Detailed Guide: Public Liability InsuranceWhat exactly is the insurance for public liability? This is a question that may come up in your mind, when talking about various insurance policies. This is actually that insurance policy which will provide the coverage for any damage that is caused to the public property or a public member, as a result of your work or your business. For instance, if you own an excavator, and an accident occurs where your excavator causes damage to the house of an individual, that individual has the rights to get a compensation amount from your end.
If you are a person with a public liability coverage plan, you will not have to bear that loss, as the insurance company pays for it. Even if the person threatens to sue you, the insurance company will appoint lawyers who can defend you at the court.
Why go for it?
Taking an insurance policy for public liability can actually save you a good amount, especially if you are into a business which includes a lot of risk factor in it. When such accidents come up, the amount you may have to provide as the compensation would be fairly large, in most cases. If legal matters are involved, even more cash will be required, so as to appoint a lawyer and for the further proceedings in the court. With an insurance company to take care of all this, you can just sit back and relax, even if the issue is a grave one!
What is not covered by public liability insurance?
- Accidents to you and your own employees
- Damage to your own property or possessions, or your employees' possessions
If you need cover for these risks - you should look at your business insurance.
Who should make use of such policies?
Mostly, these kinds of policies are meant for businessmen who are into jobs that involve a lot of risk. Owners of liquor shops, outlets, restaurants etc would also be advised to have one such policy, as there are increased chances of people getting hurt there, than at a normal shop.
Whatever business you do, it would always be better to have one PL insurance, so as to make your side safe and avoid losing money from your pockets.
Where to look for the best insurance policies?
The insurance policies for public liability and companies that offer them can be found abundantly on the internet. A simple search can yield several results, all of which may not be genuine. There may be companies that claim to provide policies at lower premium amounts. But before fixing your deal with one such company, it would be best to check through their website and see if they are genuine. The best companies will always have all their terms and conditions mentioned clearly on their website.
The best places to look for public liability insurance are comparison sites. There you will be able to fill in just one form and will be offered a list of providers. This way it will be a lot easier for you to compare costs and coverage between the different companies instead of filling in quotes for each separate provider.
We recommend you to visit ConstructAQuote where you'll be able to compare policies and prices. They specialise in public liability insurance. Make sure you read through all the bits and pieces so that there will be no unpleasant surprises in the unlikely case of claiming on your public liability insurance. There is usually a limit between £1,000,000 and £5,000,000 so keep that in mind.
If you want to go directly, try Hiscox – they are specialists in public liability insurance and they are good at it.
Take your time to compare to make sure you get a quote that will work for you without costing a fortune.