Everything About Public Liability InsurancePosted by On

There are plenty of different types of liability insurance products sold in the market today. While most of these are value-added products, one of the most important insurance policies that you should consider buying is a public liability insurance policy. As the name suggests, this is the type of insurance that provides cover for any claims made against you, your business, the directors, owners, shareholders, employees, or any sub-contractors that you have working for you.

Currently, most people keep their solicitor on speed dial. In the case of any accident or harmful incident, the person they dial after calling the emergency services is their solicitor. That is one of the main reasons why you should seriously consider signing up for public liability insurance in Ireland. However, before you sign up for any insurance policy, there are many things that you should know.

Is It Important?

Getting public liability insurance is definitely very important. If you want to save yourself from unnecessary litigation and avoid paying thousands of pounds in legal fees, you should consider getting public liability insurance. Not only will it make it easy for you to challenge frivolous lawsuits and keep disgruntled customers from ruining your business, but public liability insurance will also give you the peace of mind that you need in order to make your business grow. While it may not be a necessity for most entrepreneurs, as a prudent businessperson, you should definitely consider getting public liability insurance.

What Does Public Liability Insurance Cover?

The standard public liability insurance policy provides cover for any legal costs that may arise as a result of any lawsuit filed against your business. As long as you are defending a claim against your business, the costs can be covered by the public liability insurance policy. The premium is generally calculated depending upon several factors, such as the type of business you run, your business’ goodwill, and general business practices that impact your company’s performance in the industry. If your company has a decent image in the market and is a household name in the industry, the premium will obviously be less.

What are the Cover Limits?

Needless to say, the public liability insurance policy won’t cover all of the costs of litigation. The limits on the Irish market are generally around €6.5M or €2.6M, depending upon the type of policy you buy and the type of business you run. While the latter policy is more than adequate for most types of businesses, the former policy may be needed by certain types of businesses.

However, most insurance companies are generally quite flexible, and they are more than willing to increase the limits of the policy depending upon your requirements. If the nature of your business requires higher limits, you should consider contacting your insurance company to increase the limits. Obviously, the premium that you pay will increase accordingly based on the increase in the cover provided by the policy.


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