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Public Liability insurance covers any awards of damages given to a member of the public as a result of injury or damage to property caused by your business activities. It also covers any related legal liability to third parties, costs, expenses, and accidental death
What is Public Liability Insurance
Public liability insurance is an outdated term for general liability insurance. It covers the cost of claims made by the public for mishaps that happen in connection with your business
This policy is suitable for all industrial units and business establishments exposed to liability arising out of accidents in the course of their business operations.
This type of protection falls under general liability insurance, and it’s included in a business owner’s policy (BOP). You may also see it called premises liability insurance, which covers third-party accidents specifically on your business property
This covers legal liability to third parties in or about the premises. This become necessary especially when third party will be moving in and out of the premises such liabilities include:
Death, bodily injury to third party
Damage to third party property
For underwriting consideration, we require:
Your limit of liability to the third party anyone period of insurance
Your limit of liability to the third party anyone loss (usually 10% of limit anyone period of insurance
How Does Personal Liability Insurance Differ From Business Liability Insurance?
Personal liability insurance covers individuals against claims resulting from injuries or damage to other people or property experienced on the insured’s property or as a result of the insured’s actions. Business liability insurance instead protects the financial interests of companies and business owners from lawsuits or damages resulting from similar accidents but also extending to product defects, recalls, and so on
Additional Covers
The following optional covers are available for additional premium:-
- Pollution risks caused by a sudden, unintended and unexpected cause which takes place at a specific time and place during the policy period.
- Transportation risks outside the premises arising out of an accident directly caused by dangerous materials or hazardous substances while being transported by rail, road, or pipeline.
- Cover for multiple units: Non manufacturing premises of the insured such as offices, depots, godowns etc located at different places, incidental to the insured’s business activities can be covered.
Benefits
- Policy covers all amounts the insured is legally liable to pay the third party during the policy period including legal costs, and expenses subject to the limit of indemnity terms and conditions of the policy.
- Policy cannot be issued for unlimited liability.
Premium
- A rate between 0.1% and 0.5% on limit of liability is charged depending on the nature of insured business.
- IGI may, at its discretion, permit mid term increase/decrease in the limit of indemnity during the policy period.
- Discounts are offered for optimal higher excess.
- All policies subject to an excess of 10% of the claim. Any accident with a lower limit of N25,000 this excess is applicable both to property damage and death/bodily injury claims.
Requirements
A proposal form duly filled along with a declaration by the proposer that all the statutory requirements relating to the business activities are complied with, are required.
Types of Liability Insurance
Business owners are exposed to a range of liabilities, any of which can subject their assets to substantial claims. All business owners need to have an asset protection plan in place that’s built around available liability insurance coverage.
Here are the main types of liability insurance:
- Employer’s liability and workers’ compensation is mandatory coverage for employers which protects the business against liabilities arising from injuries or the death of an employee.2
- Product liability insurance is for businesses that manufacture products for sale on the general market. Product liability insurance protects against lawsuits arising from injury or death caused by their products.
- Indemnity insurance provides coverage to protect a business against negligence claims due to financial harm resulting from mistakes or failure to perform.
- Director and officer liability coverage covers a company’s board of directors or officers against liability if the company should be sued. Some companies provide additional protection to their executive team even though corporations generally provide some degree of personal protection to their employees.
- Umbrella liability policies are personal liability policies designed to protect against catastrophic losses. Coverage generally kicks in when the liability limits of other insurance are reached.
- Commercial liability insurance is a standard commercial general liability policy also known as comprehensive general liability insurance. It provides insurance coverage for lawsuits arising from injury to employees and the public, property damage caused by an employee, as well as injuries suffered by the negligent action of employees. The policy may also cover infringement on intellectual property, slander, libel, contractual liability, tenant liability, and employment practices liability.
- Comprehensive general liability policies are tailor-made for any small or large business, partnership or joint venture businesses, a corporation or association, an organization, or even a newly acquired business. Insurance coverage includes bodily injury, property damage, personal and advertising injury, medical payments, and premises and operations liability. Insurers provide coverage for compensatory and general damages for lawsuits but not punitive damages
When do you need public liability coverage?
Any business that interacts with clients, customers, and other members of the public should consider public liability insurance.
If a client suffers a slip-and-fall injury at your workplace, or if you or your employee damages a customer’s property, it could lead to expensive medical bills or repair costs, or even a lawsuit. Public liability insurance can help reduce the financial impact on your business.
Public liability coverage is especially important for businesses that regularly deal with the public, whether it’s on-site at your business, a client’s business, or at someone’s home. It’s also important for musicians and entertainers who perform in front of an audience.
Even if you conduct business online, you’d still benefit from this coverage since you interact with people when receiving deliveries or picking up supplies
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