Public Liability Insurance is here to help in the case you are hit with a claim against you for damages or injury to a third party. It is an essential part of running a building or construction business. It’s vital that your policy covers you well and suits your business. A huge part of Public Liability Insurance is to help protect you financially. Here is the nitty gritty that you need to know about Public Liability than can help you ensure your policy is down pat.
Who is insured
Make sure that your insured parties are included in the policy. This means any past trading names, consultants, employees, subsidiaries, contractors or anyone else that you deem needs to be on it.
What is insured
You are insured for legal liability. This means that you were at fault or negligent which caused damage, illness or injury to the third party. The insured event must also be connected to the trade business. Legal costs are generally also included in Public Liability policies.
Make sure you check any contracts with the land owner or authoritative parties to ensure that all contractual requirements are met with your insurance too. You may also want to consider any off-site operations and preparation areas to be included in the policy.
Third parties are not employees, onsite workers or yourself. They are other people and their property.
What is not insured
Things that are normally not insured by Public Liability include fines, health and safety breaches, contract disputes, liquidated damages, penalties, personal injuries or illness, persona property damage, or workers compensation. All of these things will need to be insured separately if they are eligible.
Your policy may also limit the type of work which is insured, where the works are and the construction periods. Make sure that any of these limitation suit you before accepting the policy.
Public Liability Insurance for builders covers events happening during the build, not after. Therefore to cover the works after construction you will need to obtain Product Liability Insurance as well. Also consider vibration cover which is generally not included.
At the end of the day, you know your business best and the above information is only for general purposes. If you need more detailed information please contact All Trades Cover today to discuss what you need or grab a fast quote for Public Liability.