This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/01/04/does-my-startup-need-public-liability-insurance/
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Each startup is unique, so the kind of insurance you will need for it depends greatly on the type of business you’re intending to run. You must take into account the risks you face, as not taking the time to understand insurance can lead to serious financial consequences for new business.
If your startup’s business requires regular interaction with members of the public, then you should seriously consider covering yourself with public liability insurance. Accidents happen, and you need to be protected against them when they do.
Let’s look at what public liability insurance is and how your startup could benefit from it:
What is public liability insurance?
Public liability insurance covers you for the cost of the claim in the event that a member of the public or a client suffers an injury, or property damage, as a result of your business or the products you have supplied. Not only does it protect you against the cost of compensation to be paid out, but it also covers any legal expenses incurred by this process.
Claims could be sought for things like a client or member of the public tripping over your work equipment, or slipping on a wet floor on your business premises. It also covers damage to property, for example, if a member of the public were to claim that you’d broken something whilst you were conducting business. In this event, public liability insurance would cover you for the cost of compensation owed to them (up to the limit of your policy).
Public liability insurance also comes in handy when you’re trying to secure future business, as some organisations and trading authorities may require some public insurance in place before agreeing to work with you.
Do I need public liability insurance?
Public liability insurance is not a legal… Read More
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