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The Basics of Public Liability Insurance

What is Public Liability Insurance?

Public liability insurance is an insurance policy which offers the insurer protection from people claiming compensation in the event of an accident or loss in or around their home or business. Thus if there was an accident on your property and someone were to lodge a compensation claim, then your public liability insurance policy will assist you with the payment of compensation. Public liability insurance may additionally offer the insurer protection against claims from trespassers as well as provide cover against injuries made by falling objects or people carrying out repairs.

Obtain Public Liability Insurance and be Safe rather than Sorry

The cost of obtaining and maintaining a public liability insurance policy is minuscule compared to the massive compensation bills which can occur if you are not adequately insured. Obtaining a public liability insurance policy can protect you against compensation claims in the event of an accident to a person or an object occurring through your own fault or around your property or business. Compensation claims currently range from a few hundred euros to a few million, depending on the severity of the circumstances. If you are not adequately equipped to settle such compensation claims you and your family could wind up losing everything you have ever worked for, including your house and possessions, to settle the compensation claim.

How to obtain Public Liability Insurance

Obtaining a public liability insurance policy is similar to obtaining any other insurance policy in that you need to pay a premium to an insurance company in order to receive the cover. The premium of your public liability insurance policy will depend on the type and amount of cover you require. Some content or property insurance policies offer built in public liability insurance, but it is best to clarify with your insurance company on the level of cover offered. If the protection currently offered is inadequate it may be in your best interest to obtain a separate public liability insurance policy.

Public Liability Insurance for your Business

Public liability insurance is highly recommended if you are operating a business as compensation claims are on the rise and it is better to be safe than sorry. Your business may be required to obtain public liability insurance if it exposes your clients to potential dangers or risks. Furthermore it is becoming increasingly common for businesses and clients to demand proof of public liability insurance prior to embarking on projects with each other as this will provides both parties with protection in then event of an accident and a compensation claim being made.

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