Public Liability Insurances are obtained if members of the public or customers call over to your business premises or you go to them, even if your business is run in your own home.
What this policy covers
This policy covers claims made by a member of public or a customer because of an injury or damage to their property which was caused by you or an employee of your business. It also covers all legal fees, if any, as well as costs of hospital treatment.
The insurer will calculate the premiums based on the type of business you conduct and the extent of covers you require. This figure will also be based on the turnover of your company, including a number of other factors. For example, if the business is a hotel, the number of beds is taken into the calculation to project the number of guests that visit the hotel.
Discuss terms with an agent
Much thought has to be given before investing on Public Liability Insurances. These policies are now available either offline or online. Whether you choose an offline or online agent, it is best that you have an in-depth discussion with the agent before buying a policy. It is important that you check out your premiums; whether all your business areas are covered etc.
Online insurance websites too offer an effective and efficient personalised service. You are free to discuss terms and talk to an online professional, to help you understand your insurance policy better.
The benefits of getting insurance
There are many reasons why you should have this type of insurance for you and your company. It is very clear that the prime feature of Public Liability Insurances is to offer protection for your business from indemnity claims which otherwise would have to be paid by you, which can even lead your company to bankruptcy. Investing on this type of insurance will protect you from using your profits, assets and investments to pay up claims from your clients. With this insurance policy, you are not obliged to use your business capital as payment for damages and injuries.
This insurance policy will also help you to cover other expenses such as legal fees and medical bills. Certain policies also allow you to insure other areas of your business such as parking lots and garages.
The different types of Public Liability Insurances
You can choose from a number of options in this type of insurance. For example, if you run a real estate business you may invest on a landlord insurance policy. If a tenant suffers from any type of injury due to negligence in the construction etc. you can use your insurance for all legal claims and medical expenses.
If you are offering professional consultations based on your capabilities, you may obtain professional indemnity insurance. It will protect you from lawsuits such as slander, plagiarism, breach of contract or professional neglect.
The best way to find the most suitable and ideal insurance policy is by calling for a number of quotes. This can be done very conveniently online. These quotes will give you a good idea on the value of your policy and amounts or premiums that you would be required to pay.