Who Needs Public & Product Liability Insurance? 

If you own a business, it’s important to understand the risks and liabilities associated with your business activities. One of the most critical risks to consider is the potential for injury, loss, or damage caused by your business operations or products. That’s where public and product liability insurance come in. In this blog post, we’ll discuss who needs public and product liability insurance and why it’s essential to protect your business.

First and foremost, any business that interacts with the public or produces and sells products needs public and product liability insurance. This includes businesses in industries such as retail, hospitality, manufacturing, construction, and more. Even if your business is small and seemingly low-risk, accidents can still happen, and claims can still be made against your business.

For example, if you own a retail store, a customer could slip and fall on a wet floor or suffer an injury from a falling product. If you own a construction company, a worker could be injured on the job site, or damage could be caused to a neighbouring property. If you produce and sell products, defects in your products could cause injury or property damage to a customer.

In all of these scenarios, public and product liability insurance can provide critical coverage to protect your business against the financial losses associated with these claims. Without the proper insurance coverage, these claims can result in significant financial damages, potentially even bankrupting your business.

Even if your business has taken measures to reduce the risk of injury, loss, or damage, accidents can still happen. That’s why it’s essential to have public and product liability insurance to protect your business against unforeseen risks and liabilities.

Working with an insurance broker can help you understand your business’s specific risks and liabilities and recommend the appropriate public and product liability insurance coverage. An insurance broker can provide access to multiple insurance providers, allowing you to compare policies and prices to find the coverage that best meets your needs and budget.

In conclusion, public and product liability insurance are critical for businesses that interact with the public or produce and sell products. Any business can face unforeseen risks and liabilities, and without the proper insurance coverage, these claims can result in significant financial losses. Working with an insurance broker can help you find the right coverage to protect your business against these risks and liabilities. So, if you own a business, consider the importance of public and product liability insurance and work with an insurance broker to ensure that your business is protected.

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Don’t forget, you can book a free half an hour appointment online with our director Kellie to discuss your current insurances or for any new businesses you may be looking at starting.

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