What is public liability insurance?
Public liability insurance is one of the most important types of coverage that protects individuals or businesses against financial loss. It works when the person or company covered is found legally responsible for causing bodily injury or property damage to others.
It pays out to third parties, not the policyholder, and covers legal costs and settlements.
What is property insurance?
Property insurance is a broad category of policies that offers financial protection to owners or renters if their property is damaged, stolen, or destroyed. This particular insurance policy can cover physical losses to the structure and personal belongings. It often includes liability insurance coverage if someone is injured on the premises.
What are the key types of property insurance?
There are four main types of property insurance, and they are:
- Homeowners insurance – This insurance protects both the physical structure of your house and your belongings inside. It usually includes personal liability coverage in case someone is injured on your property.
- Renters insurance – This covers your personal belongings and provides liability insurance protection if you rent a property. However, it does not cover the physical structure itself.
- Landlord/property owners’ liability insurance – This is designed for property investors and covers the building, loss of income if it becomes uninhabitable, and any legal liabilities associated with ownership of the property.
- Commercial property insurance – Protects business properties, equipment, stock, and furniture from events such as fire, vandalism, or theft.
Do I need both property and public liability insurance cover?
Neither liability insurance nor property insurance is actually mandatory under UK law. However, if you apply for grants or a loan, it’s often required by the funding body that you have at least one of them.
While you’re not breaking the law by failing to purchase property or public liability insurance cover, you’re putting your company at significant legal and financial risk if you decide against obtaining them. These two types of insurance are particularly useful to businesses because they work in tandem if an incident occurs.
Your business and its assets will be safely covered by property insurance, while employees, contractors, members of the public and other third parties will be protected through liability insurance. Without one or either, your company could incur significant expenses through legal bills and payouts, and, depending on the size of the business and the severity of the incident in question, could end up severely in debt or even bankrupt.
How do I obtain property and liability insurance?
Luckily, most legal and financial specialists who offer business cover will be able to provide you with both property and liability insurance. Many factors of each type of cover come as part of a policy package, but other, more specific elements are treated as add-ons. So, when you find an insurance broker you’re happy with, it’s extremely important to discuss your business’s individual needs with them so that they can tailor an arrangement that offers you watertight insurance that suits you, your employees, contractors and any third parties.
Can I purchase property and public liability insurance from Rigby Financial?
Yes! At Rigby Financial, we offer specialised business cover for property insurance, including landlord’s insurance and commercial building insurance. This can be obtained alongside excellent public liability cover, which sits within our comprehensive range of business and employee protection policies.
Our experienced insurance brokers specialise in:
- Transportation, marine, cargo and other vehicular insurance
- Motor trade insurance
- Retail, shop and office insurance
- Surgeries insurance
- Pubs, restaurants, and hotel insurance
- Management liabilities
- Group personal accident insurance
- Business travel
- Tradesman insurance
- Professional indemnity
- And much more
If you’re interested in finding out more about what we offer, get in touch today by calling 01744 886077. You can also fill in the contact form on this page, and a member of our friendly and experienced team will be in touch.
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