Public liability insurance is not mandatory in Ireland. Unlike motor insurance or van insurance, a business is not generally required by law to take public liability insurance cover.
However, if you run a business or are a sole trader / consultant, then public liability insurance is something that you should seriously consider to cover you and your business if the unfortunate situation should arise that you need it. Public liability insurance although not compulsorily in Ireland is an important addition to consider when looking at your overall business insurance cover.
What is Public Liability Insurance?
Public liability insurance offers cover when you become liable to a member of the public for death/injury/disease, damage to property or expenses and costs following an accident that is connected with your business.
A slip or a fall accident is one example where you could be protected by public liability insurance. If someone slips and falls at your premises, you become liable.
This form of business insurance typically provides coverage in the range of €2.6m to €6.5m.
Should You Get Public Liability Cover?
As a business owner, you face the risk of someone in the general public suing you for damage or injury caused to them while carrying out your business activities.
If they sue you for damage/injury, or if they allege that you caused them damage or injury while conducting your business activities, then it could prove to be very costly for your business.
With a public liability policy, you will have the ability to defend any claims made against you or your business and the cover will allow you to provide compensation to the plaintiff, if you’re found negligent.
How Much Does Public Liability Insurance Cost?
When it comes to calculating the cost of public liability insurance in Ireland there are a few different factors that influence the price of your premium.
- The type of business you are in.
- The industry you are in.
- Your annual turnover
- Whether you work from home, your own premises or abroad.
Who Should Buy Public Liability Cover?
- Businesses Who Attend and Host Events – If you regularly attend conferences, exhibitions or seminars to promote your business, then you may become liable if an attendee at the event sustains damages/injuries as a result of your action (for instance, if they slip and fall at your trade stand).
- Employing Staff – When you take on new employees, they will increase your company’s exposure to potential public liability claims.
- Businesses with business premises – Having clients, customers and members of the general public calling to your business premises exposes you to the possibility of potential claims against you and your business. Should they fall and injure themselves, then you may be held liable.
- Your clients request it – Some organisations may require that their vendors have public liability cover. This business insurance policy will protect you if you inadvertently damage the client’s property during a visit to their plant or factory.
We Can Help
Britton Insurance is a leading insurance broker in Ireland with a vast understanding of the business insurance market. We can help you find the correct public liability insurance policy for your specific needs. Give us a call today if you would like to request a free quote.