When operating any publicly open business premises, from construction sites to retail stores, you are always responsible for what happens to people that come into your property. While this may be drilled into people who work in more dangerous industries, such as the aforementioned construction industry, people opening a new retail or office space will often not realise that this applies to them too. They can then get a nasty shock when someone slips or falls in their store and then issues a claim for damages and hospital costs. Make sure you are never caught out with the most valuable tool most business owners will ever get: public liability insurance.
What Is Public Liability Insurance?
Public liability insurance covers you in the event that someone or something is injured or broken on your premises or by something from your business. This covers a whole range of problems and claims that may arise, and for good reason: public liability insurance is a broad and often legally required form of insurance that protects against accidents. Accidents are going to happen in any form of business; it is inevitable. Without public liability insurance, you will bear the full cost of this inconvenience, whereas with public liability insurance you can rest easy, assured in knowing you won't be bankrupted by an unavoidable accident.
What Do You Mean When You Say Public Liability Insurance Covers Damage Done Outside Of Your Property By Something From Your Property?
Many public liability insurance agencies offer cover for accidents that may happen due to something on your property, damaging something outside of the boundaries of your land. For example: if you had an awning out the front of your retail store and one half snapped, swung down and smashed into your neighbouring business's glass window, then public liability insurance would cover you for that, even thought it happened outside of your premises.
What Doesn't Public Liability Insurance Cover?
Every public liability insurance contract is different, but there are a few things that are generally outside of the realms of all of these insurance offers. If a judge or jury awards punitive damages; that is, they decide the accident was due to your gross negligence and not something that was an honest mistake, then most public liability insurance contracts will not cover that. Many people also confuse public liability insurance with workers' compensation, but these are two separate things. Workers' compensation only covers your employees or contractors, while public liability insurance covers members of the public.