Public liability insurance provides financial protection to individuals and businesses against claims made by third parties for injury or damage to their property. This coverage is crucial for businesses that interact with the public or operate in public spaces.
This insurance is essential because unexpected accidents or mishaps can occur, and if your business is held responsible, the financial repercussions can be significant.
Public liability insurance steps in to cover these costs, ensuring that your business can continue operating without bearing the full financial burden of such claims. It provides peace of mind and safeguards your business's financial health in the face of unexpected events.
Any Manufacturing Businesses (Plants, Factories) or Non Manufacturing Businesses (Schools, Hotels, Cinema Halls etc) which are exposed to the risk of Bodily Injury or Property Damage to the Third Party should secure themselves with a Public Liability Insurance Policy.
This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions.
One can insure more than one unit situated in different locations under a single policy.
The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable."
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