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What is public liability insurance?

As a business owner, one part of becoming a legitimate operation is securing proper insurance to protect your business. Of course, not all insurance policies are created equal, and not every insurance provider offers exactly the same coverage or operates under the same terms. While most businesses choose to secure general liability insurance, some businesses seek out public liability insurance.

Public liability insurance is essentially a policy that specifically creates an umbrella against certain kinds of liability suits from public customers. This kind of coverage is commonly sought out by small businesses such as restaurants that feature additional risks that other businesses may not experience. Furthermore, it is often desired by small businesses who wish to avoid some of the high premiums associated with general liability insurance.

For many small and medium-sized businesses, the threat of a liability suit from a customer is a very real danger that could easily sink a business beyond recovery — even if it is otherwise successful. Public liability insurance creates a hedge of protection against such an action. However, these policies are not always easy to find. Public liability coverage is far more advantageous to the business owner than to the insurer. For many insurers, general liability insurance makes up the majority of their revenue, and public liability is simply not lucrative enough to offer.

If you are unsure what types and levels of coverage are appropriate for your business, you should consult with an experienced attorney who understands the nuances of the law that may come to bear in your decision. With legal guidance from an experienced attorney, you can rest assured that your rights remain protected as you grow your business.

Source: Yahoo Finance, "Why Public Liability Insurance Is Ignored Among Insurers," Nicholas Kitonyi, March 28, 2017

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