Yes, public liability insurance is an insurance policy that handles the payment of large amount of money to compensate a member of public when suffered by any injury at your business premises. It also covers the risk of damages and loss of any property occurred to a third party by your business.
This type of insurance is most essential for places like pubs, restaurants, theaters, shopping malls etc., where people can easily trip, slip when using stairs or an escalator or an uneven floor which could result in an expensive claim. Critical damage to a person’s property is also covered under this policy. For example, when you are building a firm, you would need public liability insurance to cover any potential or unforeseen damage that might accidentally occur to a person’s house during the construction.
Typically, public liability insurance will cover many cases, among them the most common coverages against a third party are:
- Loss or damage to others property
- Bodily injury
- Accidental death
On payment of additional premiums you can add additional coverages to the public liability policy against the risk like natural calamities like flood, earth quake etc., transportation risk and pollution risk. In case of Small and Medium Enterprises (SMEs), you could be at risk of bankruptcy if somebody files a serious claim against you. So, public liability insurance is required for every possibility of claim against your business. Look for a proper guide and make sure you get a right public liability coverage to pay damages to the members of the public for death and injury and also for damage to property or possessions, which has resulted from your business activities.