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Liability Insurance
Liability Insurance
Liability Insurance
liability insurance policy is a type of business insurance cover, invested by the business personals that offer the financial costs of claims made by the public that have a certain connection with your business activities. Due to your work or business activities, if any third party happens to be injured or if their property is mangled, that third party can also make this claim against you. Because of this reason, it can also be called Third-party Liability Insurance. This can not only put a huge financial loss on your shoulder but also harm the smooth flow of your business.
For example, a customer has come to your office and suddenly he slips and his knee gets injured due to the unevenness of your floor that lands him in the hospital. Now if they wish, legally they can make a claim for their financial loss against your insurance as compensation. Here, Public Liability Insurance becomes a messiah for you as it offers to cover the legal costs as well as other payable compensations related to a successful claim that is made by the customer / third-party against you.
So, if you are associated with some works or business where you need to maintain contacts with the public or third-parties often and they need to enter your premises necessarily, it would be advisable that Public Liability Insurance is essential for you.
What Are The Key Features of Public Liability Insurance?
You can generally choose from three types of Public Liability Insurance according to your nature of work or business.
If you want comprehensive protection, there are multiple extensions available with this insurance policy. This may vary from company to company.
This policy covers the sum which the insured becomes legally liable to pay as damages to the third party.
This policy also offers coverage for financial loss due to accidental death, bodily injury, disease, and damage or loss of property.
It has a smooth and user-friendly claim process.