If a customer or other person sues you over the death, injury, or property damage on your premises, and you don't have insurance covering public liability the business could be hit with significant expenses that could cause financial hardship to your company.
The liabilities create a serious financial risk to businesses. Beyond the amount that is claimed as well as the huge legal expenses that are incurred to defend the claims that are filed by third parties must also be paid by the business. Therefore the requirement for public liability insurance plans is essential to stay from these unexpected, heavy costs.
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Statistics on injuries claimants: According to the report released from the Injuries Board of Ireland There 8 645 injury cases were filed in 2009. In all of them, one out of six (17 percent) was related to public liability.
Below are the advantages that come with having insurance on public liability.
Reimbursement of the amount claimed and legal fees: Public liability insurance will compensate you for an amount to cover the reimbursement demanded by the third party and the amount paid in legal fees to defend these claims. This is particularly important since you have to pay large sums of money as legal costs.
Insures costs related to property damages: In addition to injuries and deaths, loss or damage to property belonging to the third party is also covered. Therefore the public liability insurance covers the third party with repairs to the property damaged or the expense to purchase a new home.