Who needs it?
This type of insurance is highly recommended for any companies that conduct business in public places, including both small businesses and large enterprises. For example, these are some industries where businesses should purchase Public Liability Insurance:
- Real Estate
- Professional Services
One of the most common claims that this insurance covers is the slip and fall. Perhaps you own a retail store, and the floor is wet after someone accidentally spills a drink. If a customer slipped, fell, and suffered an injury, you could be held liable for damages such as their medical costs.
Another common claim is property damage. If you’re a repairman doing work on a customer’s house, and you accidentally cause damage to a pipe while working, you could be held liable for the resulting damages, such as the cost of additional repairs and parts, or even the inconvenience caused.
While the previous examples may seem obvious, there are too many potential accidents to count that could occur and result in a claim against your business. If you host events off-site, for example, anything that happens during one of them could leave you responsible for a compensation claim. Even online businesses should strongly consider this type of insurance. There are numerous risks associated with delivering goods or products to a customer’s home.