When Owning A Business, Don’t Forget To Purchase Product Liability Insurance

07 Jan When Owning A Business, Don’t Forget To Purchase Product Liability Insurance

Imagine that you are a business contractor. One of your employees, while walking along some scaffolding, accidentally causes a piece of equipment to fall, and it injures someone on the street below. What if the injured person decides to head over to a solicitor and bring a lawsuit against you? This type of scenario may seem unique, but in reality it is more common than you might think. We live in a litigious society, and every day dozens of lawsuits are brought upon unsuspecting people and companies. The best way to deal with this is by preparing yourself ahead of time and making sure you have the proper insurance to deal with these situations. Liability insurance will protect you if something like this occurs and will reduce the probability that you will lose your business should it happen.

Public Liability Insurance

Public liability insurance protects businesses – and their owners, employees, directors, or sub-contractors – from liability when a third person is injured due to neglect on the business’s part. Public liability insurance – or PL insurance – covers claims that arise from defective products or neglect, and includes coverage of legal costs. There are limits to the insurance; however, the limits are very high – usually either €2,600,000 or €6,500,000, depending on the circumstances. Additional insurance can also be purchased to increase these amounts.

Companies that offer PL insurance are competent and knowledgeable regarding the law, and can help you decide which type of insurance coverage is needed for your specific situation. PL insurance is not mandatory in our country, but it is highly recommended, especially for companies like contractors and plumbing companies. Public liability insurance with Keystone and companies like them is high quality and allows you to be worry-free each time you go to work. Without PL insurance, your company will likely be held responsible for the entire amount of the suit, including legal fees, which can often bankrupt a company, or at least cripple it.

Making a Claim

Once you purchase PL insurance, it is easy to make a claim should you need to do this. In this instance, you simply pick up the phone and call your insurance company, and they do the rest. You do not have to do anything else, except go on with your life, because the insurance company will keep you up to date with everything going on regarding the lawsuit, and you will, literally, do nothing. Without insurance, a lawsuit can potentially cause you to go out of business, and cause more headaches than you will probably be able to handle.

Finding a PL Insurance Company

PL insurance can be purchased by many reputable insurance companies. These companies’ services are usually described in detail on the Internet, and the sites also include testimonials from other clients, information on commissions and fees, and a simple way to get a free online quote. Companies that offer PL insurance usually offer other types of insurance as well, such as home and life insurance, and they work hard to make sure your premiums are as low as possible and your service is top notch.

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