Why should your business consider Public Liability Insurance?
Public Liability Insurance protects a business from financial loss in the event of a claim made by a third party for bodily injury or property damage arising from the business operations. This insurance provides coverage for legal defence costs and any compensation payments that may be awarded, helping to safeguard a business against potentially large and devastating financial losses. By having Public Liability Insurance in place, a business can demonstrate its commitment to health and safety, as well as provide peace of mind to customers, employees, and other stakeholders.
What about Home Based Businesses?
Even if it’s a home-based business where you have interaction with the public in the event of being sued the legal cost and any payout is potentially very costly.
What’s Covered by a Public Liability Policy?
You might be protected from the following:
- Legal fees paid in the defence or resolution of a claim
- Protect any third parties who might have been working on your behalf at the time of the incident.
- Loss or damage to things under your custody or control but not ones that you own
- any loss or harm to another person’s property sustained while carrying out your service
- first assistance costs incurred at the scene of an accident
- Injury to third parties that get hurt while visiting your premises
What Are a Few Situations That Public Liability Doesn’t Protect Me From?
- Responsibility of the employer for wounded employees (worker’s compensation)
- products for aircraft
- Punitive losses (damages awarded where a judge believes you acted so badly that extra damages are awarded)
- Paid-in-full damages
- Gradual pollution
- Products recall
- Contractual obligations that you would not be liable for under common law (that is if you enter into a contract which assumes the liability of others, if the law would not consider this your liability had you not signed the contract)
Depending on the policy wording, if you are unsure speak to one of the team or your local broker
Public liability insurance claims made about your company can be expensive, disrupt operations, and harm your well-earned reputation. Make sure you have adequate public liability insurance to protect yourself from these hazards.