As a small business owner, there is a lot to think about when running your own business. Whether it’s balancing the books, creating marketing plans or connecting with customers, the list goes on. But when it comes to protecting your business, it‘s crucial to understand the importance of business insurance and the different kinds of products that are available.

As a small business owner, there is a lot to think about when running your own business. Whether it’s balancing the books, creating marketing plans or connecting with customers, the list goes on. But when it comes to protecting your business, it‘s crucial to understand the importance of business insurance and the different kinds of products that are available.

If you’re a sole trader or small business owner, protecting your business and your customers with Public Liability insurance is one of the most important aspects. It offers protection should a customer, supplier, or even member of the public, sue your business for damage to their property. And whilst you probably take every care not to damage their property, it doesn’t mean you won’t be found negligent should an unwanted accident occur, or someone attempts to make a claim against you. As cliché as it sounds, accidents happen. If you don’t have Public Liability insurance you face the risk of being out of pocket for hefty legal and compensation costs that can potentially cripple your business.

There are lots of things that go into making your business a success. Through solid planning having an idea about some of the risks your business may be exposed to, can help your business stay strong for the long haul.

No matter how big or small your business is, accidents can and do happen. Public Liability insurance* provides peace of mind for claims for third party property damage or personal injury. If you deal with people in any capacity from clients to suppliers and members of the public, then Public Liability insurance is an important form of protection worth considering.

In Part 4 of our Understanding Insurance series we explore how Cyber Liability insurance can protect your business from online threats and attacks.

If you were to write down the risks your small business currently faces, how many do you have protection for? And are you sure that protection will cover you if the worst were to happen?

Public Liability insurance covers legal fees and compensation costs if a customer, member of the public, or a supplier claims against you for injury or damage to their property as a result of your alleged negligent business activity. Having Public Liability insurance gives you peace of mind against potentially stressful, time-consuming and costly legal claims.

From cyber-attacks and lawsuits to supply chain issues and stolen inventory, the risks of running a small business should not be underestimated – and while some risks can be managed through day-to-day processes, others are open to chance with the potential for major disruption.

Chances are you’ve probably heard of both Public Liability insurance* and Professional Indemnity insurance*, and while both provide a form of cover for your business, they are very different in what they protect your businesses from.