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Public Liability Insurance
Every Business or Factory has certain risk exposures. Accidents happen even though you might have the best of intentions in mind.
Such Accidents may sometimes lead to Bodily Injuries to Innocent Third Parties or Damage to their Property. This may result in substantial financial losses to the Third Party.
Consider a case where a Fire in your Factory spreads to the surrounding factories resulting in Property Damage and Injuries and Deaths of Workers as well. Since the fire originated in your premises, you are liable for damages to the surrounding factories.
This is why securing your Business with a Public Liability Insurance Policy is a must.
What is Public Liability Insurance?
Public Liability Insurance is a type of an Insurance Policy which offers Cover against the Legal Expenses and Compensatory Damages for Bodily Injury and Property Damage suffered by Third Parties. Such Bodily Injuries and Property Damage can arise out of Accidents occurring within the Insured's Premises or resulting from the conduct of the Insured's Business Operations.
What are the Coverages under a Public Liability Insurance Policy?
A Public Liability Insurance offers Cover for Legal Expenses and Compensatory Damages for Bodily Injury and Property Damage.
What are the Add-On Covers in a Public Liability Insurance Policy?
The Insured can opt for the following Add-On Covers as part of a Public Liability Insurance Policy:
Act of Gods Peril Extension
Transportation liability Extension
Technical Collaborators’ Liability Extension
Sudden and Accidental Pollution Extension
Food & beverages Liability Extension
Lift, Elevator or Escalator Liability Extension
What is the Sum Insured for Public Liability Insurance Policy?
The Sum Insured for a Public Liability Insurance Policy depends upon the Limits of Indemnity selected by the Insured. The Insured needs to opt for an Indemnity Limit for Any One Accident and an Indemnity Limit for Any One Year.
The Indemnity Limit for Any One Accident determines the maximum Limit of Liability arising out of a single accident/incident while the Indemnity Limit for Any One Year determines the maximum Limit of Liability under the Policy.
Who needs to purchase a Public Liability Insurance Policy?
A Public Liability Insurance Policy is available for Industrial as well as Non-Industrial Risks. Following Businesses should safeguard themselves with a Public Liability Insurance Policy:
Public Liability for Non-Manufacturing Businesses such as BPOs. IT Firms, Schools, Hotels etc
Public Liability for Manufacturing Businesses such as Plants, Factories and Processing Facilities
Public Liability for Cinema Halls and Exhibitions
What are the exclusions under a Public Liability Insurance Policy?
A Public Liability Insurance Policy does not cover the following:
Exclusions under a Public Liability Insurance Policy
Contractual Liabilities are Excluded
Liabilities arising out of Wilful Misconduct of The Insured are not covered
Punitive or Exemplary Damages are not Covered
Fines or Penalties are not covered
Liabilities arising as a consequence of War are excluded
Cover for Bodily Injury to 3rd Parties
Cover for Property Damage to 3rd Party Property
Cover for Act of God Perils
Retroactive Date Cover
24/7 Claims Assistance
Get a FREE 60 Min Consultation for your Public Liability Insurance Policy
If you wish to purchase a Public Liability Insurance Policy for your Business, you can request a FREE 60-minute Consultation with the experts at Qian. We would be delighted to help you so that you can ensure that your risk exposures are adequately covered and that your Insurance Policy takes care of all eventualities.
A Public Liability Insurance Policy covers the Legal Expenses and the Damages that the Insured Party becomes legally liable to pay to the Third Party on account of Bodily Injury or Property Damage suffered by the Third Party.
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.