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Public Liability Insurance

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					What Is Public Liability Insurance?
What is public liability insurance? Why do you need it? Not a lot of people--especially business
people--understand the real essence of this coverage. However, if you can just get to know it,
you'd realize that it's something indispensable.
Public liability insurance is a form of business insurance that does two primary things. It protects
your business should a customer suffer a fall or other form of injury on the premises of your
business. And it protects these people and their property from any harm that your business may
cause them. An example of this would be if you owned a business where your service is
conducted on the clients premises. Public liability insurance is widely held by major corporations
to protect themselves against ongoing legal and settlement claims. Unfortunately, many small
businesses go without, risking their entire livelihood to save on premiums. The following is a
more in depth look at this necessary form of business insurance protection.




Defining Public Liability Insurance
Also known as PLI, public liability insurance refers to several types of insurance policies that
aim to protect business people, their businesses, and their employers from future claims from
customers and clients. You can use the insurance coverage whenever someone gets injured or
disfigured due to accident while in your office or in your home (if you're working in your own
home) or during your business hours.

Take this case, for example. You are opening a garment factory in your area, and you're inviting
some officials to the establishment, hoping that you'll get some investments out of them.
Suddenly, one of them suffered a slip-and-fall injury after having stepped on a drop of oil on the
floor. If he or she files for an injury claim (which he or she may likely do), you can use your
public liability insurance to cover for such claim.

If you're self-employed, you can use the liability insurance to any damage you may incur to
third-party property. Here's an illustration. You're a professional landscaping company hired by a
client. While working on your project, you happen to knock down a portion of a wall. Your
client can make you responsible for this. Rather than paying the expenses out of your own
pockets or from your business coffers, you can rely on your PLI.

The Benefits of Getting Public Liability Insurance
There are a lot of reasons why you need to get public liability insurance for you and for your
business. It's pretty obvious that it offers protection for your business from future indemnity
claims that would perhaps lead to insolvency or bankruptcy. With the insurance policy, you
won't have to use your profits, assets, and investments to pay claims from clients. As expected,
they cannot compel you to use your business as payment for the injuries or damages they
suffered.

The insurance policy will also be able to cover a lot of different expenses. For example, you can
use it to pay for legal fees and medical bills. You may also charge the property replacement to
your PLI. There are even policies that would allow you to insure certain areas of your offices,
such as parking lots or garages.

You can also extend public liability insurance to your employees. This means that if they commit
mistakes along the way and they are sued by your clients, they can have their own means of
facing their legal obligation without fearing where they are going to get the money.

Some Types of Public Liability Insurance
There are a number of options for public liability insurance that you can choose from. For
instance, if you're an owner of properties for rent, you may want to get the landlord insurance
policy. If a tenant suffers from electrocution because of faulty wiring or he or she gets injured
from a crumbling wall, you can use your insurance for his or her future legal claims and medical
expenses.

If you're offering services such as consultations based on your professional capabilities, you may
acquire professional indemnity insurance. It will shield you from lawsuits such as slander,
plagiarism, breach of contract, or professional neglect.

A compulsory public insurance policy is the employers liability insurance. This one protects you
from claims from your own employees. For example, if one of your construction workers met an
accident during business operations, he or she can file an injury claim against your business. You
can use your insurance policy to settle that one.

How to Get Public Liability Insurance
Perhaps by now you know that your business may require public liability insurance just for the
added protection. Accidents may not really happen over the course of your enterprise's life, but
who knows if it's going to be the other way around, right?

That's why you have to start looking for PLI today. It's not going to be difficult, though,
especially when you're given this one important tip: get some quotes.

This is one of the best ways of finding the most ideal and affordable insurance policy providers
for your business. The public liability insurance quotes will give you a good idea how much your
policy would be worth and how much you'll be paying for it each month.

There are a lot of things that are to be considered when asking for liability quotes. These include
the nature of your business, annual turnover, and any previous claims against your business.

				
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posted:9/19/2011
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About my name is Mohsin Ali