Public Liability Insurance

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Public Liability Insurance Policy India

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What is Insurance What is Public Liability Insurance Policy?

Public liability insurance offers financial compensation to the business in case of any loss incurred due to third-party liabilities. Lawsuits and claims of property damage, bodily injury, and many other cases made against the business are covered under a Public Liability Insurance Policy. Hence, it is also called third-party liability insurance or Commercial General Liability Insurance. This insurance covers both public liability as well as product liability under one policy.

Individuals or organizations that can be held accountable for legal or financial liabilities should opt-in for this policy as claims can be made against an organization, business owner, BPO, hospital, doctor, or anyone who can commit small wrongdoing that may result in a financial loss for someone else.

Buy Insurance in IndiaHow to get the best deals on Public Liability Insurance in India?

  • It is essential that you buy a public liability insurance policy that is best suited for you. As there are many top insurance providers offering this policy, it might be confusing to choose one.
  • Hence, the best option is to compare policies of different companies by using online web aggregators, they will ask you for simple details and your needs, then you can check out the premiums, coverages, terms and features of each policy individually and decide the best one based on your requirements.
  • Thereafter you can buy the Insurance Policy that you deem fit for your needs either online or physically from a nearby branch of the Insurance company.

What’s the need for a Public Liability Insurance Policy?

Buy Liability Insurance Policy Online in India

Public Liability insurance is important for companies or people who may be held financially liable or legally responsible to pay for the injury or property related damages caused to a third party.

This is especially recommended for professional organisations like Hospitals,Business Process Outsourcers, and companies that sell consumables. Individuals like doctors and business owners should also take this insurance to stay protected from financial liabilities that arise due to some mistakes they make in their profession.

These business organisations should definitely consider buying a public liability insurance policy:

  • If you handle several clients and customers in your business, who also provide you their private information many times.
  • If you get access to any of your client’s assets, especially for IT professionals it is advised to be covered by Public Liability Insurance if these assets are misused in some way.
  • If you represent other clients’ businesses.
  • If you use third party sites for your business requirements.
  • If you manufacture products that are used by many people and can cause harm to someone if there is a defect in the product.
  • If you are a professional, who by one small mistake or neglect can cause financial harm to somebody else.

Advantages of Insurance India Advantages of Public Liability Insurance

Business organisations face financial drain due to lawsuits being filed against them, which can hinder their business operations, hence it’s necessary to protect your organization from such expenses. Given below are some significant advantages of a Public Liability Insurance Policy:

  • If the public faces any kind of accident or financial loss due to your business operations, products or promotional advertisements; it will be covered under the policy.
  • Damage caused to public property due to your business will be covered.
  • You can continue your business operations and profession without any financial hindrance even if a case of liability arises.
  • In case you need to defend yourself or go to the court for a liability claim then you will get coverage for the legal fees and other associated costs as well.
  • If a third-party faces property damage or bodily injury within your business premises it will be covered.
  • Medical expenditures incurred due to an injury to a third party are also covered by insurance providers.

Claim Insurance Policy India Types of Public Liability Insurance Policies

  • Public liability insurance ( Industrial Risks):

Places like godowns, warehouses and manufacturing units which face industrial perils are covered.

  • Public liability insurance (Non-Industrial Risks):

All non-manufacturing units like retail stores, schools, hospitals, restaurants, BPOs, IT companies, hotels, clubs, etc. which don’t face industrial risks are covered.

  • Public Liability Insurance (Public Liability Act):

Companies that are dealing in hazardous environments and substances, need to take suitable insurance under the Environment Protection Act, 1986 and Public Liability Insurance Act, 1991.

Inclusions Insurance Policy India Inclusions under a Public Liability Insurance Policy

  • Bodily injury:

If any harm is caused to a third party in your premises, resulting in substantial financial damage will be covered for both medical expenses to recover or compensation in claims of accidental death.

  • Property damage:

Any damage caused to someone else’s property by your business will be compensated by third party Insurance.

  • Personal harm:

Risks of offences like wrongful entry, negligent defamation, false arrest, etc. are also covered by some insurance companies.

  • Media liabilities:

Liabilities arising due to infringement of advertisement, copyright, trademark, and other advertising rights of people.

  • Contractual and Tenant’s Liability:

If you are under a lease contract with someone and your business space is rented, any liability arising from the owner is also covered.

  • Lawsuits, investigation and settlement:

If there is a legal claim against you then the insurance provider will incur the expenses of an investigator and attorney to help you defend yourself or to settle the claim.

  • Legal expenses:

Legal costs arising out of natural calamities, sudden and accidental pollution and contamination, transportation hazards, carriage of treated effluents, events in connections with your business, etc. are all covered in the Third Party Insurance Policy.

Exclusions Insurance Policy India Exclusions under a Public Liability Insurance Policy

  • Tensional non compliance with legal and safety provisions.
  • Fines, penalties, punitive and exemplary damages.
  • Which is due to war or nuclear situations.
  • Liabilities arising under any other legislation.
  • Damages due to ionizing radiations.
  • Professional errors and negligence.
  • Property damage to your own business premises whether it is owned, leased or hired.
  • Loss of goodwill.
  • Loss of earnings or expenses to recover.
  • Any other exclusions specified in the policy documents.

benefits of insurance India Excluded business categories for a Public Liability Insurance

  • Railways and aircrafts operations.
  • Defense establishments.
  • Defective design unless there is a third-party claim against the defective design of your business premises.
  • Game set-ups, theme parks, water parks, etc.
  • Marine vessels.
  • Manufacturing or formulation facilities that are in the USA or Canada.