No matter what size or type of business you own, or who your clients or customers are, liability claims can run into millions.
If you are considering taking out liability cover for your business, the first thing you will most likely want to know is what the different types of cover are and what they cover.
What is Public Liability Insurance?
Public Liability insurance has become increasingly popular due to an increase in the number of liability lawsuits being filed every year.
One of the biggest risks facing small to medium sized businesses is that of causing property damage or personal injury to other people.
For this reason, public liability insurance is considered one of the most important insurance policies a business should have.
In a nutshell, public liability insurance is designed to protect businesses from the financial consequences of causing property damage or personal injury to another person.
If your business activities result in a third party suffering (or claiming to have suffered) such an event, you will generally be liable for their financial costs.
If you are found to be negligent or responsible for someone else's loss due to property damage or personal injury, you or your business may be liable for compensation costs which can stretch into the hundreds of thousands of dollar. It is here where public liability insurance can help.
Public liability insurance safeguards your business by providing protection against legal and medical costs that arise from an incident on your property, even if you are not to blame.
Other types of insurances you may wish to consider are:
· Product Liability Insurance
· Professional Indemnity Insurance (also referred to as PI insurance)
· Business Interruption Insurance
· Business Insurances