Public Liability Insurance is Equally Good for Professionals & Businesses

Public Liability Insurance is Equally Good for Professionals & Businesses

Liability insurance is an important type of insurance cover in which your liability is undertaken by the insurer. Public liability insurance is a type of insurance available to self-employed professional like doctors, engineers, etc. and businesses to protect against costs of compensation claims. The benefit of this insurance cover is extended to legal costs that incur when someone sue the professional or business for compensation. The law doesn’t have mandate on compulsory purchase of public liability insurance but you need to purchase it to get the right level of insurance cover.

Public liability insurance for professionals and businesses

As the name indicates, this insurance policy covers you for the cost of claim made by a member of the public. The liability is not restricted to public only but to property also. For instance, if some member of the public has visited your premises and broken his leg and some equipment held in his hand, the liability is extended to compensate that individual for broken leg as well as damaged equipment. The compensation is covered to the extent of your public liability insurance cover. Accidents in business can’t be avoided despite utmost care and compensation claims from public such as customers and clients are likely to be made. So, it is worth having a public liability policy for unanticipated happenings. This type of liability may also arise for self-employed professionals like doctors when a compensation claim may be raised by the member of public. For instance, a patient on operating table may die and compensation claim may be raised by his family member. You owe the responsibility to reimburse the claim and to face legal consequences. Public liability policy financially protects you in both situations.

Conclusion

Public liability policy is not a legal requirement but you should purchase this, at least cheap public liability insurance policy, by having access to public liability compare from different insurers.

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