Public liability insurance is the insurance policy which is well-known across the world because the demand and necessity for this policy has been increasing constantly. This policy handles the danger of paying large amount of money to compensate a member of public when he suffers any injury at your business premises. It also covers the risk of getting damage and loss, by your business to their property.
This policy cover is especially significant because even if court does not grant any indemnity, still you are required to pay large sum of money as legal fees which can be compensated by your insurance company. Here are some factors which explains the importance of public liability insurance.
To Fight Against Lawsuits: Lawsuits are quite common for a business that is opened to a public area. These lawsuits even cripple a business financially and incur large compensation when breached for the ‘duty of care’ by the court. For example, if something that is belonging to your store like a lamp post or a big hoarding accidentally falls on a car belonging to the member of a public and damages it badly, then the person is bound to claim the compensation for the repair of the car. And in case of serious bodily injury to a customer, you may also have to bear the medical costs of the customers. Not only a customer, a passerby may also be hurt or his property may get damaged on your business premises. In such situations, public liability insurance covers risks and damages and will save you against the lawsuits.
Covers Legal expenses: Legal expenses include cost of defending yourself, cost of the lawsuit as well as lawyers or attorneys expenses. If the case runs for a prolonged period in the court, then all these expenses will also increase. Having a public liability insurance policy will help you from paying all these charges.
Also this insurance policy will give you a peace of mind, which is very much needed for everyone to run their business properly.