Skip to main content

What Is Public Liability Insurance And Why Would I Need It?

Do you currently run your own business and you already have a bunch of other types of insurance policies and someone recommended that you get public liability insurance? The question on your mind will naturally be "What is public liability insurance and why would I need it"


Also known as PLI, this particular type of insurance policy is the type that will cover any type of risk of liability that a company may have to pay a client or customer if he or she sustains an injury while they are on the company's premises. PLI will also cover the risk if a business also causes damage to a customer's or client's property. In addition to this, PLI also compensates business owners for legal fees while they are defending their business due to claims. This insurance policy is particularly vital because even if the court does not grant damages, business owners will still need to pay colossal legal charges, no thanks to outrageous claims.


What is public liability insurance and is it mandatory? This is the question that many new business owners ask. PLI is necessary for your business because whether you choose to believe it or not, no person can run a business that does not come with its fair share of risks. Most times, a lot of small businesses do not pay any mind to the glaring risk factors that are associated with their type of business. As a business owner, it is your responsibility and lawful obligation to pay compensation to the client or customer for any damage to their property due to negligence on the part of your business. There are times, when claims can go as high or even over one million dollars! So, it is important that business owners buy insurance because their business could be just one claim away from losing everything.


For instance, a good example of how important it is to have a public liability insurance policy would be when you or your staff were at working at construction site and a passerby trips on a piece of wood, steps on a rusty nail or suffered an injury when a heavy object falls on his or her as a result of your staff's negligence. You will be responsible for paying the claims. These are only a couple of examples that simply show the importance of PLI to small and large businesses. It is vital that business owners know that they are endless possibilities of causes for claims. So, the best thing to do for your business is to buy insurance and have some peace of mind and focus on building your business.

Labels:

Comments

Post a Comment

Popular posts from this blog

Where Do I Buy Cheap Auto Insurance?

Auto insurance is a vital requirement that all car owners have to acquire. Many companies offer these services all over the US. They offer custom quotes that cater specifically their customers' requirements. With a plethora of options currently available in the market, people face a myriad of challenges choosing the right one. A common question that many have to contend with is "where do I buy cheap auto insurance?" However, with a bit of legwork, they can easily find inexpensive insurance policies that will cater for all their personal needs. Before venturing out to look for cheap auto insurance, you should plan. It is, essential that you define your requirements and the type of insurance that you will need. For instance, you should visit insurance regulatory authorities in your areas to determine the minimum level of insurance that you should have. Many states require people to have at least liability insurance that covers bodily injury and damage to property. Once you
Post a Comment
Read more

Van insurance factors

If you have, or if the owner of the van, van insurance. There are many factors that will affect your van insurance during at the time of purchase. In particular, the cost of the insurance premiums will depend on them. Some important factors are given below: Mobile number you want to use a commercial van that is intended to insureThe or privateWeight and model of driving history claims that vanNo reportPlace experienceSecurity driving vehicleYour your drive system of vanYour like some areas in greater detail other riskAnd. To ensure that you receive your insurance good quote these factors play an important part by setting the premiums you pay. Van insurance usually is divided into two different types: PrivateCommercial Typically vans are more commercial than private use, unless you use your van for business at the time of the second temple, and then you ensure that users have the right to insurance to cover both types. If you use them for your business, then when you get your quote you
Post a Comment
Read more

Facts and numbers on car insurance of Illinois

There are a number of insurance companies operate in Illinois, cover a wide range of properties. There are several companies that provide this amount of coverage for property belonging to residents of Illinois. Illinois auto insurance companies provide coverage for many different vehicle since the after State insurance system, which means that anyone is guilty in tort for causing an accident, you must pay for the damage, as well as the medical bills of all injured passenger or pedestrian is involved. Average insurance in Illinois than $909, which is much lower than the average of national $1,678. More expensive cities are found: guarantee increases $1,290 in Chicago, Rockford, $1,008 in $1,178 baorora, $1,132 either Joliet, slightly above 1,000 in Springfield. Minimum requirements for insurance in Illinois are 20/40/17 on liability and Uninsured/Underinsured driver, 20: 40 A. any damage of one passenger, but not when there were more than $40,000 for any accident, $ 20,000 B. $15,000 o
Post a Comment
Read more