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Get a no obligation Public Liability Quote now.
Let's start with a true story - the names have been changed to protect the unfortunate participants...
Once upon a time there was a haulage firm based on the south coast of England. It was a small business, run by two friends - let's call them Fred and Jim. The business was successful, and there was always plenty of work to keep them busy. They were so busy, in fact, that sometimes they were a bit slack about the administrative side of things.
But who cares about a few bits of paperwork? Fred and Jim were making good money, and that's what mattered - that's what business is all about.
One day they were contacted by Mr Jones. He wanted them to use their low-loader truck to move his private cruiser from its mooring on the River Thames south to the Isle of Wight, offering them £300 in payment. Fred and Jim accepted the job and loaded the boat on their truck.
Unfortunately, there was a diversion on their intended route and, having neglected to measure their cargo, they attempted tried to drive a 22-foot load under a 20-foot bridge.
Crunch.
Mr. Jones, understandably enough, wasn't very pleased that Fred and Jim had converted his gin palace into a coal barge, and sued them for the £250,000 repair bill. Jim and Fred didn't think this was a problem, as their insurance would surely cover it.
Unfortunately for them they hadn't told their broker that, in addition to moving around second hand furniture, they were also shifting the odd luxury yacht. The insurer refused to pay up. Mr. Jones successfully sued them and our two friends wound up paying £250,000 for the pleasure of taking on a £300 job.
The moral of this story is this: if you're running a business, cover all your insurance options. That means insuring your equipment, your people, anyone who visits your premises and your data. You may wish to insure yourself, too - your fingers, for example, if you make your money playing the piano or typing.
If you work from home, don't assume your household insurance covers you for business purposes. Depending on the provider, your domestic policy might pay out if your work laptop gets pinched from your home, but it almost certainly won't compensate you for any loss of earnings that results from the data loss. Equally, if you suppliers or customers visit your home you will need public liability insurance, just as if it were an office or a retail store.
Public liability cover is the must-have insurance for all business: it covers you for all liability payments a court awards against you resulting from an injury to a member of the public or damage to their property that is considered to be the fault of your business. This is the insurance Fred and Jim should have had to cover them against damaging Mr. Jones' boat.
BusinessClub365 offers comprehensive business insurance, including an extremely competitive public liability insurance package aimed at the self-employed and small businesses. Remember: this is the insurance you cannot afford to be without. Click here to get a quote. A few minutes of effort could literally save you a fortune later - and in the meantime don't volunteer to move any luxury boats!
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