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Business Survival Tips: Stay Protected With Public Liability Insurance

June 01, 2012 | Comments: 0 | Views: 117

Liability claims are of huge concern for many businesses, and the number of claims that may arise in a financial year is unlimited. Many businesses will not be able to survive if a third party sues them for any sort of loss or damage. Only public liability insurance can save you and your business from bankruptcy in such situations.

How Liability Insurance Protects You Injuries or damages can happen at any time at any place. But the problem arises when the injury has occurred in the premises of your business, or a product that you sold caused injury to another person. A great example is supermarkets often sued for accidents caused by wet floor. Although some risks can be controlled, others may be unpredictable. So, the chances for getting sued are very high. Moreover, if it happens frequently, the financial burden can be very huge. For this reason, it is always ideal to add liability insurance to your business insurance policy. It covers all your expenses including the compensation as well as your legal and medical costs.

Why Insurance is Essential for your Business The injury or damage caused by your business can be divided into three categories - a customer getting injured while visiting your business or when you are visiting the customer, causing damage to your clients' property when you are visiting their place, and personal injury resulting from the products you sell. In all the three cases, you will be entitled to provide compensation if your customers sue you. However, if you have liability insurance, it will be covered by your insurance.

The personal injury cover of the insurance policy offers a wide range of features including cover for bodily injury, death, disability, illness, death, shock, and mental injuries. It also covers wrongful detention, and false arrest of the client in your business premises. Other personal injury claims are also addressed by your insurance such as defamation of character, slander, and assault or battery.

Property damage includes any physical damage to the property. The minimum cover offered for property damage is $25000. However, this can be increased to meet your business requirements. When it comes to public liability insurance, you have three options - $5000000 cover, $10000000, or $20000000 cover. Moreover, if you conduct interstate business, you will need to get extra cover. The stamp duty paid for the insurance will also vary depending on the state or territory you work. This will also have an impact on the premium you pay.

Source: EzineArticles
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