The business interests are safeguarded by using the public liability insurance when there is a claim, against the business, which occurred due to injury or property damage. Both the individuals and businesses are covered by this policy. The company will be protected by this insurance policy from paying large amounts of compensation to the third party or member of the public.
Public-liability insurance is essential for any businesses, which opens the doors to general public. Especially it is necessary to retail businesses. This policy allows you to operate business without having worry about your business getting bankrupted by covering an injury or damage claim filed by a customer who injured on your business area. These insurance polices offers economical premiums and it also pays the legal costs. The main drawback of this insurance is, business is covered from the claims from the third party, but it will not cover claims from employees, vendors, investors, and etc.
Public-liability and property liability insurance both are covered by general liability insurance. The injuries of the body, personal injuries and property damages as well, are covered by this type of insurance. All the necessities of the company are covered by this policy and it also protects the assets of the business. The main draw back of this insurance is the amount of premium is more. Workers compensation is not provided by this policy.
This information may be useful to you, when you want to take an insurance policy for your business. You can decide which is best for your business.
