To answer this question correctly, you must first on what your company does, how it works and it. With a view
In contrast to the responsibility of the employer, if the answer is a simple "Yes you do and you'll be punished if you do not have it," Liability insurance can be a little less clearly appear. There is no legal requirement to have public liability insurance for you and there is no penalty for you if you do not take it on. However, this is by no means suggest that you do not need it.
Just to clarify, liability covers the following:
1) Third always injured as a result of your business.
2) the property of other people getting damaged as a result of your business.
Working as a contractor
If you work on the site of the customer, such as a builder or carpenter, then you will probably find that many of your customers require that you a certain amount of liability coverage before they can consider working with you. Especially with large corporate clients, this is often a part of their standard corporate policy, as it the assurance that if something goes wrong with them your work, they are not financial complications in the setting have it. As a side bonus, it also gives them the security of knowing that they are responsible to someone.
The work with the public
If you have a high rate of interaction with the audience, for example, in a retail or hospitality environment liability is then almost essential. The more people that pass through your business, the more likely it is that one of them a kind of accident that could make them responsible.
It does not matter how careful you or your employees are, it takes just to be a person utterly reckless and you could have an expensive lawsuit on your hands, even if it earn very little to the claim.
Also, as the point above about contractors who present the public liability insurance reassuring to your customers. When you receive your proof cover, it can make them feel that they give are dealing with a reputable, responsible and professional business.
offices
Most offices will be some kind of interaction with the public, or at least third party, they do not deal with. While all that works for your business will be covered by your employer liability insurance, all visitors will not be on your building.
If visitors are rare or irregular, then it could be that you require a lot of public liability coverage, but if you can honestly say you never someone visit your office, which is not used by you, then you should definitely consider pull it out.
Working from home
If you ran a small business from home, you could be a part of this small group of companies that would not find much need for liability insurance. As above with the offices if you have frequent visitors, it's something for you to consider, but if your work is further away, as is often the case with work from home, then this might be something you skip lawfully can.
However, there are other things that should be taken to cover the investigation of your home-based business. You might have accidentally turned on a part of your home in the eyes of your home insurance policy to a job, which means you may not be as protected as you think.
completion
It could be that the liability insurance is not for you, but not crazy, it would be a bit careful consideration. An increasingly litigious system and the rise of the no-win-no-fee law firms has public liability claims resulted becoming very popular. Somewhere between £ 1bn and £ 5 billion will be paid in such claims every year in the UK. Public liability insurance can stop you so much that over potentially to this figure one day help worrying.
The best thing about the liability insurance is that it is relatively easy and there are many companies out there that can very easily give you a quote.
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