Public liability insurance is not only a must-have for all business owners but for all the homeowners as well. This kind of insurance is a coverage that protects individuals from having to reimburse medical and legal expenses in the event of someone being injured on the premises by accident, including insuring the ongoing disability payments.
This will also protect individuals from claims due to damage caused on someone’s property located near their premises.
There are several types of injuries and damages covered by such insurance including circumstances when a person gets injured due to non-maintenance or hazardous building construction, or injury caused due to any object on the premises such as a branch falling from a tree, or damage caused to vehicles of the visitors.
Public liability insurance is obligatory in many States in US and other developed countries, while in some regions in US and other foreign countries, it may not be obligatory. However, it is better to be safe and secure than to repent later on. When individuals fail to recognize the importance of liability coverage, it can put their firm in risk or it could result in depletion of assets due to accident on their premises that has not been covered by such insurance. Those premises which are prone to higher risks for accidents are public places like shopping malls, hotels and restaurants, theatres, auditoriums, sporting centers, and so on.
Individuals should however note that employer’s liability is different from public liability. This kind of insurance will not provide any coverage in the event of employers being injured at the workplace. Product liability insurance, which is a part of such public liability insurance, would provide coverage if someone was injured by accident while using hazardous or defected products.
Individuals may be offered different type of insurance policies with different coverage and premium rates by the insurance companies. The most important thing that individuals need to determine in advance is the amount of coverage they need. They need to decide on the specials assets they need cover for. In most cases, it is better to have extra coverage, in case there is higher risk factor, especially when there is chance of accidents on the premises, which will add up expenses quickly. An insurance policy with higher premium rates will pay off in the event of an accident on the premises.
The cost of public liability insurance will depend largely on the type of business, the nature and size of property, and so on. It would be a good idea to maintain a property in order to avoid odds of deliberate negligence. Individuals should always make their efforts to minimize any chances of risks such as injury caused to general public on their premises, whether it is their home or business property. In the event it is confirmed that the property was not secured, individuals may not be entitled for any coverage.
By John Benson