All types of businesses face multifarious risks as long as the personal injury is concerned but those owners who operate retail stores usually are more susceptible to risk. For the retail businesses, slip and fall injuries constitute the biggest share of concerns and in spite of putting in their best efforts to alleviate risk, there are still too many claims from the retailers of the country.
However, it is thankful enough to note that this is one of those risks which can be safeguarded with the help of public liability insurance coverage. For anyone who operates a retail store, having a minimum coverage on public liability insurance is a necessity. Read on to know what else you should know about it.
Public liability insurance – What is it?
This is a type of insurance which has been designed for the retailers and other types of businesses which are vulnerable to causing damage to property or some kind of personal injury to the public or to customers. In case your commercial activities lead to damage to property or injury to another person, you will be held liable. Here if you have the public liability policy, the costs of a claim can be covered.
A retail shop owner is well acquainted with the fall and slip claims which often lead to hefty fiscal consequences. But if you have public liability insurance amount up to $20 million, you can sit back and enjoy your peace of mind. Make sure you take into account the costs of public liability insurance before settling down with one.
Does public liability insurance also cover product liability?
Majority of the public liability policies for the retail owners usually include coverage for product liability. This specific coverage includes safety against personal injury and damage to property but is related to the products and services that you sell rather than the accidents which happen inside your shop.
If you don’t know much about product liability, it can soon take a toll on your knowledge. While you might think that a manufacturer is responsible for his products, the court may have a disparate opinion on this. There are many public liability policies which charge you no extra cost for product liability and if someday a customer takes action against you for some service or product, the insurance companies will soon come at your rescue.
Shop owners and public liability insurance
Since retail owners and shopkeepers face unique risks while running a business, there are several insurance companies which have designed policies which are specifically tailored to meet the needs of retail business owners. Besides covering public liability, they also cover added risks like theft of stock, theft of cash, damage to property and also against the dishonesty of employees. If you take all these protections and bundle them into one package, this can be a great form of security for the shop owners.
In order to get the best public liability insurance quote, fill out a form and answer a few questions on the type of insurance you need. Compare and contrast the quotes so as to settle down with the most competitive one.