Public Liability Insurance is designed to protect you if
there is damage to property that resulted in death or injury due to your
negligence. If your business is in a serviced-based industry that requires you
to regularly interact with the customers, this type of policy should be
necessary. This policy is intended to pay for the damages and the legal
expenses. It will also shoulder the medical expenses. Though applying for this
type of insurance is not required by the local laws, we still strongly advise
you to apply for this policy.
The Basic Cover of Public
Liability Insurance
In
most cases, the company that offers Public
Liability Insurance will provide coverage at approximately $2 million up to
$8 million. You always want to make sure that you will get the maximum coverage,
so we advise you to go to a company with higher coverage. If you are a
sub-contractor, you may need to take extended coverage.
Extended Coverage
You
need to be aware that the basic coverage of the Public Liability Insurance will not cover any defective design and
product. If your business has been involved in this type of accident, it can
get extremely costly, especially if multiple third parties are involved. If
your business requires extended coverage, ask your insurance company how much
your premium will increase. When calculating your premiums, inherent
predisposition and the reach of your design or product will be considered.
How can it Protect My
Customers?
Suppose
a visitor, customer, or any third party suffers an injury due to the activities
and risks associated with your business. In that case, you want to ensure that
you can provide them with their compensation by having Public Liability Insurance. If you're going to maintain the
credibility and authority of your business, you need to guarantee the safety of
your customers; this should include safety checks and risk assessments. You are
not only risking public safety but as well as the reputation of your business
if you are not sufficiently covered.
What Are the Most Common
Types of Claims?
The
possibilities when filing a claim are limitless, but here are some of the most
common claims.
·
Accidents- This is the most difficult and most common
type of claim. This situation is typically unavoidable. Items that are damaged,
broken, and drop can happen and lead to unforeseen events. If you do not have Public Liability Insurance, you do not
have the proper protection on your finances should there be a claim after the
accident.
·
Transport- The products or people being transported,
work-related vehicles, and driving for business purposes also exposes you to a
certain type of claim.
·
Trip and Slip- Your work can also be exposed to a
certain risk if someone trips and slips during business hours.
·
Disrepair- A simple protruding head of the nail can
result in expensive claims.
If
you want to know additional information about Public Liability Insurance, we
recommend talking with the insurance advisor. They can guide you throughout the
process and determine the specific needs of your business.
Essential Tips in Getting Public Liability Insurance for Business
For
owners of small businesses, you are probably aware of the importance of
protecting your customers and your business with Public Liability Insurance. It provides ample protection if a
supplier, customer, and any member of the society sue the company and file a
claim due to the damage to their properties, death, and personal injury.
Regardless of whether you have a strict safety measures and policy, this does
not mean that the court will not find you at fault in an accident.
If
you do not carry enough protection, you expose yourself to a possible financial
deficit due to the expensive compensation and legal expenses. This can threaten
the stability of your small business. Here are some tips that you need to
consider when applying for Public
Liability Insurance.
The Policy Should Cover
the Entire Activities Related to Your Business
In
most cases, the Public Liability
Insurance will be customized to suit a specific business's needs. However,
we still advise you to check if it has ample protection that will cover all
your business activities. There are instances that their policies can include
exclusion, which may mean that you are not properly covered on the activities
and risks your business is conducting. You need to be aware that there are
different variations in this type of insurance. Make sure that you will peruse
the fine print of the contract and analyze the policy's exclusion, endorsement,
and wordings.
Look Beyond the Premiums
When
looking for Public Liability Insurance,
it is too easy to pick the lowest premium. Unfortunately, the lowest premium
does not always mean that they are better. We understand that the small businesses
here are normally tight on their cash, so at least 40% of the small companies
here do not possess coverage. Fortunately, there are ways to make insurance
affordable. By reducing the risk of your business, such as installing
anti-theft devices and sprinkler systems and appropriately training your
employees on safety, you can possibly lower your premiums. So, we encourage you
to look beyond the premiums.
Getting a Customized
Policy
As
we mentioned above, most of the Public
Liability Insurance is tailored to address the needs of the
business. Contingent upon the nature of your business, having your insurance
customized will ensure that you are sufficiently covered. You should be able to
bundle different features and coverage into a single policy. This will help you
save a hefty amount of cash since you no longer have to apply for multiple
insurances.
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