Protection against claims of personal injury or property damage that a third party suffers
Public Liability Insurance covers the cost of compensation to third parties for death, injury or damage to their property, which happens as a result of a firm’s business activities. A ‘third party’ is anyone outside the company that the business has contact with – including, for example, people visiting the premises, watching activities that the business has organised and even passers-by.
Risks Covered
- Bodily injury: Public liability insurance helps to cover expenses if someone is injured.
- Property damage: It helps to cover damage to a third party’s property. For instance, if you own a coffee shop, and one of your employees accidentally spills a coffee on a customer’s designer purse. Your policy could help cover the cost of replacing the purse and any damaged contents.
- Legal expenses: It also covers the cost of hiring and paying an attorney to represent your business in a lawsuit brought by a customer or someone else.
Exclusions
- Injury to employees (as this is covered by an employers’ liability policy)
- Property belonging to the insured (as this is covered by a material damage policy)
- Products liability (as this is covered by a products liability policy)
- Contractual liability (this can sometimes be deleted with the agreement of insurers in relation to specific contract wordings)
- Cost of rectifying defective work
- Professional negligence (as this is covered by a professional indemnity policy)
- Motor vehicles (as these is covered by a motor policy)
- Vessels and craft (as these is covered by a marine policy)
- Lifts, elevators and boilers (as these are covered by an engineering policy)
- Gradually occurring pollution
- War risks
- Radioactive contamination
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