Liability is a very big risk for most businesses, but it’s not one that's often considered as a priority. Part of this is because adequate protection, at least from a financial standpoint, is available, whilst the other is from those who are often too innocent or naive to understand the potential risks involved.
What is liability?
Liability, to define it simply, is typically where you are held accountable for some instance, typically facing financial or legal obligations as a result. Public liability is when a member of the public can claim to hold you accountable for something that has transpired, often seeking financial compensation.
The risk
Note that when “you” is used, this is referring to you as a business. Anything either you or your employees do can come under liability. This includes any customers you may deal with in-store, in public or even if an employee visits their home. In short, if you're dealing with a member of the public's property, or impose upon their well-being (such as causing an injury) there is great potential for liability claims.
As such there is any number of possibilities, and seldom few businesses are exempt from this threat. It only takes one untrained employee or an unhappy customer to seek liability should something transpire. Like any legal proceeding, this has its share of costs. Not least of all is the compensation should the applicant win the claim.
Financial protection
Whilst this may sound daunting, this can be protected against like any other financial risk. A quick comparison of public liability insurance quotes can show how cost effective this solution can be. Insurance is, of course, essentially betting against the potential, but it’s a worthy investment. For a smaller cost, you're protecting yourself against greater expenses in the long run.
Whilst employee liability insurance is often a legal requirement, public liability makes just as much sense. Very few businesses don't, in some form, interact with the public. As such, any exposure you have can argue reasonable grounds to protect yourself.