Know About Differences Between Public Liability Insurance and General Liability Insurance

Liability Insurance is nothing but a type of Insurance which protects from claims and also protects us from the risks of liabilities which are imposed by the law suits. It also protects from the sues which are covered by the insurance policy. The main properties of this type of insurance are duty to defend and duty to indemnify. Many companies and many organizations are using these liability insurances because of the advantages associated with it.
There are different types of liability Insurances. Out of them, the most famous are public liability Insurance and general liability Insurance.

Public Liability Insurance: By using this type of insurance, the business interests are safeguarded when the third party gets injured. This protects from the claims of the public. It covers both the individuals or the business owners. These insurances will protect the company from paying large amounts of compensation.

The cost of the premiums will be most economical and it stress will be freed from the business owners if they own this type of insurance. Apart from covering the claims made by the third party it also pays the legal fees for defending. Apart from the advantages which are being covered, there are some drawbacks like the claims made by the public alone are cleared but the claims made by the employees are not covered in those cases this public liability insurance is of no use. Also the claims are covered within coverage level. The insurance will not cover those which are above the limits of the insurance policy.

General Liability Insurance: This type of insurance will cover the injuries of the body, personal injuries and also the property damages. It covers all the necessities of the company and also safeguards its assets. So, this insurance is also called the catch-all insurance policy. In this type of insurance both the public and the product liability Insurances are covered. It can be purchased individually or it can be purchased as a part of the business. There is also a drawback with this type of insurance like premium amounts for this type of policy are more and one has to pay large amounts on monthly basis. It also does not provide workers compensation. Because of the higher premiums many small and medium companies and even individuals will not purchase this type of insurance.

These are the main differences between the public liability and general liability insurance.

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