At Tradesman Saver, we know that running a business can be expensive – that’s why we offer affordable public and product liability insurance for UK businesses. In this guide, we’ll explore the cost of public and product liability insurance, what it covers, and how you can find affordable coverage that fits your needs and budget.
As the leading provider of public liability insurance in the UK, we understand the importance of safeguarding your finances and reputation. By choosing Tradesman Saver for your public and product liability insurance, you can focus on running your business with the peace of mind that you’re protected.
Public and product liability insurance is essential for any UK business interacting with the public or supplying products.The cost of liability insurance can vary depending on several factors, including the nature of your business, annual turnover, claims history, and industry.Understanding the breakdown of public and product liability insurance costs, including premiums, excess, and optional extras, can help you assess the overall cost.With Tradesman Saver, you can find affordable public and product liability insurance, tailored to your specific business needs, starting from £59 per year.
What is Public Liability Insurance and Product Liability Insurance?
Before we delve into the cost of public and product liability insurance, let’s first understand what it actually covers. Public liability insurance protects your business if a member of the public is injured, or if their property is damaged, as a result of your business operations. It can also cover legal fees and expenses incurred in defending claims made against your business.
On the other hand, product liability insurance covers you in the event that a product you have supplied causes injury or damage. This can include anything from a physical item to software, and covers both manufacturing and distribution.
It’s important to note that both types of insurance are vital for any business that interacts with the public or supplies products. Accidents can happen unexpectedly, and the costs of claims and legal fees can be financially devastating for businesses that aren’t protected.
How Much Does Product and Public Liability Insurance Cost?
When it comes to determining the cost of public and product liability insurance for your UK business, several factors come into play. At Tradesman Saver, we consider the following factors when calculating your insurance premium:
FactorExplanationNature of BusinessThe type of industry you are in and the risks associated with it can affect your insurance cost.Annual TurnoverThe larger your annual turnover, the higher your insurance cost may be.Claims HistoryPrevious claims filed against your business may increase your insurance cost.Coverage LevelThe higher the coverage you require, the higher your insurance cost will be.Business SizeGenerally, larger businesses may have a higher insurance cost due to increased risks.
It’s important to note that each insurance provider may have different weighting and criteria for these factors. However, by understanding these factors, you can obtain a better idea of what may influence the cost of your public and product liability insurance.
Here at Tradesman Saver, we can provide public and product liability insurance for tradespeople and small businesses of all kinds. We are often able to provide comprehensive insurance policies for as little as £59 per year.
Public and Product Liability Insurance Cost Breakdown
Understanding the breakdown of public and product liability insurance costs is essential for any UK business owner. The cost typically comprises insurance premium, excess, and optional extras.
Cost ComponentDescriptionInsurance PremiumThis is the regular payment you make to your insurance provider, either annually or monthly, in exchange for your coverage. The amount you pay depends on the level of coverage you require and other risk factors, such as the nature of your business and the industry you operate in.ExcessThe excess is the initial amount you will need to pay towards any claim you make before the insurance company covers the rest. The excess amount may vary depending on the level of coverage you require and your provider’s policy.Optional ExtrasYour insurance provider may offer additional coverage or add-ons as optional extras that can be tailored to your specific business needs. These may include coverage for legal fees, tools, or personal accidents. You can opt for these extras by paying an additional premium above your regular insurance premium.
By understanding the cost breakdown of public and product liability insurance, you can assess the overall cost of your insurance and determine which factors you can adjust to reduce your premiums. At Tradesman Saver, we offer affordable coverage that can be tailored to your needs, ensuring that you get the coverage you need without paying more than you have to.
For Public & Product Liability Insurance Cover, Make Sure it’s Tradesman Saver
As you can see, understanding the cost of public and product liability insurance is a crucial step in protecting your UK business. At Tradesman Saver, we believe in providing affordable coverage tailored to your specific needs, so you can have peace of mind without breaking the bank.
By considering factors such as your business nature, turnover, claims history, and coverage requirements, you can assess the potential cost of your insurance. Additionally, understanding the cost breakdown of insurance premiums, excess, and optional extras can give you a clearer picture of the overall cost.
When it comes to finding affordable public and product liability insurance, Tradesman Saver has got you covered. Our experienced team can guide you through the process of selecting the right coverage at a competitive price, starting from just £59 per year.
Don’t wait until it’s too late – protect your finances and reputation with the right public and product liability insurance from Tradesman Saver today.