The average UK annual public liability insurance premium costs £119.37, according to AXA. However, some small businesses and sole traders will pay less than that and it can be as little as £40 a year.
AXA says 10% of its customers paid £55 for annual public liability insurance between January and March 2017. Get a quote from AXA online here.
The cost will depend on a number of factors, including the size of your business. Our research found the average cost across all business types is £761. We calculated the cost by dividing the size of the public liability insurance market by the number of UK businesses, which equals £761 a year or £63 a month.
ManyPets members can get 20% off AXA business insurance through our builder, carpenter, plumber, electrician, and painter and decorator insurance groups.
We also recently launched our own small business insurance policies . They are designed for hair and beauty professionals and market traders.
Our small business insurance comes with a choice of £2m, £3m or £5m of cover for public and product liability and the option to add cover for personal accident, employers' liability, and tools and equipment.
See a list of professions we can cover and get a quote.
To give you an idea how your trade can affect the cost, AXA says the average price for builders is £158.36 but for carpenters it's £111.20.
You can also get a quote from Direct Line to find out how much your cover will cost. It offers up to £10m of cover and says 10% of its customers paid £54 or less between 1 May 2017 – 31 October 2017. Its policies are underwritten by U K Insurance Limited.
Public liability insurance definition
Public liability insurance is not a legal requirement but will protect your business in the event a member of the public is injured or their property is damaged in your premises or as a result of your work in their home. Many companies or events may require you to have it before they will work with you.
It’s available for all businesses including market stalls, shops and food trucks. Public liability is also worth considering if you’re self-employed or a freelancer, for example, a tradesman, photographer or mobile hairdresser.
However, it does not cover injuries or claims relating to yourself or your employees. You’ll need employers’ liability for that.