Public liability insurance quotes are determined based on various questions about the specific business involved as well as the number of employees and employee turnover. A public liablity insurance quote (also know as products liability insurance) can also be obtained for the risk of claims that could arise from defective products or the design of a product.
A public liability insurance quote will not help protect the business owner for any claims made against a business or their person due to negligent advise, a quote for this type of coverage would be professional indemnity policy or professional liability insurance. A public liability insurance quote may be required to be obtained as a condition of a business or individual who plans to work as a sub-contractor or another company.
Public liability insurance quotes and coverages are normally tailored to a particular business type. Compensation required to be paid out by a business as a result of a claim can be significant. The business owner not covered by a public liability insurance policy may have to sell their home and any other assets of the claim is large enough. If a business owner has a lot of money to spare then they don’t have to worry about obtaining a quote for a policy of public liability insurance.
For the business owner who carries a public liablity insurance policy the claim process is simple should a customer suffer an injury and file a claim.
- The injured party files a claim against the business for their injury.
- The claim is passed to the insurance broker for their policy.
- The business can continue to do business as usual while the insurance company processes the claim.
- If the business owner loses the claim against them then the insurance company will pay compensation, damages and legal costs resulting from the claim. If the claim is won by the business owner the insurance company will still pay for the legal costs incurred by the business owner as a result of the claim.
Public Liability insurance protects companies from legal and medical costs that are incurred from an incident on their property or while working on another’s property, regardless of whether the business owneris or is not found to be at fault.
By James Clapton