Small and starting companies are exposed to all kinds of threats. These range from difficulties with maintaining cash inflows and outflows to finding new customers and keeping old ones. There are so many things on the mind of managers that they may not do enough to protect the company from the consequences of accidental events. At the same time, these can be disastrous especially for a business with limited assets. Learn how to get the protection which your company requires. Go here if you are looking for plumber.

How It Works

The solution is simple yet highly effective. You need to purchase public liability insurance. This is an essential cover which can readily be included in a package along with product liability or indemnity insurance. It is all about shielding your assets from the claims for financial compensation from third parties that have interacted with your company and have suffered property damage or bodily injury as a result. The most basic example given here is of a visitor to your office who slips on the wet floor and gets injured. The insurance policy will cover the compensation while your cash and other assets will remain intact.

This type of policy is essential for companies that provide their services on the premises of customers. Examples include cleaning and gardening service businesses and electricians and plumber Strathmore. If the property of the customer is accidentally damaged during the work process, the insurer will pay the compensation.

Coverage Options

You should decideon the features of the public liability insurance that you will purchase very carefully. Consider the main factors that you need to focus on. 

• Policy comprehensiveness – In some cases, it is possible to get coverage for either property damage or bodily injury. It is best if both are covered for maximum protection.

• Premises covered – You should insure all offices, production facilities, warehouses, shops and other places which your company operates and which are visited by members of the public. If you provide services on the premises of clients, you have to get special coverage extension for this.

• Premium and excess – Since the premium is the fixed price of the policy, it can be reduced by increasing the excess fee, which is due when you use the insurance. It makes sense to lower the premium only if you can afford to pay the higher excess even in the most dire situation.
Making a Choice

For getting the best policy, you should compare insurance quotes from as many carriers as possible. You should focus on the limitations and exclusions as well as on the cover benefits. You must not get underinsured for the sake of saving on the premium.