What Is Public Liability Insurance?
Public Liability Insurance provides protection to a business, person, contractor, event or commercial building against potential legal costs if they are found to be at fault for injury, death, damage to assets or monetary loss as a direct result of their negligence. In short, it insures your business against claims of injury which may have occurred as a result of your business’ activity or by a product your business offers.
Why Should I Get It?
Although it’s not a compulsory insurance, in most instances, it’s highly recommended that you take out this cover as a business owner if you interact in a public place at any time. In all types of businesses there is an element of risk that someone may injure themselves or damage property during the hours of operations. This could develop into huge legal costs, which can be avoided by adding pubic liability insurance to your business insurance quote.
What Is Covered?
Public Liability Insurance will cover your business, and any subsidiary businesses as well as all your staff (if they were acting on behalf of the Company when the incident occurred). It also covers external events that are related to your business but located off site for:
- Personal injury, damage to property and advertising injury resulting from your business activities
- Products liability, including personal injury, damage to property and injury resulting from your products
- Expenses incurred when rendering first aid to a third party
- Legal costs and expenses
- Third party property in your care, custody or control
What’s Not Included?
It’s important to note that Pubic Liability Insurance will only cover claims issued by third parties. It will not cover the following:
- Claims or injuries by your employees
- Property damage
- Previously known claims
Public Liability Insurance protects your legal costs incurred in defending such actions which can be very costly – in some cases more than the original damage itself. Even though some business insurance policies might include this as part of the overall policy, it’s important to research how much and what you are covered for. It might seem like a cheaper option at the time but in many cases, it is more beneficial to take out a separate public liability insurance policy.
Contact Phoenix Insurance Brokers Pty Ltd in Perth today to speak to an expert who can provide you with the most suitable insurance quote that will be tailored to your business.