17th May 2010
For anyone running a serious business public liability insurance is
a must. Because in these rather desperate financial times, everyone is
looking to make a profit, and people are not always ethical as to where
their next dollar comes from. Add to this the fact that many people see
companies and business as fair prey, in that they feel that a large
business can afford to pay them compensation – you know the attitude
that says 'That's a big business, they'll never feel the amount they
Yes, perhaps this is a mistaken attitude, but the
fact that you know it exists does not make it any easier to deal with.
One serious argument for business public liability insurance is the
fact that compensations have to be paid out even when a business is
demonstrably not at fault in an incident.
teenager who persistently skates on your property despite the strictest
warning that he not do so. What happens? He happens to fall and hurt
his leg, and of course, his parents demand compensation. Of course they
do. No one considers the fact that the boy had no business being on
your property in the first place.
Under such circumstances,
not being covered by insurance could well prove disastrous to your
better interests. Whereas is you are covered by business public
liability insurance does not have to concern itself with considering
and guarding against such out of the way, yet distinct, possibilities
as I have just described. Let us face it, are you to be concern
yourself with every possible law suit, or are you to concentrate on
running your business? And we both know the answer to that question.
a good insurance company will cover you for the amount of the damages
that you might have to pay out in the course of running your business –
not only this, but they will also cover you for the amount of your
legal costs. This is crucially important, as even if you win a lawsuit,
a good lawyers fees can quite accurately be called exorbitant, and
while they might not be equal to the cost of losing a suit, they are
not to be disregarded either.
Matters become worse if you do not have a business public liability
insurance and actually lose a lawsuit, thus having to pay not only
damages, but heavy legal fees to the very firm that lost litigation for
you. Not to mention that the judge might ask you to pay the legal fees
of the opposing party as well.
To a business in which every penny is balanced in a find tuned ratio of profit and loss, and where
even a moderate loss can start a downward spiral, an expensive lawsuit
– and remember that some of them can run to a million Pounds – can be
It is not too much to say that a serious
lawsuit has meant the bankruptcy of many a small business, and if you
do not want to see the business you have spend a lifetime building up
pass from your hands for a reason almost too ridiculous to contemplate,
you would be well advised to invest in a good business public liability
insurance company. Because the simple fact is, it is an investment in
every sense of the word – and investment in the future of your business
that is sure to yield you peace of mind.