Professional Indemnity Insurance With Public Liability
If youd like to protect your business from a claim that can cause financial lossand affect your credibility, you should purchase professional indemnity (PI) insurance that comes with a public liability policy.
Coverage Offered by Public Liability Policy
If youre running a business, youll have to interact with the public. This means that there can be unpleasant incidents where you may unwillingly cause damage to ones property during your work. This can lead to a claim filed against your business, which will require you to pay compensation to the client. A public liability (PL) policy is sure to cover you against such incidents irrespective of whether they happen in your clients office or home.
Whether you are an IT consultant, a real estate agent or a home inspector who visits peoples homes to provide their services, youll have to compensate for a loss even though you may not be directly responsible for it. This is when youll need PI policies with public liability coverage. Itll ensure you peace of mind and help you tackle the risks that can adversely affect your business. Such a policy can insure you up to 100,000 in legal fees required to defend the claim.
Most PI insurance policies come along with employers liability insurance which protects you from claims made by employees who have faced financial loss due to any damage done by you.
You may need to employ voluntary workers other than full-time employees. Even then you will be in charge of their supervision. So, your business is still responsible in case they suffer an injury which they feel has been caused by you. This is where a public liability policy can cover claims made by any such worker in case of the most trivial damage for which they hold you responsible.
Scenarios where Public Liability Policy Is Applicable
Here is a list of scenarios where your business can be protected under this type of policy.
A visitor injures himself by tripping over a loose carpet in your office and thus needs months of treatment for proper healing.
Being a decorator, you reach a clients newly painted home and place a cup of coffee on a rung of your ladder. Somehow the ladder gets knocked and the coffee spills on the carpet. It is most likely that your client will claim a compensation for the damage done to the carpet.
A plumber destroys a pipe which leaks into his clients server room, thus affecting his office work.
You have taken an assignment for wedding photography but the bride and groom feels that you have been unable to produce the pictures due to the film being stolen. In this scenario, they may claim the loss from you.
So, public liability insurance is important when it comes to protecting your business and paying compensation for which you may not be directly responsible. To ensure that you get proper coverage, choose the right insurer wholl guide you with all the required documentation.