When you own your own business or you are self-employed, you have risks associated with the interactions with the public. An insurance plan can help cover those risks, but specifically, PLI insurance is the choice that helps reduce your exposure. Your risks could come from a variety of situations, such as:
- A sign falls onto a customer walking into your office.
- An event attendee is injured during an activity your business is hosting.
- A client is injured when a chair collapses during a business meeting.
Should any of those incidents or any other accident happen, it can open your business up to a liability lawsuit. The cost to defend your company could drain your bank account and put you out of business. Public liability insurance will cover the cost of claims that are made by members of the public against your company. Some companies choose to use a commercial general liability policy for the same defense, as each of them covers the costs of loss or damage to property and the costs associated with personal injury or death.
Any business that has considered contact with the public during normal operations should consider investing in a public liability policy. Whether your clients come to visit your home or office, if you own a retail shop or restaurant, or if you work out in the public as a contractor or entertainer, you need protection in the event your work or workspace causes injury or damage.