Public Liability Insurance
Understanding public liability insurance, and what is it?
Public liability insurance coverage covers you for potential liability
to third parties that experience personal injury or property damage,
in the event you or your business is found to be negligent. Statute
laws impose a "duty of care” upon certain people, including employers,
suppliers of goods and owners of property. If it is found that you
have breached your duty of care, you may be liable for damages.
If you or business requires that your customers or the general public
visit your home or business or if you visit them on their premises,
you should take out public liability insurance. Business owners and
operators are responsible to those visiting or engaging in activities
on their premises.
Public liability insurance is available to individuals, businesses and
non-commercial organizations alike. This type of insurance provides
legal protection to a wide range of businesses, including home-based
business, businesses on public property, shopping centres, swimming
pools, carnivals, fetes or event centres. Depending on your type of
business, public liability insurance may or may not be mandatory. Find
out what the specific requirements of your legal structure are and
make sure you have coverage if it is needed.
Should you get public liability? It depends on what your
type of business is. You may think that it's not likely someone will
make a claim against you or your business, but if it is all a
possibility, you should still consider it.
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If you don't have public liability cover, you may not be able to
afford the legal costs associated with defending a claim or paying
damages. If a claim is made against you, public liability insurance
will cover the costs and expenses associated with the claim, and will
also cover any damages awarded to the injured party.
There are many different types of public liability insurance policies
available, with each covering different types of businesses. What
you'll pay for your insurance depends on a range of factors including
how big your business is, what type of premises you operate your
business on, the activities you conduct in the course of your business
and the number of people you employ.
More on liability and "duty of care"
Sometimes, liability can arise because of what is called "strict
liability." This is liability that is specified by contract or is
required by law. It can also arise because the owner of the business
or organisation breached his or her "duty of care" owed to a client or
third party.
In some cases, "injury" does not necessarily mean bodily injury. Of
course, it can, including injuries resulting from a fall or other
accident on the property. However, "injuries" can also include mental
"injury" such as humiliation or defamation, or be as a result of
property damage from fire, as an example. To make a claim, the injured
party first must prove that a duty of care existed and then must prove
that it was breached and that material damage was caused by this
breach.
To reduce your chances that a claim will be made against you, identify
and take care to minimize risks that exist within your business.
Whom to consult
Insured Risks can assist you in determining the type of policy
best for your operation. Every business has different requirements,
and it is therefore important to seek the advice of a qualified
professional who's experienced in public liability.
You can also go directly to an insurance company. The company will be
able to tell you what type of coverage they offer and what it will
cost you, depending on your particular circumstances and needs. It is
most important to realize, however, that an insurance broker will act
as your representative and work to your best interest, whereas
insurance agents may in fact act for their particular insurance
company's best interest and not yours. Therefore, an independent
broker may be your best choice.
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For more information about Insured Risks public liability insurance visit here.
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