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Wednesday, 17 December 2014

Understanding Liability Insurance

Public Liability Insurance
Public Liability Insurance covers against any legal liabilities arising from any bodily injury or property damage caused by you to a third party.  Like Professional Indemnity insurance, it is not mandatory for archaeologists to have Public Liability Insurance.

However, legal costs and compensation payments can be very large if, for example a member of the public were to die or become injured as a result of your work / activities.  Think of the fees, the costs and the expenses incurred during a coroner’s inquest, for example.  Again, you will do your very best to make sure that such serious accidents do not occur during the course of your work, but again, mistakes can be made – so it is a good idea to have Public Liability Insurance to protect you and your business.  Slips and trips don’t sound very serious, but they could kill your business.

Again, think about the sort of level of cover you need in terms of the maximum claim which could be made against your business.  Do large numbers of people visit your ‘attraction’? Heritage sites can be very busy and potentially dangerous. 

Products Liability
Products Liability might not apply to your business if you are not selling, manufacturing or designing goods for sale.  But if you are, claims for injury as a result of what could be perceived to be faulty or defective goods bought from you would again be costly.  Often Products Liability is provided along with Public Liability for no additional cost.

Employers’ Liability Insurance

Employers’ Liability Insurance is mandatory.  If you employ people (including volunteers) you must have at least £5m of cover and you must display your Employers’ Liability Insurance Certificate at the location where you employ people.  Again, you are covering legal fees and costs arising from slips and trips – even disease and death arising from your work.

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