If you run a business, you’ll be aware of the importance of the right kind of insurance.
Any business that provides a service or product needs to have Public or Product Liability Insurance, so that they are covered should anything result in injury to someone else or damage to someone’s property.
Going without Public and Product Liability Insurance can have dire financial consequences on your business, so it is important to get informed, know the benefits and get covered.
So, why are they so necessary?
Public Liability Insurance
Many industries and businesses perform services that have a certain degree of risk associated with the work. If these services result in damage or injury, a claim can be lodged against you.
The compensation required can often be extremely expensive and if you don’t have the capacity to pay, not only will you be much worse off financially, but so will the people that have been affected. With Public Liability Insurance, you can be covered for the costs surrounding:
- Legal fees
- Medical expenses
- Costs of damages
In many cases, this insurance isn’t just a good idea but also a mandatory requirement. This usually applies in riskier sectors, like trades and mining, where the risk of damage and injury to other people is much higher.
Product Liability Insurance
If your business involves any sort of product, you will need Product Liability Insurance. This includes products that you:
In a similar situation to Public Liability Insurance, if these products cause damage or injury to a person (other than you or your employees) then you may be liable for financial compensation as a result.
For more information on this type of insurance, check out our blog, What Is Product Liability Insurance, And Why Do I Need It?. These insurances aren’t as costly as you might think either… and could save you a lot more than going without!
When enquiring about any type of insurance, it’s always helpful to talk to the professionals. At Regional Insurance Brokers, we have years of experience in the industry and we’ll be able to talk you through everything you need to know. Get in contact with us today!