Personal Public Liability Insurance

If you run a small business, or even just you and your family making some money out of the house, you are going to need some personal public liability insurance.  There are a ton of different variables that come into play when you work out of the house that will put you at risk.  Even things that are completely out of your control, and the other person being complete at fault.  If you haven’t researched for a good personal public liability insurance provider, or just don’t have any clue how to begin doing it, think about a few things before you start looking.

You have to think about what types of assets you have, and what really belongs to you, or what belongs to your business.  Seperate these things completely.  If there is a car for business, think about picking up another vehicle, so you can devote that one entirely to your business.  This will keep things clear if a claim should ever need to be filed.  Your computer systems, phone systems, cell phones, land lines, anything that your business uses, make sure it has it’s own entity, devoted entirely to your business.

Not only are those practices going to help you if you should ever need to file a claim, but they are going to greatly increase your productivity, and how much you are truly putting into your business.  If your profitable enough to be looking for public liability insurance, then you are at risk of losing it all.  But, that risk can greatly be diverted with a complete policy from a good broker or company.  Negating this risk, by putting it onto an insurance company, you are allowing yourself to take risks elsewhere — risks that will grow your business.

When I was saying that anything could happen to cause you to need to file a claim, I mean anything.  If you can think of a situation that could possibly happen in your business, dramatize it by about 10 fold.  Make it completely unbelievable, and then you will have something that you could need to file a claim on.  Trust me, people are incredibly greedy now days, and are looking for any way possible to make a quick buck.  This just so happens to be at the cost of your business.  It makes it easier for them, because you run a business and they don’t.. they automatically assume you have these types of coverage, and your insurance company is going to pay them.  Little do they know, you are out of pocket a lot of money, regardless whether you have public liability insurance or not.

You have to still hold a reserve fund account for emergency needs.  Even before your insurance company is called out for the claim, the injured are going to be accruing emergency room bills, doctors bills, etc.  You are required to pay for these, until your insurance company can take over.  This is why it is extremely important to go with a reputable broker, company, or provider, so that if you do need to file a claim, they are going to handle it in a speedy manner.  You don’t want to need to file a public liability insurance claim, and have the provider take 6 months to start looking at it.  By then, you are bankrupt.

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Self Employed Public Liability Insurance Tips

If you run your own business, and deal with the public, clients, or customers on a daily basis, you are at an incredible risk, even if you don’t realize it.  Getting a good self employed public liability insurance policy can determine whether your business is alive in 10 years, or if you are trying to recover from bankruptcy.  People are greedy these days, and if they find out you have a business that is profitable, they are going to attempt to get whatever they can.

Friends and close clients are the same way.  Just because they are your friend one day, doesn’t mean that they aren’t going to “milk your insurance company” the next day.  They don’t see it as hurting you, because they automatically assume you have insurance to cover these types of catastrophes.  If you don’t, it’s too late.  The process is already in motion, and your one time friend is getting rich off of you.

Anything can happen when you are self employed.  You could have a client trip over an entry way into your home or small office, and break an ankle.  You are then held liable instantly for their medical bills, emergency room, and private doctors bills.  Even if you have public liability insurance, you are still going to have to foot these bills until the claim goes through.  You have to make sure you are prepared for this, and if you had already purchased a good policy for self employed people, you would know that you need a reserve for these types of incidents.

Not only could a client or customer fall in your store, home, or office, but you could have some skateboard kids run out in front of you while you are driving, with your advertisement on the back window of your car, and even though they are at fault, you caused them to fall and break an arm.  Even worse, there are a lot of witnesses, and the parents are going to be heated.  This means they are coming after you personally, and your business is going to take the greatest hit.

In cases like these, as I said, if you had already purchased a good public liability insurance policy for self employed people, you would have known to have a reserve account.  This account is going to help you cover their expenses until your broker or providing company can intervene.  Make sure you choose a reliable company, because the longer it takes for claims to be handled, the more money that comes out of your pocket.  Start looking around for a good public liability insurance broker or company.

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Welcome to the Public Liability Insurance Guide

Welcome to the Public Liability Insurance guide!  We have all the information you need regarding how to approach getting quotes, what types of insurance you are going to need, whether you are need personal, self employed, or contractor public liability insurance.  If you are in the position that your business could be put at risk from a freak accident, you are going to want something to back you up, and keep your business floating.  If you didn’t have coverage, you are going to pay for this accident out of pocket, something that can range up to, and beyond a million dollars!

People who are looking for self employed public liability insurance are usually those who run their business from home, or a small office, but still deal with the public, either by way of customers, or contractors, employees, outsourcers, you name it.  These people will put your business at risk, it isn’t a matter of if, but how long until it happens.  You can have a customer walk through your doors, trip over a landing strip that was an inch too high, fall, break a leg, and sue you for everything you own.  Doesn’t sound pretty?  It isn’t.

Construction business owners especially need some really good contractor public liability insurance.  You guys are at incredible risk every day, and you may not even realize it.  Yes, OSHA forces your guys to wear hard hats, and safety gear, but what about people passing by?  What if they get hit with a tool in the back of the head, and go into a coma for 6 months?  How are you going to afford that?  What about the little kids playing on your jobsite after you are all going home, and breaks a leg.  His parents need some money, so bada bing, bada boom — you’re out of business.  Unless you had some insurance covering you for these types of claims.

If you need personal public liability insurance, you could be running a very profitable company, but be in the way in your daily duties, of putting someone at harm.  You may have to drive from customer to customer, or client to client, and on the way, you get in an accident.  The person you hit takes a look, and glances your nice advertisement on the back window.  What happens next?  You don’t have a business to advertise for.  Yes, you are still at risk.  If you are making money, you need public liability insurance, plain and simple.  There are too many money grubbing people in this world to take advantage of your hard work.  Do something about it.

This guide is meant to help you, when you begin looking for quotes, brokers, and the best, or cheapest public liability insurance.  If I haven’t gotten it through your head yet, that you need a good policy, then there isn’t much hope for you.  You will lose your business one day.  The more your business is worth, the more that the person stands to take from you.  Know a few things about your business before you start looking for public liability insurance companies or providers.  You are going to want to know exactly what type of coverage is required, so that you aren’t paying way too much for a policy that could easily be lowered.  If your business is only worth $1,000,000 then you don’t need $10,000,000 in coverage.

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