Policyholder can provide financial coverage to pay financial damages to a third party or customer in case of any disease, injury or death, by this public liability insurance. Damages which are caused by your business to others property is also covered by this insurance. Policyholder may have incurred legal fees or other expenses while defending claims filed by a third party, these expenses also be covered by public liability insurance policy. Any way, intentional damages or contractual liabilities is not covered by this public liability insurance policy.
This insurance is compulsory for owner, users, or transporters to cover the financial risk. You must check the public liability insurance quotes which are provided by insurance companies, before going to purchase a public liability insurance.
These factors affect the public liability insurance premium.
- The types of business.
- The activity level of business. The activity level in most of the business depends on the turnover and other factors. For example, if it is hotel the premium of the insurance depends on the number of beds which provided number of guests.
- It depends on how much amount is required to cover and which type of cover is required.
Some facts to know about public liability insurance:
- The insurance company pay the claim amount to the person who has suffered damages due to policyholder business, but not to the policyholder.
- A policyholder can be defended by the insurance company when a person claims lawsuit is filed against policyholder.
- Businesses, clients and associates are getting awareness about importance of this public liability insurance. So, before they start any business with each other, both the parties are insured to handle public liabilities in business.
- When your business exposes your customer risks and dangers, then this insurance policy is essential.