Introduction to Public Liability Insurance
Public liability insurance protects businesses from costs of claims made by members of the public who get injured or have property damaged by the business. It covers legal costs and compensation payments if found responsible for causing harm or property damage to someone else.
Benefits and Importance of Public Liability Insurance
As a business you are liable for any damages to third party property and injuries on your premises, so you need this insurance. Even organizations with volunteers need employer liability in case of accidents. Public liability insurance defends against litigation by covering accidents and damages. It is a short-term obligation to cover claims due within a year. Coverage is designed for any type and size of business. If injury is caused by trainer or gym negligence, the injured may have right to compensation from their public liability insurance. Under strict liability, a person or entity can be held legally responsible regardless of intent or negligence if their actions cause harm.
Key Considerations and Risks
When risk is very high, premiums may be expensive or declined. Product liability insurance, though not mandated, can be significant. It covers harm to workers and the public, property damage by an employee, injuries from negligence, libel, contractual liability, employment practices liability, and intellectual property infringement.