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Public Liability Insurance: Often Neglected But Very Essential Aspect of Every Small Business

March 30, 2012 | Comments: 0 | Views: 131

You may be one of those who got tired of having a 9 to 5 job and wanted to build your own small business instead. There are so many things that you have to consider in starting up your own business. You need to conduct a feasibility study, choose the location for your business, determine how many employees to employ, employee's salary, etc. But one of the often neglected aspects in starting up a business is securing public liability insurance.

You may think why you should get public liability insurance since you only have a small business. As a small business owner, you may not have enough resources to cover for unexpected expenses such as accidents within your business premises. And this should be the reason why you need a liability insurance cover. Obviously, your business is going to deal with customers. If you have a physical place of business, a shop for example, people come and go there. Your responsibility to your customers is not only to give them quality service but also ensure that they are safe whenever they come to your shop. But some things are inescapable and no matter how prudent we are, accidents still happen.

In countries like Australia, public liability is taken seriously. So, if someone met an accident while within your business premises, you are liable for the injury that person suffers. The same is true with their property. For example, a customer parked his car in front of your shop and your signage fell and broke the windshield, the owner of the car can claim for the damages his car suffered. This is where public liability is very useful. This insurance cover will cover for the cost that may arise because of the injury and damage suffered by your customer or a third party.

Imagine if you don't have public liability insurance cover, you will be paying for the cost of repair and other incidental expenses that the third party may claim. It is not also impossible that he will sue you knowing that people have become litigious these days. So if you are just starting and don't have enough resources, you might find yourself spiraling in the drain. What if instead of the car, a person was hit by the signage and is seriously injured? Will you be able to be able to cover for the hospital and other medical expenses that person may incur? If not, then public liability insurance is the answer.

Aside from that advantage on your part, there are customers who will only make business with entities or enterprises that have public liability cover. They also want to ensure that if something happens to them while doing business with you; you'll be able to take care of them. They are confident that you won't run away from your responsibility and that you take their welfare seriously. You'll be able to earn their trust and become your loyal customers.

So as you can see, public liability insurance is very important especially for small business or those that are just starting up. Even from the start you are ensuring the future of your business.

Samantha Davidson is an insurance expert. She has worked with different public liability insurance companies in Australia, providing vital information to clients and helping them realize their insurance needs. Follow her at to understand more about public liability insurance.

Source: EzineArticles
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