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Submitted by: Sahil Doshi
Public liability insurance is a special insurance product designed to protect a business from liabilities business may incur due to injury of employees, customers, or other stakeholders on of a business. Liability insurance differs from other insurance as it offers protection against liabilities or bills to pay for injuries that happen to stakeholders while they are in a business premise or using a product or service a business offers.
WHAT EXACTLY IS A PUBLIC LIABILITY INSURANCE?
Liability insurance or public liability insurance is a part of the general insurance product line that transfers risks and provides protection against emergency situations. In earlier times, it began as a kind of self-help group formed by individuals or companies that faced similar kind of problems and financial risks to compensate a member who was at loss.
In modern times, the basics of liability cover are still the same, but this is now a dedicated insurance that insurers offer for protection against specified risks in lieu of a premium. It offers protection against third party claims and in the case of legal proceedings, an insurance company covers the legal expenses. It is very beneficial as in many cases; legal proceedings carry on for a very long time, impacting the business operations as well as finances and this is where this cover is of great help.
DO I NEED PUBLIC LIABILITY COVER?
Public liability insurance can cover all costs, including, damages claimed, legal fees and other costs associated with defending a liability case. As an accident can happen at anytime, it is always better to have an early protective measure against such untoward situations. Insurance specialists advise that no matter how small or low risk business one may be running, but sometimes a slippery floor could be a cause for a customers or anyone else injury for which a business owner has to pay.
As legal guidance and proceedings are too lengthy and expensive, proceedings can take time and, in some instances, could go on for months damaging your business finances. According to a survey conducted on the case studies regarding public liability claims, experts have noticed that there are ample instances when a small business organization has been claimed for crores of rupees as liability. This is some kind of instance that no big or small business owner would ever like to face. This is where the public liability insurance comes handy and protects business owners from significant financial losses. This is also the smartest way of protecting the business from such unfortunate events.
Having a public liability policy also helps to take off some of the pressure and adds peace of mind as it covers a range of costs incurred while defending the case. These include damage claims, legal fees and other associated costs. Experts recommend that a minute check should be there to make sure that your public liability policy covers everything you require in order to protect your fund business.
HOW TO BUY THE RIGHT POLICY?
Choosing insurance brokers or agents is beneficial in this case as they help business to be able to exactly understand what kinds of liability a particular business may face.
After determining the risks, they would be able to suggest different protection plans or even buyers can go online and search for quotes and do side by side comparison.
According to most insurance specialists, customers should be sure to:
Review the policies carefully
Note what is covered and what not
What the terms of coverage are
How to report injuries or incidents, if necessary
WHAT ARE THE DIFFERENT TYPES OF LIABILITIES COVERED?
Employee Liabilities
Industrial risks
Non-industrial risks
Professional Liabilities
Product liabilities
Public liability
Directors and Officers liability
Liability insurance is the prudent way to be protected from a myriad of unfortunate events, where a business owner or the organization has been sued for a huge financial amount along with the risk of losing reputation. Such comprehensive covers under the liability insurance helps all businesses to tailor their protection plan and get the most out of the policy. It is often suggested to consult an expert before choosing any particular liability policy.
About the Author: Sahil Doshi is a writer who has interest in sharing knowledge related to the general insurance topic. In this article, he has focused over the benefits of public liability insurance. To get more information on public liability insurance kindly visit at
hdfcergo.com/commercial-insurance/CGL.html
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