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How much does public liability insurance cost in the UK? This is a question that a lot of business owners have, especially restaurant and cafe owners. The fact of the matter is, public liability insurance is not only important but it’s also mandatory in the UK. In this post, we will explore what types of coverage are available, the minimum requirements for businesses, and how much it costs on average. So, keep reading to find out everything you need to know about public liability insurance in the United Kingdom.
Types Of Coverage
When it comes to public liability insurance in the UK, there are a few different types of coverage available. The most commonly purchased type is third-party public liability insurance which covers compensation for any property damage or bodily injury caused by your negligence as a business owner. This can include slips and falls, defective products or services, libel and slander claims against you, etc.
Another type of public liability insurance is product recall insurance which provides coverage if you have to recall a product due to safety issues. There’s also employers’ liability insurance which protects employees from injuries or illnesses that occur while they are working for you. Finally, there’s professional indemnity insurance which covers the cost of litigation if a customer sues you over an issue related to the service you provide.
In the UK, there’s a minimum amount of public liability insurance that businesses must purchase in order to legally operate. The exact amount varies depending on your business type and size, but it typically starts at £2 million for most businesses. It’s important to note that this is just the minimum requirement, so you may need more coverage depending on your specific circumstances.
Public liability insurance costs can vary greatly depending on the type of coverage you select and the size of your business. On average, small businesses should expect to pay anywhere from £250-£750 per year for basic public liability coverage. This cost will increase if you choose to add additional coverage such as professional indemnity insurance or product recall insurance.
Public liability insurance is an essential part of running a business in the UK, and the cost can range from £250-£750 per year depending on your needs. It’s important to do your research and make sure you purchase the right type of coverage for your business so that you are fully protected from any potential legal issues that may arise due to negligence or other circumstances.