What Is Public Liability Insurance and Why Do You Need It?
Public Liability Insurance can get you out of serious trouble.
In today’s world, insurance has become very important, so having the right insurance is essential to face any unforeseen event that may occur to you on a day-to-day basis. Public Liability Insurance is one of the policies you should have, especially if you run a company.
To better understand this, it is necessary to know what Public Liability Insurance is; according to comparethemarket.com, it is: “Public Liability Insurance can protect if you are taken to court because your business activities cause damage to someone else’s property or result in someone being injured or killed. You can cover your legal costs and any compensation you have to pay.
Any company can purchase liability coverage, regardless of its size or type. This includes the self-employed, freelancers and sole traders.
Some companies and organizations will only award contracts if the company in question has liability insurance.”
As you can see, Public Liability Insurance is essential for all company owners since it helps them protect themselves against a possible lawsuit if their commercial activities cause damage to third parties.
What does Public Liability Insurance cover?
According to Comparethemarket.com, Public Liability Insurance protects you against:
- Compensation claims: Public liability insurance can cover legal fees and compensation owed if someone is injured or suffers losses that your business is accountable for.
- Damage to visitor property: If you, or one of your employees, are carrying out work on a customer’s premises and causes property damage, you may be liable to pay compensation. Public liability Insurance may cover these fees for you.
- Cost of repairs: If you, or your business, causes damage to someone’s property or contents, your insurance may cover the compensation costs for repairs. This could also include product liability after you or your business provides or installs a defective product that causes damage.
- Medical fees: If someone suffers an injury or illness owing to negligence or malpractice, you may be forced to cover the cost of medical treatment. Your insurance can protect you from having to pay these fees yourself.
- Injury or death: If someone is injured or dies on your business’ property or work carried out is found to have been the cause, you will be held accountable. Liability Insurance may cover the significant cost of compensation.
If you want to know more about Public Liability Insurance, you can visit the Compare the Market website; at comparethemarket.com, you can find dozens of interesting articles on insurance and other topics of financial interest.
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