Insurance association chief urges firms to get public liability insurance

The head of the Association of Insurance and Risk Managers in Industry and Commerce has warned businesses that they could incur significant costs if they do not have public liability insurance in place.

Chief executive John Hurrell said that without public liability insurance cover, businesses face “very significant” risks. He explained how it is difficult to find a company which does not have any interaction with third parties or the general public, either through products, services or staff.

Businesses need to consider the maximum potential costs they would incur should any of these third parties successfully pursue a major claim for damages following accident, injury or any other negative experience.

Mr Hurrell said:

“Examples of considerations would include: do their products have the potential to cause injury or damage?”

“Could a fire, caused through their negligence, spread to adjoining premises causing damage and injury? Do their staff go on to third party premises? Do they have any contractual liabilities?”

The insurance association chief also advised business owners to check any exclusions that may apply to their particular public liability insurance policy, such as geographical limits to cover.

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