The Cost of Public Liability Insurance

premiums have been rising considerably over the past few years. It is a common

insurance policy that is required by every business person/company even if the

business is conducted in your own home. It is an insurance policy which could

cover any claims for damage or injury that is caused to a third party. This

third party is referred to members of the public, visitors, customers, clients

etc. If any of these mentioned persons or even their property is harmed, they

can file a complaint against your company.

In the 1970s and the 1980s there were a

series of medical malpractice claims, which made governments conduct wide range

reviews of the insurance industry, giving opportunities for the introduction of

a variety of insurances.

Some businesses opt for the basic liability

insurance and also public liability. In some regions, even though it is not

compulsory by law, most companies opt to purchase both, even though the cost is

exorbitant.

Small businesses find it difficult to

afford the Cost of Public Liability Insurance. In case they are faced with a

lawsuit, the cost of the legal offence and a possible settlement will be far

higher than the cost of the insurance. Due to this oversight and negligence of

being appropriately covered, many small businesses have gone bankrupt.

It is always advisable to consider any and

all potential risks when deciding on the insurance policies. The more chances

you are exposed to risks, the more coverage you should have. Public liability

risk is the highest especially where third parties gather in large numbers on a

frequent basis. For example, places such as shopping malls, restaurants,

grocery stores, theatres, sporting arenas, hotels etc. are high risk for

liability.

If the level of risk is high the Cost of

Public Liability Insurance also increases.

There are instances when insurance

underwriters can deny coverage because the level of risk is so high.

Public liability insurance does not cover

any intentional, criminal or negligent action. For example, if a person jumps

into a lake where there is a sign which says “No Swimming” and he suffers

injuries, the owner of the property is sued for damages. Even though it was not

the negligence of the owner, he is yet forced to defend the law suit. It was an

intentional act on the part of the swimmer, yet he has the ability to file a

lawsuit. Any person has the freedom to file a lawsuit, and the accused

person/persons need to defend themselves. Due to these types of lawsuits

increasing so much in our present day society the Cost of Public Liability

Insurance has increased drastically. When you are covered by such an insurance

policy, even if you are not at fault, your insurance company will settle you.

They opt for this settlement because the cost of defending a lawsuit in court

is more costly than the requested settlement.

Due to the high increase of the many

unfortunate and unpleasant incidents in society today, insurance companies have

no option but to pass the costs on to the consumer by increasing the premiums.

Air Jordan I Mid