If you’ve taken the plunge and decided to start your own business, you’ll know first hand that there are a fair few hurdles to cross in the early stages. One of the essentials for getting a start up business off the ground is business insurance. There are lots of different types of business insurance out there, some of which are absolutely compulsory in the legal sense, and others that aren’t compulsory but may be advisable depending on your business. Here’s our guide to business insurance policies, including public and product liability insurance.

Public Liability Insurance
Public liability insurance covers against injury or death of third party persons, or damage to third party property from accidents arising as a result of your business activities. For example, if a member of the public or a customer suffered a loss or injury as a result of your business activities, they could make a claim for compensation. Although it’s not a legal requirement for you as a business owner to have this type of insurance, you’d more than likely need it to be able to cover a claim. Your insurance would be needed for the cost of the compensation payment, as well as any legal costs that are likely to be incurred during the proceedings.
The premiums for public liability insurance will obviously depend on the type of business that you own, the amount of money that your business turns over, and the number of employees that you have. When considering how much protection you are likely to need, do not underestimate the amount of cover. Legal fees are expensive, and if you’re on the receiving end of a claim from a group of people, they are likely to add up incredibly quickly. When you look for a policy, ensure you find one that will protect you against safety claims, manufacturing quality, spoilage and indemnity costs such as medical bills.

Product Liability Insurance
Product liability insurance is there to protect your business if you manufacture or supply goods to your customers. In the unfortunate event of your product injuring or causing damage to a third party, which includes property and people, product liability insurance would cover a claim against you. Although not a legal requirement and only voluntary for most businesses, product liability insurance is very important for those that manufacture products.
It’s also important to remember that product liability insurance is only there to cover you against unforeseen circumstances, and you need to bear in mind that if your products aren’t up to scratch anyway, or your service is poor, you won’t be able to make a claim.

Compare Business Insurance Quotes
If you decide to go ahead with public liability insurance or product liability insurance for your business, it’s quick and simple to compare the best business insurance quotes online here with City Insurance. We compare a panel of 40 leading insurers to ensure you get the best possible price and premium, so why not get yourself a low cost quote for your business insurance today?