What Is Public Liability Insurance And What Businesses Should Have It?

by | Nov 21, 2023 | Public Liability Insurance

What is public liability insurance? For a wide range of businesses operating across several sectors in Ireland, this is a crucial question to answer.

In a nutshell, public liability insurance represents a crucial safety net for businesses that find themselves under sudden and unforeseen financial strain due to third-party injury, property damage or other incidents occurring on their premises, or perhaps due to their operations. It creates a financial barrier against claims and compensation, covering costs such as medical expenses, legal fees and settlement costs.

Having a clear understanding of what this insurance entails and how it serves the policy owner is vital for businesses across the board.


Understanding the basics – what is public liability insurance?


Public liability insurance shields businesses against severe consequences if a client or visitor suffers harm, or their property incurs damage, while on a business’s premises or as a result of its activities.

A comprehensive policy is designed to cover the cost of expenses, such as compensation to affected third parties and legal expenses associated with defending or settling claims. Essentially, it enables businesses to handle any unforeseen liabilities they may come up against, protecting both their reputation and financial future.


Who needs public liability insurance?


Public liability insurance is essential for various professionals and business sectors, such as:


Retailers and shop owners


This type of insurance is vital for retailers due to high customer footfall. Injuries such as slips, trips and falls account for nearly 50% of all claims made against retailers and can lead to significant legal and compensation costs.


Restaurants, cafes and bars


In the hospitality industry, accidents like slips and falls are equally as common, making public liability insurance a necessity for those operating within the sector.


Tradespeople and construction workers


Construction and trade jobs, by their nature, can be rife with potential risks. Public liability insurance mitigates such hazards by covering third-party injury or property damage that may occur during construction or trade activities.


Event organisers and entertainers


Public liability insurance is a must for event organisers and entertainers, as it offers protection against unforeseen incidents during events or performances, covering potential injuries or property damage and enabling these professionals to afford associated legal expenses.


Freelancers working on client sites


Freelancers, in particular those that can carry out their services on client premises, should prioritise public liability insurance. This type of policy will enable them to continue operating and remain financially stable should any unforeseen accident or incident occur as a result of their work.


Gym and fitness centre owners


With heavy machinery and the movement of people at the centre of operations, gyms and fitness facilities can be highly susceptible to cases of accident and injury. Public liability insurance shields gym owners against claims due to such incidents within their premises, offering financial protection when needed most.


What Is Public Liability Insurance And What Businesses Should Have It? - ERM Financial Services (2)


Salons, hairdressers and beauty service providers


Beauty services pose specific risks, given the presence of sharp tools and chemical substances in this setting. Given the heightened potential for accident or injury, a tailored public liability insurance policy should be a vital box to tick for any business within this sector.


Cleaning services and maintenance companies


This is another area where a comprehensive policy is of utmost importance. Considering the nature of these businesses, there is a significant risk of damage to client property, either from chemicals or machinery, while work is being carried out.


Hoteliers and accommodation services


With extensive interactions with the public, hoteliers and accommodation services greatly benefit from comprehensive public liability insurance. It safeguards against various risks, covering incidents involving guests and ensuring financial protection for the establishment.


Get the public liability insurance you need with ERM Financial Services


When it comes to protecting your business and more importantly, your livelihood, public liability insurance is non-negotiable.

At ERM Financial Services, we understand the significance of safeguarding your financial future against unforeseen liabilities. We encourage business owners to assess their unique needs to avail of the comprehensive coverage that will ensure business continuity and financial safety.

Choosing us means tailored insurance solutions, expert guidance and a commitment to your peace of mind. Benefit from our specialised approach to public liability insurance and ensure your business continues to boom.

Contact us today for further information and let us be your partner in securing the future of your business.