Public liability insurance is a must for both large and small businesses. Although it is not required, it is also very beneficial for homeowners. The premise for this specific insurance is to protect you, the business owner/operator, from paying for medical and legal costs out of your business's assets if a member of the public injures herself on your premises.
Furthermore, it also pays for any ongoing payments associated with the settlement of a claim. This applies not only for people, but also for third-party property damages on your business premises.
So what exactly does it cover?
The major benefit of public liability insurance is that it covers accidental injuries of a third party or their property on your business premises. Your legal fees and expenses incurred during the claim process are usually covered entirely by your insurance policy.
I want to clarify that public liability insurance only covers third parties. It does not include your employees or sub-contractors. Employers liability insurance covers your employees' injuries and accidents. I know, there is a lot of insurance for businesses to obtain, but it's better to pay a small monthly premium than risk losing your business when an accident happens.
External Resources:
Public Liability Insurance Guide
Liability Insurance Tips
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment