Excess is a term used by insurance companies to indicate the amount an insured individual or company has to pay in case of damages or personal injuries before the insurance makes a pay-out.
As a rule, the higher the excess amount is, the lower the policy’s annual or monthly premiums will be.
Excess and compensation
All companies, public authorities and so on have public liability insurance in case someone is injured by slips, trips and falls or other accidents on their premises or surrounding land. The amount of excess they have to pay before their insurance pays out is usually determined at least in part by the size of the company or organisation.
A small, independent café owner may, for example, have an excess of just £5,000 on his or her policy, as paying larger amounts than this in case of a personal injury claim could cause him or her serious financial problems, if not ruin.
A huge company, on the other hand, my have the necessary financial backing to cover public liability claims up to £50,000, £100,000 or more before their insurance has to make a payment.
The point of insurance
The whole point of having liability insurance and setting reasonable excess amounts is to protect business and public authorities against financial ruin if someone should be injured by slipping, tripping or falling on company premises, for example.
What this means for personal injury victims
Many people choose not to claim for slip injury compensation because they are worried that they may cause the company responsible to suffer financially as a result. This is particularly the case when local businesses are involved.
Knowing that these companies are adequately covered by their insurance, and will only have to pay an excess they can afford, makes claiming against injuries by slips, falls or trips less worrying for you.
Make that call
In other words, do not let feelings of guilt or worry about a company’s financial security stop you from claiming compensation for a slip, trip or fall injury.
As slip, fall and trip injury claims are processed by Accident Advice Helpline under conditional fee agreements, you also do not have to worry about your own financial situation.
Make that call to this experienced, reputable law firm and ask for a member of our specialist legal team to represent you in your claim for injury compensation, today.
Your call to Freephone number, 0800 689 0500, will be completely confidential and there is never any pressure to pursue your claim following the call.
Date Published: March 2, 2015
Author: Accident Advice