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Managing risk is an unfortunate, but necessary, part of running a business. Businesses and their owners face a whole bunch of risks that can include accidents involving other people. Due to the often significant financial implications involved, accidents like this can endanger a business’s ability to continue to operate. This is where Public Liability Insurance steps in to provide you and your business with a financial security net that provides you with financial protection against claims from third parties who might’ve encountered an injury or property damage at, or because of, your business.
Want to know more about how Public Liability Insurance may help protect you and your business? We're diving deep into what Public Liability Insurance covers and throwing in some examples of claims your business may face.
Why? Because understanding the different types of insurance is crucial for your business. If you’d prefer to have a chat with an insurance expert, contact Warren on 0422 131 401
Now, let's dive into what Public Liability Insurance covers:
1. Personal Injury Claims: Imagine a customer slipping on a wet floor or a loose cable at your store, ending up with a broken arm. Despite your best efforts to keep your place of business free from hazards such as this, accidents happen and things slip through the cracks. Public Liability Insurance offers you protection from being personally liable to finance the injured customer’s medical fees and any potential legal fees should they decide to bring a claim against your business. Your comprehensive insurance policy will take care of it so you don’t have to.
2. Property Damage Claims: Accidents happen all the time, including accidentally damaging your client’s property. Imagine your team is installing new kitchen cabinets and accidentally damage your client’s costly countertop. No worries! When you have the right Public Liability Insurance, it steps up to cover the fix or replacement costs.
3. Product Liability Claims: Ever sold something that caused a bit of trouble? Like a faulty gadget that decided to spark a fire at someone's place? Unexpected product malfunctions happen frequently, even after thoroughly testing your product before it goes to market.
Again Public Liability Insurance has your back, helping out with the costs caused by that pesky product. Please note Public Liability Insurance doesn’t usually cover product recall costs. Speak with your insurance broker for more information.
4. Legal Expenses: If someone decides to take your business to court, public liability insurance can lend a hand with lawyer fees, court expenses, and even settlement costs. This shifts the onus off of you personally to cover these fees.
Additional coverage
If you need more than is mentioned above, then speak with an insurance broker to get more information on what policy is best suited to your needs.
Public Liability Insurance: Your business’s safety net
Public Liability Insurance is like a safety net for businesses, giving you peace of mind against unexpected claims. Navigating the insurance world can be a bit tricky, this is where we, Broad Risk Insurance Brokers, step in.
It's a savvy business decision to chat with an insurance expert to snag the perfect policy tailored for your business. It's not just about playing it safe; it's about playing it smart.
This insurance stuff is no joke! Understanding what your policies covers can be a game-changer for your business's safety and protect you from a nasty surprise down the line. Stay savvy, stay safe, and keep hustling, my friends! And hey, a little chat with an insurance pro never hurts anybody and means you can focus on the dollar-earning tasks in your business.
Want to know even more about Public Liability Insurance?
Chat to us, or head to our page Public and Product Liability Insurance for more information on what is and isn’t covered. You can also explore our website for information on all kinds of insurance you or your business may need.
Please note that all information in this article is general in nature and it’s best to speak directly with your insurance broker or provider to get in-depth information on what your policy does and doesn’t cover.
