Is your business accessible by the public? If it is, you need PLI insurance as the bare minimum of coverage to protect against claims and lawsuits filed by the public. Having the right coverage means you can protect your company, your employees and your products when a claim is brought against you.
The Range of Coverage
If you own a business, you’ve probably heard of the various forms of liability insurance that insurance companies offer. General liability, professional liability, cyber liability and pollution liability are among the common ones. However, many companies start with professional liability insurance or PLI insurance. This form of insurance protects your company against claims made by the public that includes the following:
This is an incredibly valuable insurance policy to have if your business is in the retail sector or has a physical location that members of the public have access to, such as delivery personnel, customers or other visitors. However, the policy is not designed to protect against claims made by employees or others associated with your business, which is why this type of policy is regarded as the most basic form of coverage.
Protecting Your Company From the Public
A claim against your business can ruin your reputation, cause business interruptions and lead to financial difficulty, but insurance policies can help. Claims made by the public can be incredibly damaging, especially for your reputation, but having PLI insurance can help protect your company by mitigating the risks associated with opening your business to the public.