Definition & Types of Public Liability Insurance in Business. Public liability insurance is an additional type of general business insurance, which pays for the cost of such claims made against your company that occur in relation to your business. As your company grows in size, it is very likely that there will be times when you will need to claim compensation or compensatory amount from an injured or wronged person in your organization. The insurer’s lawyer will help you in filing such claims against the insurer. You can make claims against the insurer with the help of lawyers who specialize in this field.
What Is Public Liability Insurance? Public liability insurance helps you keep yourself, your employees and your clients away from any liabilities that may come due to their accidents, injuries and mishaps. If you are operating a restaurant or a health club, and you have some injuries to some of the people in your establishment, you may have to pay compensation to these individuals and recover the money that they have spent in your establishment. A few of the common injuries that can occur in a restaurant are broken bones, sprains, whiplash injuries, and head injuries. There are many people who spend their entire life in a restaurant and when one day, they fall out of the restaurant and hurt themselves, they have to go through the pain for the rest of their life. Hence, if they get hurt due to the negligence of the restaurant staff or a faulty system, the restaurant owner is liable for paying the compensation amount to the injured individual. Thus, you can also make claims against the restaurant owner for the expenses he has spent on repairing the damages caused by your negligence.
You can also make claims against the restaurant owner for the injury to the other customers as well as the damage caused by your negligence and the expenses the owner has spent on repairing the damages. When you have public liability insurance, you can avoid paying the hospital bill of the patient and you can also avoid paying the legal fees and other legal costs that your lawyer may have incurred. Also, you can get any financial assistance if required to compensate for the damage you have caused to someone else. You will not have to pay for it on your own and will have to bear all the expenses related to it.
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