There are three types of liability insurance a company would want to look into: public liability insurance, product liability insurance and employer’s liability insurance. These three types of liability insurance protect a company from the public in their facility, the public’s potential misuse of their products and misfortunes with employees.
Public Liability Insurance
First on the list of topics is public liability insurance. Public liability insurance is one of the most purchased business insurance policies, and is essential for any business that interacts with the public or meets clients face to face, which is essentially every business. Public liability insurance exists to compensate a member of the public—or anyone who is otherwise not associated with the business—should an employee or business owner accidentally injure that person or damage their property.
A good example of this would be if a window cleaner is cleaning a second-story window on a busy street and accidentally drops his cleaning supplies onto someone below, or a car parked on the street. Specialists in public liability insurance throughout Ireland are there to help you and your business in such cases.
Product Liability Insurance
Product liability insurance is there to provide you the same type of insurance as public liability insurance. It covers you or your business in case of an injury or damage caused to a person or their property. The difference is that it covers damaged caused by a product that’s been installed, supplied, manufactured or maintained by the business.
It’s important to take note that product liability insurance is not the same as a warranty. This insurance doesn’t cover the business if the product sold ceases to work or doesn’t work the way it was advertised. Product liability covers the business if the product causes damage or injury to someone.
For example, take an online store that sells battery-powered toys. If it turns out there’s bad wiring in the toys, causing them to overheat and catch on fire, the product liability cover will provide protection for the business and compensation should a fire caused by the toy cause damage to property or injury to a person.
Employer’s Liability Insurance
Employer’s liability insurance is the only insurance out there that is required for a business to have by law. It provides insurance for employees who experience an accident on the job or become ill due to the job while they are working for the company.
For employer’s liability insurance, you have to check to see if anyone who is working for the business is considered an employee as defined by the Employer’s Liability Act of 1969. For example, a school that has students performing janitorial services in order to pay for their classes would be required to have employer’s liability insurance for those students, as they are considered employees by the terms of this act.
Having these three forms of insurance protects you and your company from having to handle situations mentioned in this article alone. These insurance options are all excellent choices for companies that deal with the public in any way and that have employees.