While for many industries public liability is not compulsory, the recent collapse of Thomas Cook has sparked opinions of both industry leaders and consumers that public liability cover should be compulsory no matter what the business type or claims value.
Public liability is often found to have been overlooked, and although set up to protect consumers, it has some major benefits for organisations too. Whatever the size of your business, if members of the public interact with your company it may well be worth a second look.
Should the worse happen, for example, your plumbing company receives a call about a burst pipe you fitted which has now flooded the bathroom, or perhaps your mobile catering business accidentally undercooks a dish at a summer festival, third-party public liability insurance will be able to handle any complaints and subsequent pay-out.
Unlike Thomas Cook, who self-insured the majority of their public liability claims, you'll be able to keep your business ticking over without the financial burden or worry of a claim out of the blue. The collapse of Thomas Cook has highlighted the risky alternative of being caught paying for damages and claim costs out of your own savings pot. What’s more had Thomas Cook had public liability on all claims, a third-party insurer would continue to handle claims after its liquidation, making sure none of their customers lost out.
This is, however, standard practice for larger organisations but as a result, neither the organisation or the consumer have benefited from this type of approach to public liability insurance. Instead, it is fast becoming a hot topic of conversation, gaining air under its wings.
To find out more about how we can provide public liability for your business, contact us today on 0330 1240730