Public Liability Insurance Overview
Public Liability Insurance protects businesses from financial loss if third parties claim injury or property damage. It covers legal costs and compensation payments from incidents occurring on the insured’s premises or from their business operations. For example, if someone gets injured and sues, public liability insurance helps pay their medical bills, rehabilitation, and legal fees. It also covers the compensation owed and defense costs like hiring lawyers.
Key Features of Public Liability Insurance
- Third-Party Coverage for claims made by customers or the public
- Bodily Injury Coverage for injuries on premises or from business activities
- Coverage of legal defense costs like lawyers’ fees
Coverage and Importance
Public liability insurance protects against third party claims of injury or property damage from business operations. It provides peace of mind by covering legal fees and settlements.
Professional Indemnity vs. Public Liability Insurance
Professional indemnity and public liability insurance both cover important risks. Public liability handles third party property damage or illness/injury claims. Professional indemnity covers client claims of damage from professional mistakes. Insurers sometimes offer both under one policy, so discuss options to decide the right coverage.
Worldwide Coverage
Public Liability Insurance can provide coverage for liabilities arising from business activities conducted worldwide, offering protection for businesses engaged in international operations.
Why Do I Need Public Liability Insurance?
Many businesses need Public Liability Insurance to meet contract requirements and provide peace of mind that claims from property damage or injuries will be covered, avoiding legal costs.