Whether you’re a career contractor or you’ve just dipped your toe in the world of professional freelancing, you’ll have likely heard about Public Liability insurance. And there’s a reason for this; it’s one of the most important types of business cover and it’s an absolute essential for any contractor.
Why is it so essential? Well, as we all know, accidents and mishaps can happen, but that doesn’t mean that you, or your business, need to be out of pocket as a result. Public Liability insurance protects you and your business in the event of an accident or damage being caused where you could be held liable.
If you don’t invest in Public Liability insurance, and someone is injured or property is damaged as a result of your actions, then you could become legally bound to pay them compensation. Simple mistakes can become expensive, fast!
What does Public Liability insurance cover me for?
Let’s start with an example. Say you were visiting a client’s site to complete some last minute upgrade work to their IT systems with your all-important cup of coffee needed to kick start your day. Maybe you’re feeling a little clumsy that day and you accidentally spill your coffee over your client’s brand new MacBook. An honest mistake, but one for which the client will expect to be reimbursed. Public Liability is the insurance that will cover you in this instance.
Alternatively, a client could be paying a visit to you to discuss some crucial designs on their current project. If they trip over a wire, or a loose corner of carpet, then your business will be held accountable for any injuries sustained as a result of that trip. Your Public Liability insurance covers your legal liability for the cost of a claim, as well as any associated legal expenses.
How much do I need to be covered for?
Technically, there is no limit in law with regards to the level of Public Liability cover a contractor must hold. However, many freelance contracts stipulate a minimum of £5,000,000 in Public Liability cover in order to be fully compliant.
Can Green Lantern help?
A freelancer’s world is unpredictable and accidents do happen, no matter how careful you are. We work hand in hand with freelance insurance experts Kingsbridge Solutions, so we’re well versed in the risks that contractors are exposed to in their everyday lives and able to put you in touch with a company who are experts in freelance insurance.
If you’d like more information on how we can get in touch, please just give us a call on 0207 164 2116.