For many contractors, public liability cover is considered a vital business insurance cover that they are aware, that even though not usually a legal necessity, is an essential prerequisite for working in the modern environment.
Some businesses remain uninformed of the importance of such insurance and many others buy the cover but may not have a clear comprehension of what the cover is intended for, merely that it is considered prudent to arrange public liability insurance.
In recent times an ever-increasing number of businesses are placed in the situation of having to buy public liability cover so as to meet the pre-contract needs of main contractors or employers, whether or not the contractor themselves recognises the need or indeed has an understanding of what the policy is intended for and how it protects the contractor and other parties..
At its centre the public liability insurance policy is a simple risk transfer mechanism whereby a contractor transfers certain financial risks associated with trading to an insurance company who is much better positioned financially and technically to handle those risks and losses that may arise from them.
As with all businesses, contractors face a variety of financial risks each day in the normal course of business, together with the potential for action being taken against them by 3rd parties for personal injury or property damage caused by the contractor in the carrying out of the daily business.
It is these risks that the third party liability insurance cover id intended to deal with and shift these economic risks and consequences of these risks to the insurer or underwriter.
The public liability insurance contract offers protection to the insured against of claims made against them by 3rd parties for personal injuries and property damage allegedly caused by the policyholder during the course of their trading. Maybe significantly the policy also provides cover in respect of the value of providing a legal defence to any allegations made against the insured in respect of such claims.
The legal defence costs apply to claims made against the insured in respect of the coverage irrespective of the policyholder's eventual legal responsibility or not for that claim. These legal defence costs may be a considerable sum of money even for a very routine and spurious claim against the policyholder and many insureds regard this coverage as being as significant an integral part of the insurance as the cover in respect of awards made against them.
The price of public liability cover is naturally extremely dependent upon the trading activities which are undertaken by the insured, where these are undertaken and just how much work is actually undertaken, but in reality the cost of an effective public liability insurance protection is genuinely quite low in comparison with the cover and security it provides the business.
Purchasing third party liability insurance is a quite simple process. There are various on line quote services, often provided by specialist business insurance agents where you can obtain immediate on line quotes and cover for a wide variety of contracting occupations if these are provided by a specialist business and liability cover broker, additionally , you will have access to advice services in respect of your liability insurance and other business insurance needs that you have.
Some businesses remain uninformed of the importance of such insurance and many others buy the cover but may not have a clear comprehension of what the cover is intended for, merely that it is considered prudent to arrange public liability insurance.
In recent times an ever-increasing number of businesses are placed in the situation of having to buy public liability cover so as to meet the pre-contract needs of main contractors or employers, whether or not the contractor themselves recognises the need or indeed has an understanding of what the policy is intended for and how it protects the contractor and other parties..
At its centre the public liability insurance policy is a simple risk transfer mechanism whereby a contractor transfers certain financial risks associated with trading to an insurance company who is much better positioned financially and technically to handle those risks and losses that may arise from them.
As with all businesses, contractors face a variety of financial risks each day in the normal course of business, together with the potential for action being taken against them by 3rd parties for personal injury or property damage caused by the contractor in the carrying out of the daily business.
It is these risks that the third party liability insurance cover id intended to deal with and shift these economic risks and consequences of these risks to the insurer or underwriter.
The public liability insurance contract offers protection to the insured against of claims made against them by 3rd parties for personal injuries and property damage allegedly caused by the policyholder during the course of their trading. Maybe significantly the policy also provides cover in respect of the value of providing a legal defence to any allegations made against the insured in respect of such claims.
The legal defence costs apply to claims made against the insured in respect of the coverage irrespective of the policyholder's eventual legal responsibility or not for that claim. These legal defence costs may be a considerable sum of money even for a very routine and spurious claim against the policyholder and many insureds regard this coverage as being as significant an integral part of the insurance as the cover in respect of awards made against them.
The price of public liability cover is naturally extremely dependent upon the trading activities which are undertaken by the insured, where these are undertaken and just how much work is actually undertaken, but in reality the cost of an effective public liability insurance protection is genuinely quite low in comparison with the cover and security it provides the business.
Purchasing third party liability insurance is a quite simple process. There are various on line quote services, often provided by specialist business insurance agents where you can obtain immediate on line quotes and cover for a wide variety of contracting occupations if these are provided by a specialist business and liability cover broker, additionally , you will have access to advice services in respect of your liability insurance and other business insurance needs that you have.
About the Author:
Blackfriars Insurance is a long established specialist liability insurance broker providing instant access for a wide range of contractors liability insurance requirements with an online quotation service and a team of dedicated liability insurance specialists available to assist with any and all queries on the arrangement of liability insurance.
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