The Important Points of Insurance Public Liability

3rd June 2010

Every business person or company will

require insurance policies to cover themselves in the time of an unexpected or

uncalled for incident. Given below are some points on an insurance policy which

is ideal for all business persons:

  • Insurance Public Liability protects you from loss or damage

    resulting from a claim made by a third party.

  • This claim is possible only if the incident took place in your

    business premises and was due to some type of negligence on your part, as

    a business person/company.

  • This type of insurance cover is vital if members of the public

    or customers are required to come to your premises or you as a business

    person needs to go to their premises.

  • This cover pays out in the event of injury or loss of damage

    which was caused through negligence on your part. For example, if a

    customer trips on an unattended object in your business premises, and

    injury is caused – this can result in an insurance claim.

  • This cover will include any legal fees and or expenses which

    results from any claim made by a third party.

  • Insurance Public Liability can reduce your financial risks

    significantly.

  • If your business falls under the category of “high risk” such

    as construction work, it is always advisable to be adequately covered by

    this policy.

  • Careful thought has to be given before you decide on the right

    insurer to obtain this policy.

  • You can either work with an online or offline insurer.
  • Call for a number of quotes, whether online or offline, before

    you decide on purchasing the policy

  • Online quotes will require you to fill in the preliminary

    online information form – make sure that you provide all details that will

    help the insurer to arrive with a comprehensive quote.

  • It is vital that all work areas of your business is included in

    the Insurance Public Liability to make sure that you are adequately

    covered at the time of a claim.

  • It is very important that you have studied and understood your

    quote very well, before you sign the agreement. The agreement will always

    call for an annual payment which cannot be cancelled if you have any

    doubts.

  • In the event your business is run and managed from your own

    home, it is yet advisable to obtain this insurance policy.

  • Keep your insurance agent well informed on the concept of your

    business, including any changes which take place as well. These changes

    can affect your insurance policy too.

  • The required cover will depend on

    the size of your business. Many small businesses will opt for a 1 million

    cover, which is reasonable in the event you are faced with several claims

    against you. Although covers are high, the annual premiums remain much lower.

  • Businesses strongly differ from

    each other. Insurance Public Liability should be customised accordingly.

Given above are a few basics on this type

of insurance policy which is commonly used by all business persons. Further

details and information is freely available on the Internet, and it is strongly

advised that you need a thorough knowledge on this policy before you make an

investment.