By financen | August 16, 2012 - 2:36 pm - Posted in Insurance

When another person is at a loss due to our deeds or due to anything belonging to us, we are liable to pay them for it. There is no Law that states that we are liable to pay out or compensate for the loss faced by another person. But if the loss could have been prevented by taking some precautionary measures on our part, then we are liable to compensate for the loss caused.

Commercial Insurance

Commercial Insurance

Running a business or trade does require you to have public liability insurance. The purpose of having public liability insurance is to save ourselves the financial trouble when claims are made on us. There is no surety of when the liability may arise and for which reason. Also we may not be financially sound at all times. This is why we should be having public liability insurance to cover all the risks that we are bound to face. Failure to compensate for the claims made on us will lead to a court case being filed against us. So avoid all the trouble and get public liability insurance.

All companies are related to public in some way or the other. Some deal directly with the public all the time, whereas others do the back office work and deal limited with the public. Whichever the case, public is the reason all businesses are running and without public acceptance and support, no company can survive. Public liability insurance covers the claims that are made on the company, even if the company doesn’t deal directly with the public.

Commercial insurance is similar to public liability insurance cover. The difference being, commercial insurance is designed specifically to cover the commercial risks of the company. Public liability insurance will cover the public claims, whereas commercial insurance will cover the claims made by other companies on the insured.

Commercial insurance covers theft, storm, business interruption and all other business related risks. A lot of different types of commercial insurance covers are available in the insurance industry. Commercial insurance is business specific insurance which is why you need to analyse the risks that your business is bound to face and get them covered. The person running the business would know it better than anyone else so take time to figure out the risks that you want covered.

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