Public Liability is a type of insurance that is taken to make good the loss incurred by a businessman on their premises. You must be wondering what does public liability insurance provide. The public Liability Insurance policy offers you compensation against the cost incurred due to malpractice, injury or negligence. Business owners, professionals, and entrepreneurs are the people that usually claim for public liability. There are many subtypes of Public Liability Insurance. Here is a list of types of Public Liability Insurance and what do they mean:
- Commercial General Liability (CGL) Policy:
This type of policy provides public liability insurance to handle general business risks. It covers the common risk that can happen to any business such as property damage on the business premises, injury caused while at work, personal and advertising injury. CGL also covers medical expenses incurred due to any type of bodily injury.
- Directors and Officers Liability Insurance:
This insurance policy protects the directors against the claims made by employees, suppliers, customers, policy regulators, competitors, and shareholders. This insurance coverage shields one from personal losses in case they are sued during their position as a director or an officer of or other types of organization.
- Cyber Risk Insurance:
This insurance policy helps an organization to cover the liability and property losses that may occur due to any electrical activity during the business hours. This policy deals with the risks involved with recovery after the cyber-related security breach. The policy protects an individual from the risks related to information technology infrastructure and activities. Coverage policy may include claims against hacking, data destruction, denial of service attacks, etc.
- Professional Indemnity Insurance (PLI):
If there is a claim of negligence made by a client against an individual or a company, this policy offers full cost of defending against the claim. The policy focuses on the financial loss caused by any error or omission in the service or products sold by the policyholder.
- Carrier Legal Liability Insurance:
This insurance policy compensates for any type of physical loss or destruction/damage to goods or merchandise during transition including loading/unloading along with temporarily housed on or off vehicles in the ordinary course of transit. It includes costs incurred due to damage to cargo due to fire, explosion or accident to the carrying vehicle.
- Commercial Crime Insurance:
This insurance policy offers protection against losses due to any type of fraudulent activity or employee fidelity. It protects a business against theft of money, burglary, forgery and employee dishonesty.
- Product Liability Insurance:
This insurance policy offers protection to the business against claims arising due to the organization’s products and services. Claims may occur due to personal injury or property damage caused by the products and services offered by the business.
- Trade Credit Insurance:
This insurance policy is a risk management product that helps an individual to protect his account receivables from credit risks such as protracted default and insolvency. This product helps you offer protection against the risk of loss of income required to pay debts.