Although public liability insurance is not a legal requirement for many businesses, your client may not start a venture with you unless you have a public liability insurance cover. As a matter of fact, your client’s contract with you may specify that you need to have coverage for the possible damages to the client during the contract period. Having the cover also establishes your credibility among your clients and they would carry out business with you without worrying about the damages and legal issues that they may need to initiate against you in such events.
Public liability insurance Singapore is something you should have if your business requires you to interact with members of the public, because if you accidentally damage someone’s property while carrying out your business or a visitor injures himself or herself within your office premise, you will have to pay a hefty fine, which may include legal costs as well. These costs can run into thousands or more, and if you are running a small business then these additional financial liabilities can put an end to your business. However, if you have the cover, all the expenses will be taken care of by your insurer.
Irrespective of the nature of injury or damage, someone can always file a compensation claim against you. The accident could be very simple in nature, like you or one of your employees spilling coffee on your client’s system, or it could be a serious one that could severely hamper your business and reputation. However, this can be avoided if the claims are settled in an amicable manner, and public liability insurance deals with all such claims, whether the incident is small or serious in nature.
The consequences of such incidents and the resulting financial costs can jeopardize your personal and financial growth if you try to defend the compensation claims without insurance. Public liability insurance also protects your employees, for example an injury caused to a visitor or a client because of your employee would also be covered, and the negligence on the part of the employee will not hamper your business either.
Public liability insurance helps you grow your business, which can otherwise be hindered by these unnecessary financial burdens due to liability claims, especially if your business involves a lot of public interaction. Hence, to avoid uncertain expenses and carry out your business without any hassle, it is advisable to buy public liability insurance and get yourself covered against public claims.