As a business owner, you likely explored varying scenarios before you decided to open your company. The way you run your business makes your company unique and appealing, but there is always the potential for an unexpected mishap.
Should an accidental incident cause harm to someone or their property while they're on your premises, you can be held legally responsible. You can protect yourself and your business by purchasing Public Liability Insurance.
Public Liability Insurance protects you from lawsuits that could arise from a third-party-filed lawsuit. This coverage is essential for any company that has a physical presence in the public arena, such as:
- Restaurants
- Retail shops
- Office building
- Art galleries
Your business will be protected from legal costs, fines, and settlements that could result from a lawsuit.
Public Liability Insurance protects your business from legal fees and claims should someone get hurt on your property or if they injure themselves while visiting your business. It also helps protect your company financially in a lawsuit against you. The coverage is essential if you have employees who work in your restaurant or retail store.
You may want to ask your insurance agent to help explain these general ideas about your Public Liability Insurance. These are examples of what your PI policy should cover.
- The cost of necessary medical care for those people who are injured on your property or as a result of actions taken by your employees
- Reimbursement for medical bills related to injuries sustained by the injured party
- The cost of repairing or replacing damaged or lost physical property
- Costs associated with damages caused by you or one of your employees during their employment
- Costs incurred investigating and defending your case
- Settlement fees
- Court-awarded damages
As with most insurance packages, the Public Liability section of your overall coverage will have limits and exclusions. Make sure to speak with your insurance expert to learn the exclusions that apply to your policy type. Typically, the following are not covered under any insurance policy terms:
- Claims that are associated with asbestos
- Claims on damage to products
- Claims made by employees
- Costs incurred repairing substandard quality work
- Damages from using a registered vehicle
- Court-awarded punitive damages
- Defamation allegations
Generally, if you have any people at your place of business, you should consider getting Public Liability Insurance. If these things apply to you and your business, it's a good idea to get this insurance:
- If you design websites, copy copywriting, or tutor students entirely online, and you have no contact with the public
- Your residence is somewhere you work, and you never interact with customers, salespeople, or suppliers
Although you may believe that you do not need a Public Liability policy, you would be wise to consult with an insurance professional to ensure your company is protected.
Public Liability Insurance helps prevent you from being held accountable for any accidents on your property. It also protects your company financially should a legal suit arise. With the right policy, you can remain financially stable in the event of a lawsuit.
Ensura provides insurance packaged and designed to provide holistic cover for your business. We focus on giving a personalised experience and are obsessed with delivering tailored risk management solutions that balance protection with the right cost. Seek protection with Public Liability insurance today. Get in touch with Ensura!
Disclaimer: As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time without notice.
