The key features of public liability insurance
Public liability insurance, of the kind offered by major insurance companies such as Endsleigh, has a number of key features that makes it of significant benefit to businesses – especially small and medium sized enterprises, which will be in particular need of financial protection. Essentially it is intended to offer overall coverage for claims against a business – either for damages or injuries.
To begin with public liability insurance offers a business financial cover in the event of a member of the public, employee or client suffering an injury while on the business premises. Were this to occur, the injured party could make a financial claim and, unless it had the appropriate insurance cover, the business would be held liable for any sum awarded to this party in damages.
Another key feature of public liability insurance is that of legal expenses coverage. This type of policy will also pay for any legal costs a company accrues as a result of such an incident occurring. Furthermore, this type of insurance will also cover medical expenses, such as charges for hospital treatment or ambulance costs that may be claimed against you by the NHS, as a result of the injury, which occurred on you business premises.
Another area that this form of insurance policy covers is that of damage or loss of goods and/or equipment, owned either by the business or by a third party supplier. Furthermore most public liability policies will also cover a business in the event of this damage occurring away from the central business premises – say in transit – as long as this is part of the running of the business. This is a vitally important feature of this type of insurance, as the loss of important equipment, in addition to the costs of replacing it, can be financially disastrous for a business.