Being an entrepreneur is an incredibly challenging job. There are hundreds of challenges that you will have to overcome throughout your journey in order to establish your business. However, despite its challenges, entrepreneurship certainly has its rewards. But, there are many things that you need to keep in mind apart from managing the everyday challenges that your business faces. Protecting your business is vitally important. For instance, what will you do if somebody files a claim against your business? Many small businesses often end up going completely bankrupt just because they are unable to afford the legal costs of defending their name after an expensive claim.
We live in a world where people are very quick to call their solicitors. If a customer feels that you aren’t delivering on the promise or if they feel that you have damaged their property, they are very likely to call their solicitor. Being a prudent businessman is all about protecting yourself. You should consider getting reliable public liability insurance in order to protect yourself from any harm. Here are some of the key things that you should know about public liability insurance:
What Is Public Liability Insurance?
As you can imagine, public liability insurance is designed to protect you from frivolous claims filed against your business, its directors, employees and other shareholders. Investing in a public liability insurance policy is a basic requirement for most business owners. Those businesses that currently operate in the service industry, such as plumbers and building contractors, should generally consider getting public liability insurance. What if you are working at a client’s house and accidentally end up bursting a pipe? The client is likely to file a claim for damages. There are many kinds of claims that you will have to deal with during your entrepreneurial career. There are many companies that offer reliable public liability insurance in Ireland.
Obviously, defending these claims could greatly impact your business. If you don’t defend these claims properly, you could end up derailing your business and tarnishing your company’s image. Public liability insurance cover protects you from all this. You can hire a robust legal team to help you with the defence. Most importantly, you don’t have to worry at all about the legal expenses involved with the case. Most liability insurance policies provide cover up to 2.6M EUR. If you want, you can also pay a higher premium in order to get the liability insurance extended to provide cover as high as 6.5M EUR.
Applying for Insurance
There are many things that you should know about applying for a public liability insurance policy. For starters, the premium is calculated based on several factors. Key factors such as the type of business you run, the number of employees working in your company and the amount of claims previously filed by customers all play a key role. Ideally, most companies are very willing to offer a free quote to their customers.