public liability (PL) insurance is designed to provide peace of mind when these unforeseen incidents occur PL insurance protects your business by providing compensation for property damage and personal injury or death in circumstances not covered by the Accident Compensation Commission (ACC).
What do I need public liability for?
Public liability insurance is there to protect you if someone is injured (or their property is damaged) and your business is faced with a compensation claim as a result It can cover you at your business premises and also when you’re working at client sites or in public.
What happens if you don’t have public liability?
If you have no Public Liability Insurance in place and you must payout in the event of a claim will mean that all compensation comes out of your business’ bank account and directly from your bottom line Having insurance in place gives you financial protection in the event of an accident happening.
Does public liability cover me?
It’s important to remember that public liability only applies to injury and property damage claims made by members of the public, such as your customers. It won’t cover you for personal injury in the workplace, injuries your employees suffer, or damage to your property.
What is the difference between personal and public liability?
Personal liability insurance covers injury or damage compensation claims made against you by a third party. Public liability insurance is the commercial version of this insurance – it covers compensation costs if someone makes a claim against your business for injury or damage.
What does public liability cover protect?
Public liability insurance covers the cost of claims made by members of the public for incidents that occur in connection with your business activities Public liability insurance covers the cost of compensation for: personal injuries. loss of or damage to property.
Who requires public liability insurance?
You may need Public Liability insurance protection if you come into contact with third parties in one or more of these ways: Customers visit your business premises , for example you have a shop, pub or a restaurant or hairdressing/beauty salon.
Do I need public liability insurance as a sole trader?
Yes. The need for public liability insurance is not determined by your turnover; it depends on whether you come into contact with the public However, many insurance providers will consider your turnover when calculating your insurance premium.
Can you operate a business without public liability insurance?
Public liability insurance is not a legal requirement However, having a policy will place you in a stronger position if a claim is brought against you. It may even save your business.
Does public liability cover loss of income?
Compensation that results from a public liability claim can cover lost income , medical and travel expenses, domestic assistance, pain and suffering, permanent impairment and future losses.
What’s the difference between public liability and indemnity insurance?
The short answer could be designed as follows: professional indemnity insurance cover claims made by clients for professional negligence or mistakes, whereas public liability insurance covers claims made by members of the public for injury or damage.
What is public liability negligence?
Public liability law is an area of the law of negligence where businesses, governments or owners of property owe a duty of care or responsibility to the general public who make use of their space.
Why does a contractor need public liability insurance?
It protects against any claims for damages arising from injury or damage caused to a member of the public or their property, because of work carried out by the business.