Public Liability Insurance For Large And High-Risk Companies

Public liability risks are anathema to all types of businesses irrespective of their volume or the type of business that they do. 

Hence from small companies to big corporations and even conglomerates are affected badly due to the settlement of claims arising out of such risks. It is not only a drain on the company's profits; it also tends to lower the morale of the workers and also has a bearing on its reputation.

While it is difficult for a company to avoid risks of this type, they can, however, save themselves from having to bear unnecessary financial loss by having a good insurance plan in place. 

This business plan generally consisting of a number of relevant insurance is extremely crucial for the health and continuance of the company especially if they are involved in high-risk sectors like entertainment, construction etc. 

What are high-risk companies

A company is said to be high-risk, especially in the eyes of insurance companies, if they satisfy one or more of the following criteria:

· The company has a higher record of claims raised against them,

· A huge number of lawsuits are filed against them,

· Needs insurance coverage of about £5 million or more,

· Is involved in operations which present a high risk to the surroundings and

· Have operations in places which are hazardous to the health of its employees.

These companies seek a relatively high amount of coverage and are also liable to pay more premiums than is generally paid by companies which do not have to face a high risk in its day to day operations.

Tradesman Saver Public liability insurance with £5 million cover

Companies which employ a large number of employees and also have a large business turnover, therefore seek insurance coverages of £5 million or even more. 

These companies need an insurance policy which not only helps them to counter financial risks, threats and losses but also a policy which can help them fight against claims which are unjustified or invalid or against the various lawsuits filed against them in the courts of law.

The public liability insurance policy with a cover of £5 million is a policy which is extremely beneficial to most big businesses. In fact, this policy is so flexible that it can be tailored to fit the requirement s of the corporation or organisation quite easily.

Generally, the public liability insurance policy covers the following risks and liabilities:

· Damages done to third party property or the property of the clients,

· Physical injuries incurred by third party or clients,

· An illness suffered as a direct fall out of the workings of the company by both clients and third parties,

· Lawsuits filed against the company for presenting risks and threats and

· Legal fees that need to be borne by the company either to contest the validity of the claims raised on them or to fight against lawsuits raised against them.

However, in order to make it much more comprehensive, some insurance companies help tailor the public liability insurance so that it is capable of servicing individual requirements of the company. 

This is achieved by the addition of any one or all of the following policies as required by the insuring corporation. The policies which are generally added to the public liability insurance policy are:

· Employer’s liability insurance which is a legal necessity,

· Tools and equipment liability insurance to safeguard the tools and equipments used,

· Plant and machinery liability insurance wherein manufacturing units are insured along with all the machinery inside,

· Temporary workers liability insurance for companies which employ a relatively higher number of temporary workers,

· Personal accident insurance which covers injuries incurred by both the employees and the Principals of the company concerned etc.

Thus the public liability insurance policy with a cover as high as £5 million is definitely one which needs to be deliberated on and tailored as per the needs and requirements of the company to ensure a 360 degree protection and also justify the high amount of insurance premium paid.