Liability :
Liability is nothing but the state of being responsible for something, especially by law.When a Liability insurance is necessary ?
Liability requires three things- You must owe a duty of care to the other party,
- You must have breached that duty of care,
- The damages must be causally related (the result of) that breach in your duty of care.
Public Liability
If you own a property or run a service, in case any damages caused to the applicant who is injured because of the property, then the owner of the property is responsible for the damages caused to the injured person.Public Liability Insurance
The injured person has rights to appeal compensation for the damages caused to him because of the property you own. In such cases , if the owner takes responsibility for the damage or if it is proved so, then the owner of the property should take care of compensation to the victim , mostly in form of money.Public Liability Insurance is much helpful and significant in such cases and the property owner can ensure his property is secure when he is insured with Public Liability Insurance.
Public Liability Insurance covers
- First aid expense spent during the time of accident,
- Expense spent during legal formalities,
- Damage of goods of the victim,
- Sudden and accidental pollution etc
Public Liability Insurance does not cover
- If employee is responsible for the damage ,
- Liquidated damages,
- Asbestos,
- Products recall etc.