Insurance World

With the compensation culture increasing around the world, having public liability insurance is becoming more and more important. If you don’t have public liability insurance included in your current building insurance, then now is the time to look at getting better cover. Here is some advice about why you need public liability insurance, and what to look out for:

What is public liability insurance?

Public liability insurance is an insurance policy that protects you from claims that other people might make against you in the event of an accident. If someone damages their property or injures themselves in or around your property or business then public liability insurance will cover you for any compensation claims that might occur. Cover usually ranges from Ј250,000 up to Ј1 million.

What are you covered against?

Public liability insurance will insure you against accidents or loss that others might suffer in or around your home or business premises. You are covered against claims from trespassers, as well as injury that might occur to anyone from falling objects or people carrying out repairs. If an accident occurs on your property and someone claims against you, your insurance will help you pay any compensation.

Included in your contents insurance

Some contents or property insurance policies have in-built public liability insurance. You should check with your insurer whether this is the case, and what level of cover you have. Even if the insurance is included, you need to make sure that you are adequately covered for any accidents that might occur.

Premiums

The premiums that you pay depend on the level of coverage you want. If you are simply covered your home, then premiums are likely to be lower than if you are covering a business. However, premiums are relatively cheap for the level of cover that you are afforded, and it is therefore essential for anyone running a business. With compensation claims on the rise it is also a good idea for homeowners to have adequate public liability insurance.

Dangers of not having insurance

If you don’t have public liability insurance then you could end up with a massive compensation bill. If you are at fault or negligent and someone makes a claim against you, then you will have to pay the full level of compensation if uninsured. A claim might range from a few hundred pounds to a few million for more serious accidents. If you cannot pay the claim amount then you could lose your home and other possessions in order to pay for the claim.

Requirements

Some businesses are required to have public liability insurance, such as horse riding schools. Any type of business that has some obvious risk to the public will be required to have public liability insurance. Also, many businesses and customers will want proof that you have public liability insurance before they work with you, in case anything should happen and a claim is made.

Insurance coverage for recreational vehicles (RVs) can be a complicated issue. RVs combine many aspects of regular traveling vehicles with aspects of a home. There are several issues that need to be considered when purchasing RV insurance. First, all conventional car insurance issues must be covered. Second, it is a good idea to insure items inside the RV as well. Other issues arise for people who live predominantly in their RV and do not have a permanent residence anywhere else.
The definition of an RV is somewhat loose. An RV is traditionally viewed as a motor home, but many travel trailers, fifth wheels, and tour buses are considered RVs as well.
Since RVs are motor vehicles, they must be covered for conventional car insurance issues such as liability, collision, and uninsured or underinsured motorists. It is a legal requirement to have liability insurance, which covers all damages and bodily harm that is caused by the insured RV motorist. This protects people who the RV owner may collide with, and guarantees that they will receive compensation. Collision insurance covers any damage done to the RV when a collision occurs. This includes situations in which the RV collides with an object or an object collides with the RV. It is a good idea for RV owners to purchase uninsured or underinsured motorist coverage as well. This type of coverage protects the RV owner from having to pay for any damages caused by another vehicle driven by someone who does not have enough insurance to cover the damages.
RVs usually include appliances; it is a good idea, though it is not legally required, to insure these as well. The main difference between RV insurance and standard car insurance is that RV insurance policies can cover appliances and personal items in the RV. Plumbing, electrical problems, and other issues can be covered by RV insurance policies. Other items in the RV — like TVs, stereos, or furniture — can also be insured. This is similar to homeowner’s or renter’s insurance. Usually, people must ask for coverage of internal items because the law does not require it.
People who live in their RV full time and do not have a permanent residence have additional options. Many insurance companies offer full time coverage specifically designed for people who live in their RV. These types of policies often provide total vehicle and home insurance for the RV.
It is important for RV owners to purchase appropriate coverage for their vehicle. Many RV owners foolishly purchase the bare minimum of coverage, and then have to pay out of pocket for costly repairs on appliances and other items inside the RV.