While nobody sets out to harm others, it is impossible to predict or control what may happen on your property or in your company. Your neighbour may trip on your broken garden path. A customer could be injured after slipping on a wet bathroom floor, or a worker may seek damages following an accident caused by company machinery which failed. Even a burglar can sue you if they are injured due to your negligence!

Despite this growing trend towards legal action, many people fail to appreciate how important liability insurance policies are. Although not a legal requirement in Ireland, they are fast becoming a necessity for individuals, companies, employers and manufacturers. Without a liability insurance policy you could be held personally responsible for any death, damage, harm or injury which occurs on your property, or as a result of your business or product.

This may seem like an additional expense you would rather avoid, but consider the alternative. If you lose a court case and are uninsured the risk of losing your personal or business assets is high. These days the cost of such policies from Irish providers is dropping. Additionally, many companies offer an installment plan, which makes the outlay even more manageable.

Liability insurance falls into four general categories: public; employer; product and professional.

Public liability insurance is essential for organizations and businesses. Coverage for any injury, damage or loss to a third party person or their property is provided as standard. This insurance protects against claims from any member of the general public, whether they are invited guests, passersby or trespassers!

Home owners and tenants can also buy this type of insurance, and enjoy the same protection should anyone be injured on their property.

Those who manufacture or supply items to others are best served by product liability insurance. Should any item made or sold be faulty, and cause harm to a third party, they are entitled to sue for compensation. Unprotected businesses may fold as a result of any subsequent compensation claim.

Employer liability insurance is available for most occupations, including those considered hazardous. It is recommended that even a business with one employee buys cover, as public liability policies do not offer coverage to those killed or injured in the workplace.

Those employed in professions such as law or medicine may choose to purchase professional liability insurance. Such careers carry an increased risk of being accused of malpractice, with financial compensation being sought for any harm caused as a result.

As the number of liability claims and awards in Ireland continues to grow, the need for protective insurance coverage is becoming a standard business expense which cannot be overlooked.

The writer is Joe Murphy with extensive experience in a variety of industries through significant transitions. For more information on Public Liability Insurance, visit http://www.easyquote.ie/business-insurance/index.php/combined-liability-insurance