Protect your business with tailored quotes for public and products liability insurance

by Jesus Dover Public Liability Insurance

No matter the size of your business, if you supply products to clients, then you must consider having public and products liability insurance. Everyone is aware of public insurance, but few are aware of the advantages of having product liability insurance for a business. Do not be misled by the name, as many people believe that this insurance only applies to retailers and product providers, which is not the case. There are numerous advantages to having public and products liability insurance, which you will learn about here.

Product liability insurance is similar to public liability insurance in that both policies are intended to cover and protect your company in the event of collateral property damage or personal injury caused by another person. The only difference between the two policies is that public liability insurance covers human actions or activities, whereas product liability covers the products that a businessperson uses. You will receive coverage benefits for both products and public liability with public and products liability insurance.

Public and products liability insurance protects businesses from having to compensate for personal injury, property damage, or death caused by a business activity or a product manufactured or provided by a third party.

Coverage provided by the product liability insurance

Public and products liability insurance plans cover third-party claims in the following scenarios:

●     Falls and slips on your property

●     Third party’s property damage

●     An injury resulted from you or one of your employees' carelessness

●     Products that are faulty or defective

●     Workers' compensation claims for employees/contractors hired on the job

●     Legal expenses defence

Public Liability Insurance helps you cover the below:

●     Expenses of compensation for a third-party personal injury

●     Compensation for damage to third-party property caused by your business practices

●     Associated legal and defence costs for a covered claim

●     Compensation for damage to third-party items in your care, custody, or control that are not your own

However, you cannot find compensation cover within public and product liability insurance in the following scenarios:

●     Professional negligence

●     Injuries to your employees

●     Damage to your own property

●     Costs of rectifying faulty workmanship or product recall

●     Contractual liability

●     Liquidated damages

●     Events occurring prior to or after the policy period

●     Gradual pollution

Know better about public and products liability insurance

Allegations of bodily harm or property damage caused by the concerned owner or a product you supplied during the course of your service may be grounds for a claim. When you get public and products liability insurance, you are ideally covered for defense costs and legal liabilities to any third party.

Product liability insurance is ideal for businesses that manufacture and/or sell goods, whereas public liability insurance is appropriate for all businesses. To summarise, if your business involves daily interactions with third parties such as customers, suppliers, and public members, you should consider getting a public liability insurance quote. Here is a list of businesses type that can benefit from the public and products liability insurance:

●     Trades

●     Professionals

●     Wholesalers

●     Manufacturers

●     Travel and tourism

●     Office-based

Importance of getting a public and products liability insurance

Practically, if someone is injured or their property is damaged as a result of a flaw in a product you sold them, they may sue you or your company for compensation. Product liability insurance is intended to protect your company, and depending on the policy you purchase, it may cover accidents that occur both on and off your company's premises. If you are the owner of any of the mentioned businesses and have product liability insurance, you get claims covered related to:

●     Design defects in the product before it was manufactured.

●     Manufacturing flaws that develop anytime throughout the manufacturing process are done.

●     Strict liability implies that if a manufacturer's goods injure a consumer, the business owner is not held liable.

●     An improper warning can occur when a company owner fails to offer a consumer enough information about how to utilise a product properly.

Public and products liability insurance cost

 

Public and products liability insurance is a no-cost option, though some policies have separate costing and might differ from others as per the premium breakdown. You can directly contact the professional insurance broker from Public liability insurance to better understand the insurance before choosing it per your business demand.

Professional indemnity insurance, life insurance, management liability, tool insurance, product recall cover, and other insurances are available through Public Liability Insurance brokers. Public Liability Insurance brokers offer trade insurance for carpenters, builders, and electricians, security industry insurance for crowd control, airport security, and dogs, information technology insurance for hardware and networking, online marketing and telecommunications, and other occupations such as restaurant, retail, and wholesale.

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Created on May 23rd 2022 01:04. Viewed 279 times.

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