If you’re a Canadian business owner, then purchasing property public liability insurance may be a wise decision. It is an effective method of protecting your business against lawsuits resulting from bodily injury or property damage. Keep reading to learn more about property public liability insurance, including how ALIGNED can help you find the ideal policy for your business.
What is property public liability insurance?
Property public liability insurance, or more frequently simply called public liability insurance, is designed to protect businesses against bodily injury or property damage claims brought by a third party, such as a customer. In essence, this type of commercial insurance can help safeguard your business from the everyday risks that come with running a company. Property public liability insurance can help cover costs relating to incidents that occur on your business premises, including legal defence fees (up to your policy limit and sometimes in addition to your limit) if a third party sues you for an insured incident.
How does property public liability insurance cover my business?
Property public liability insurance policies vary based on the coverage types and limits you purchase. However, you will likely have the option of including the following types of coverage in your policy:
- Tenant’s legal liability coverage
- Bodily injury liability coverage
- Product liability coverage
- Personal and advertising liability coverage
- Completed operations coverage
- Property damage coverage
Why does my business need property public liability insurance?
There are many reasons that business owners should invest in property public liability insurance. Chief among them is the financial losses that could arise without this form of protection. For example, if a customer falls and breaks their leg in your office or your business is hired to redecorate a client’s home but an employee accidentally stains their very expensive area rug, property public liability insurance can help you cover the costs of such incidents.