Life has always been unpredictable. Fortunately, there are numerous ways to stay one step ahead of unforeseen problems. Getting insurance is one of them. It could be life insurance, vehicle insurance, or in this case, public liability insurance.
As a business owner, there’s a whole lot to know about public liability insurance besides its definition. You equally need to know what public liability insurance covers. In that vein, we’ve compiled a concise guide with all the vital details—before you start paying those premiums.
What is Public Liability Insurance?
Here’s a simple description of what this type of insurance entails. Altogether, it’s categorized under business insurance and covers legal costs and compensation in the case that a member of the public, or any third party, levels a claim against a business as a result of property damage or personal injury.
If a customer, a vendor, or a random person off the street tries to level a lawsuit against you, your insurance company will have your back. Nevertheless, this definition is in a very broad sense of things. Here are the main things they’ll help cover.
1. Third-party bodily injury
In the case that a third party (customers, vendors, or passersby) gets hurt as a result of negligence on your end, or during business operations, your insurance policy can cover the claims. Of course, no business owner plans to hurt anyone. However, we live in a world of uncertainties, and it’s good to be prepared.
Altogether, a well-prepared business is a successful one. Why? People are bound to feel more relaxed with a business if they’re prepared for the inevitable. It’s the same logic you’d use if you’re looking for medical assistance. You’d rather opt for practitioners that graduated from top-notch medical programs like those provided by Prism Career Institute, which offers its students access to a viable medical degree program. All their programs happen to be 100% medical service-oriented and tailored toward a viable career in the healthcare industry. Besides a good education, they offer supportive financial aid, externship possibilities, job placement assistance, among other perks. Make sure your business is just as trustworthy.
2. Damaged property
Let’s say a vendor’s property gets damaged while they’re on the job; public liability insurance is one way to ensure that you don’t incur all the costs of their medical expenses. As long as you know where to source for the right liability insurance policies, then you’re pretty much covered in terms of damages incurred. A great place to start your search is on iSelect. It’s an online platform that offers guides and resources on different insurance policies.
Besides making it a lot easier to compare a range of different policies, they provide ample information on different types of insurance policies and what they entail. Whether it’s life insurance or general liability insurance, you’ll find something to suit your needs.
Anyone who acts on behalf of your company is insured by public liability—regardless of working hours or contractual relationship.
Also, whether you carry out activities on your property, or on-site at a client’s premises, the insurance cover of the public liability insurance applies in any case.
4. Legal fees
Getting sued is no joke. It can tank your business in the blink of an eye. Fortunately, public liability insurance offers coverage in that regard. Your insurer will do everything from hiring a lawyer to paying them for their services.
What Public Liability Insurance Doesn’t Cover
Put simply, this type of insurance doesn’t cover any work-related injuries you or your employees incur. Also, if either you or your employees conduct business somewhere off office premises, the policy may not extend to any damages or injuries incurred.