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Liability insurance, also commonly known as public liability insurance is something that all self-employed persons should consider even as early as when writing their business plan. Liability insurance should be considered a necessity for all self employed people whether they are manual, clerical or a professional trade who wish to protect their business.

The standard benefits of a public/products liability policy are that you are insured for your legal liability for injury, illness or disease to any member of the public, loss of or damage to their property occurring during the period of insurance. For example if you are a plumber and accidentally flood a property you are working on, the cost of the damage will be covered under your liability policy.

With a public liability insurance policy you normally have three standard options for your level of cover required. The limits of indemnity are ฃ1,000,000, ฃ2,000,000 and ฃ5,000,000. The limit of indemnity that you are covered for simply means that the insurance policy will cover any insured peril up to the limit required ie ฃ1 million. When choosing the level of cover you require you should consider the value of properties that you work on. For example if you work on a school you should have a public liability level of indemnity that is sufficient to rebuild the school if required. If you work on very large properties you may require a level of indemnity in excess of ฃ5 million. This can be arranged by purchasing an additional liability policy called an excess layer. This policy is in addition to the standard policy and can increase the level of indemnity to ฃ10,000,000.

Employers liability insurance can be added to a public liability policy. Employer

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