Do I need public liability Insurance ?

Question

We are starting a service that matches companies to website designers. Its an online service.

Theoretically there could be issue between the companies meeting through our service. Would we require some sort of public liability insurance to cover us for such issues ? or maybe some other sort of insurance.?

regards

Ashley

Answer 1

You can have insurance if you like,

But you could modify your T&Cs to shift the blame.

you are an introductory agency thing, its not our fault etc ...

Answer 2

Hi there, yes it is a legal requirement for all businesses to have liability insurance. It is also a legal requirement to keep records of your insurance for atleast 25 years.

Firstly you can minimise your liability by getting well written terms and conditions for your business then negate your personal liability by getting insurance.

If your business is office based which i assume it is then you are only talking a very small fee even smaller if you dont have any employees.

I myself have 3 companies Construction, Marketing and Van hire is use Premier Line Direct

http://www.premierlinedirect.co.uk/

My marketing company which is 100% office based is only £400 with 6 employees £280 of this is Employers Liability Insurance and £120 public Liability

Answer 3

You only need liability insurance, if it's required by contract with one of your vendors or clients, OR, if someone sues you.  They can sue you, for a problem they have with a company that you match them up with.

You're likely required by law to provide workers compensation for your employees.

Answer 4

Yes sdackcit has answered correctly

Answer 5

Talk to an insurance agent that writes insurance policies for businesses.

Answer 6

Public liability cover your legal liabilities in respect of damage to third party property and bodily injury to third parties. I think that professional indemnity insurance is more relevant as it provides an indemnity for financial loss if you are legally liable for errors or omissions. In the UK there are insurers who provide public liability and professional indemnity under one package for as little as £200

Answer 7

Not sure that you do; but for our business, we pay £350.00 a year and that covers us up to 2 million. For that price, peace of mind is good!

Answer 8

Yes.  Many larger corporations require minimum level usually around a million to handle their accounts.  Some services may require more insurance than others; industrial consulting, contracting, etc...

Answer 9

I am no expert but I would say that you’d probably need both public liability and professional indemnity, depending on whether you offer advice.

In terms of the other types of insurance you would require it would depend upon where you business is based. If you are based from home your standard home insurance policy may not necessarily cover you, certainly worth looking into.

I used Endsleigh, who I found very helpful – http://www.endsleigh-business.co.uk

Answer 10

Hi There

In short, yes. But to protect yourselves fully, i recommend PI insurance (Professional Indemnity). In short this covers you for errors and ommissions, owing to the fact that your business is web based i would say you will need it. You can get a dual policy that covers you for Public Liability, Employers Liability and Professional Indemnity, Could also look at directors and officers liability insurance also !!!