Why Directors Are Accountable To Their Shareholders.
Public Liability Insurance (PL) covers you for any damages that a member of the public may be awarded as a result of injury or damage to them or their property caused by your business. Public Liability Insurance is designed to cover businesses from the threat that they will be sued from a member of the public. Public liability is an essential cover that all businesses need, cover is relatively cheap and will cover you in the event that you are pursued by a third party. Public liability insurance applies to all businesses as it is the most basic essential cover, although it will not stop your company being sued it will provide the financial backing in the event that there is a claim awarded against you. Insurance
Insurance will generally include several covers on top of Public Liability. Insurance cover is the encompassing component to complement a risk management plan for an organisation's general activities, its events, its attendees, staff and event organisers. If you do not have public liability insurance and you get pursued for compensation you will be liable to pay the full amount of the claim, if you are not able to pay the compensation you will lose your business, home and any other assets that you have. In a society where the first call after an accident happens is often to the solicitor rather than the hospital, public liability insurance is something a small business should take seriously. Public liability insurance covers claims made against your business, if its owners, directors or employees are shown to be responsible for personal injuries to a third party or damage to property. If you deal with the general public for example as a nurse, or a contractor and you are not covered by public liability insurance, included in your general business and buildings insurance then you are strongly advised to take action now. Public liability cover can also be extended to include claims arising out of defective products (product or products liability insurance) or design, often referred to as product liability insurance. This is often called professional liability insurance. Should one of your customers suffer an injury, as long as you have Public Liability Insurance in place the process is simple. There has been a high level of concern expressed over public liability insurance premiums in the past few months. Cover The basic concept of public liability is, it will cover your business in the event that it causes injury or death to a third party, it will also cover you in the event that you damage a third parties property. A lack of public liability insurance puts thousands of businesses out of business every year, and with cover starting from as little as 60 a year why take the risk. Other covers that may be included are:Employer liability insuranceProduct liability insurancePersonal InjuryStock coverLegal defense costBusiness interuptionMoney insuranceTools insuranceLoss of liquor licenceGet a fast Public Liability quoteWhat is your trade/industry. However, it does not cover you for any claims made against the business for negligent advice. Public Liability Insurance protects you if your business is held legally liable for personal injury or damage to a member of the public's person or property because the business's owners, directors or employees are shown to be responsible. Public Liability Insurance will not prevent claims from happening, however it will cover your business in the event that there is one. |