There are many insurance policies out there that cover various different aspects of a company’s operations. From the outside, you’d expect that generic business insurance would be enough, but there are so many things to guard against. For instance, some of these policies protect employees and third parties in the case of an accident. Others protect the company’s property and goods, amongst other things. Policies like public limited liability insurance, however, have many benefits for both the client and the business owner. But what does it really do? If the idea of getting public liability insurance has been brought to you, here’s some more information on what it entails.
What is Public Liability Insurance?
Certainly, it’s impossible to predict future accidents, and that’s why this type of insurance is vital. It covers the cost of lawsuits and claims made by the people who work on (or visit) your premises—be them, clients or employees. However, be aware that it only covers incidents that occur on your premises.
Many businesses, including franchises, take out additional insurance to stay fully covered. However, some lucky franchises already have full coverage from the parent company.
Speaking of franchises, one of the most critical policies to take when opening a franchise is public liability insurance. In fact, even the most profitable franchises in the U.S. (like McDonald’s, Dunkin’, Anytime Fitness, UPS, Pearle Vision, Taco Bell, Chick-Fil, and others) have public liability insurance. For more information about franchising (or managing a business, in general), InBusiness Magazine’s rich library of resources spells out everything you need to know.
What Does Public Liability Cover?
It’s not enough to know what public liability insurance is; you equally need to understand what it covers. Public liability insurance covers the cost of claims, lawsuits, medical bills for injuries, property damage, and even death. For instance, if a visiting customer slips on a banana peel or water spilled on the ground and they break their hip, they can sue you for damages if this happened in your building. To avoid having to compensate with large sums of money should an accident take place on your premises, this insurance cover can help. When in place, you can rest assured that all costs incurred will be paid by your insurers.
Before choosing an insurance provider, you might have to look around and compare the prices of different policies. This is when iSelect comes in. This viable insurance comparison site will save you some time and stress. You’ll be spoilt for choice with the wide range of policies offered on the site. You’ll certainly land the most affordable and suitable among the lot. Regardless of your preferred insurance policy (whether public liability insurance or general liability insurance), you’re sure to find something suitable.
Who Needs Public Liability Insurance Cover?
It’s not legally required for businesses to have public liability insurance. It’s optional as enterprises are permitted to use their discretion to determine whether they need it or not. As mentioned earlier, there are different types of insurance policies out there. For companies who interact with customers daily (which is a good way to build a good relationship with your customers), it’s imperative to have this type of insurance.
Accidents happen, and sometimes they’re inevitable. Even worse, some of these injuries can cause your business to shut down completely. Let’s say a client sits on a chair with loose bolts, and they fall off, this is something beyond your control, but the client may still sue you for the cost of medical expenses incurred. Hence, all companies open to receiving customers on their premises need to be properly insured to avoid unforeseen costs.