What You Need to Know About Public Liability (PL) Insurance!
Public liability insurance is an essential form of coverage for business owners. PL provides financial protection should there be any legal claims against your company for payments or damages. Learn about the scope of coverage provided by public liability insurance. And how you can get the best deal for your business.
What is public liability insurance?
Public liability insurance, also known as general liability insurance, is an important form of protection that can help to keep your company financially secure should any legal claims be brought against it. This insurance covers a wide range of situations, including medical and legal costs for bodily injury or property damage, libel and slander claims, advertising injuries, and product recalls. This type of coverage also pays for the cost of legal defense so you don’t have to worry about bearing the legal costs associated with a lawsuit.
How does Public Liability Insurance protect businesses?
Public liability insurance is designed to protect businesses from potential litigation related to the activities of the business or its employees. The coverage provided in a public liability insurance policy can help pay for the legal fees. And other costs associated with defending a lawsuit or settling an out-of-court settlement. This type of insurance also covers any awards up to specified limits. Therefore your business does not have to bear the financial burden of lawsuits that result from a claim of negligence or injury.
What kinds of business activities can be covered?
PL insurance can cover a variety of activities, both on-site and off. This includes injuries caused by slips and falls, property damage resulting from faulty workmanship, damage to property or injury resulting from negligent advice, and any claims that arise out of the use of products or services. It is important to note that PL does not usually cover professional negligence or criminal acts committed by employees.
What is included in a public liability policy?
A public liability policy typically covers the following areas: legal costs for defending claims, damages or settlements arising from bodily injury, property damage and personal injury (including libel and slander) caused by your business activity. It also covers any associated legal costs incurred if you have to defend yourself from a claim. Policy limits vary depending on the type of coverage purchased. However they generally include both a per occurrence limit – which relates to the cost of each individual claim. As well as an aggregate limit, relating to the total amount payable in any one period of insurance.