What is PLI?

Public liability insurance is an important and often compulsory product for all businesses, whether you are a new entrepreneur or a multinational conglomerate.

If an individual is hurt or incurs property damage as a result of negligence, the business responsible can be held liable for compensating the claimant. From extensive legal fees to hospital treatment, a single incident can jeopardise the financial health and solvency of your business.

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What Does It Cost?

Public liability cover is an essential part of any small business or self-employed trade. It protects you from a lawsuit brought about by a third party for personal injury or property damage that is attributable to your business. Unfortunately, for many small business owners, the cost of insurance can be significantly damaging to their financial wherewithal.

Many choose to forgo purchasing liability insurance and assume the risk of a claim because the risks are relatively minor.

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For many small business owners, purchasing insurance often falls into the category of luxury. Unlike large corporations, small business owners must weigh the risk of litigation versus the dent a monthly premium will put into their capital. However, some risks, such as the potential for a liability lawsuit, are either compulsory or so damaging that they cannot be ignored.

Nevertheless, as a high insurance premium can be just as damaging to your small business, it is important to find a public liability policy that is both inexpensive and yet still provides the coverage you require.

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