What Is Public Liability And Property Damage Insurance

What is Public Liability Insurance?

Public Liability Insurance, also known as PLI, is a type of insurance policy that provides coverage to individuals and businesses from claims resulting from injury or damage caused by the policyholder’s activities. It is designed to protect the policyholder from financial loss resulting from claims arising from negligence or breach of contract. This type of insurance is usually purchased by businesses that may be exposed to potential public liability claims. Examples of businesses that may need this type of coverage are those that offer professional services, operate a business with a physical presence, or provide products to the public. It is important to note that the policyholder is not required to have any fault in order for a claim to be made against them.

What Does Public Liability Insurance Cover?

Public Liability Insurance covers the policyholder from claims resulting from bodily injury or property damage that occur as a result of the policyholder’s business activities. This type of insurance also provides coverage for legal costs associated with defending claims against the policyholder. Depending on the policy, Public Liability Insurance may also cover financial losses arising from libel, slander, copyright infringement, or other damages not related to bodily injury or property damage.

Who Needs Public Liability Insurance?

Any business or individual that may be exposed to potential public liability claims should consider purchasing a Public Liability Insurance policy. Examples of businesses that may need this type of coverage include those that offer professional services, operate a business with a physical presence, or provide products to the public. Additionally, certain professions, such as lawyers, doctors, and accountants, may also need to purchase Public Liability Insurance.

What is Property Damage Insurance?

Property Damage Insurance is a type of insurance policy designed to provide coverage for damage to the policyholder’s physical property. This type of insurance is typically purchased by businesses that may be exposed to potential property damage claims. Examples of businesses that may need this type of coverage are those that operate a business with a physical presence, such as a retail store, or those that provide products to the public. Property Damage Insurance is designed to protect the policyholder from financial loss resulting from claims arising from damage to the property of others.

What Does Property Damage Insurance Cover?

Property Damage Insurance provides coverage for damage to the policyholder’s physical property, as well as other physical property that is owned by third parties. This type of insurance also provides coverage for legal costs associated with defending claims against the policyholder. Depending on the policy, Property Damage Insurance may also cover financial losses arising from damages not related to physical property.

Who Needs Property Damage Insurance?

Any business or individual that may be exposed to potential property damage claims should consider purchasing a Property Damage Insurance policy. Examples of businesses that may need this type of coverage include those that operate a business with a physical presence, such as a retail store, or those that provide products to the public. Additionally, certain professions, such as contractors, plumbers, and electricians, may also need to purchase Property Damage Insurance.