So, you’ve found the perfect premises for your new business venture, you’ve told the employees they can start within the month and you’re just tying up the final loose ends. What about insurance? Specifically, what about Public Liability Insurance?
If the public are going to be allowed access to your place of business (and let’s face it – there aren’t many businesses that would work without them) then this is a must. It’s not a legal requirement (unless your new venture is a riding school), but for your piece of mind and cover in the event of any accidents it’s good to have.
PLI will cover you in the event of a compensation claim, any legal fees incurred and incase of damage to your or a third party’s property. This includes pub insurance for example.
Policies vary depending on what type of business you have decided to run and premiums can be tailor made to suit both your needs and your budget. Do shop around though, there can be quite a difference for the same package depending on where you decide to buy.
Comparison websites are very good for highlighting lower prices, don’t be afraid to have look at them. Ask for advice from insurance brokers too – they know what they’re talking about and will be able to answer any questions that you might have – usually in a non-biased way. If you have other insurance (employer liability for example) have a look and see if your provider offers a package deal and you may be able to save a little more.