses (for example, if you are a tradesman working on council properties), your customer may only award you the job if you can prove you have public liability insurance up to minimum specified limits in place.