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Accidents happen. There’s no getting around that. However, if they happen on your business premises, you could be on the hook for compensation claims, legal and medical expenses and more. Occupier’s liability insurance is designed to eliminate these kind of risks. Let the policy take care of all the problems, while you carry on doing what you do best. Read on to find out more.
Occupiers’ liability insurance is type of business insurance that covers the occupier of a commercial premises against personal injury or property damage claims made against them by their customers, suppliers, or members of the public. This type of insurance product is also known as public liability insurance, and it’s a must for any business that comes into contact with the general public.
If a visitor to your commercial premises is accidentally injured, or their property is damaged, they may make a claim against you and your business for compensation. Depending on their injuries or the scope of the property damage, the claim could run into the tens or even hundreds of thousands of pounds. Few UK SMEs could afford such a blow. Instead, occupiers’ liability insurance can cover the compensation claim and any related legal or medical expenses up to the limits of the policy.
Occupiers’ liability insurance does not cover your business from employee claims for accidents at work that cause personal injury or property damage. Business owners must take out employers’ liability insurance to protect against these type of claims from members of staff. This insurance is mandatory by law for virtually all employers, and you must have at least £5million in cover with the policy issued by an authorised insurer.
A customer trips over a loose floor tile in your shop. The break their arm in the fall and cannot work for several weeks. They may make a claim against your business for loss of income, medical and legal expenses and emotional stress. Or, one of your delivery vans scrapes a customer’s car while it is parked on your premises. Instead of going through their car insurer, they make claim against your business to repair the damage and provide a spare car while theirs is off the road.
Occupier’s liability insurance has major benefits:
No. Only employers’ liability insurance is legally required. Other business insurances are optional, although some clients and customers may require your organisation to have occupier’s liability insurance in place before they will trade with you.
There are many types of business insurance. Depending on the industry you work in and the work you do or the goods you sell, you should purchase essential cover and then add optional extras according to your circumstances:
Premiums for some occupiers’ liability insurances can start at less than £4 per month, but just as no two UK businesses are alike, so no two occupier’s liability insurance needs are the same. Costs will depend on your business type, where you operate, and the risks attached to what you do or sell.
All business involves risk, but that doesn’t mean you have to suffer the consequences if things go wrong. Don’t let an accident or oversight become a catastrophe for your organisation. Contact Swoop today to compare top-quality occupiers’ liability cover from different providers and to discuss all your business insurance needs.
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