Public liability Insurance
Public Liability Insurance in today's litigious society is more important than ever. As a chimney sweep your business activities mean that you could be sued by the public for your negligence. Although not yet at America's levels, more and more people, instead of accepting that loss or damage can happen by accident, are encouraged to believe that it must have been through someone's negligence - with the result that they sue. Although the demise of some firms actively pursuing compensation claims on behalf of customer has been well documented, the arrival of 'no-win no-fee' agreements and legal expenses cover 'after the event' has meant that access to the courts has never been easier. This ease of access, together with the perception that judges will award compensation in virtually every case - assuming that the business will have cover so that 'no-one loses' - of course this is not the case as the premiums insurers charge have to be increased to meet these claims - this means that the businesses have to charge more to meet these increases so eventually the customer pays for the awards.Examples of when you need public liability insurance
- You are up a ladder and drop a tool onto someone's car. Although their comprehensive insurance policy may pay for the damage, the insurers will look to you for reimbursement
- You call into someone's house and spill some solvent onto their carpet
- In a shop you fail to clean a wet floor and someone slips on it
- Whilst digging foundations you cut through a fibre-optic cable
Employer Liability Insurance is, of course compulsory for any firm that employs people. Due to the increase in duties imposed on employers and the rights given as well as ease of access to compensation, a similar increase in claims has arisen with the same result as above - premiums have increased and businesses have to increase their prices to pay for the costs.
Professional Indemnity Insurance in essence covers your advice rather than your actions. Many professional people will have a minimal risk of claims arising due to their actions, but may be liable if their customers suffer loss due to their giving bad advice. A good example of this is in Financial Services where many people were recommended endowments as a way to pay of their mortgage (and a surplus), without being made sufficiently aware of the risks involved. It can be argued that these claims are arising as a result of poor stock-market returns since 1999 coupled with the dotcom crash and low interest rates, and it does seem surprising that compensation is being paid before the actual loss is sustained.
B. Portwood & Co Ltd have access to a wide range of different forms of policies suitable to meet the demands and needs of businesses needing this form of cover. Whether you are a sole trader, a small contractor or engaged in high-risk activities we can normally find a policy.