Insurance is an important part of everyday life. From personal insurance for one’s health, to insurance to cover your business or possessions, we all need insurance. When we deal with someone else they are called a third party, and most times when we deal with a third party in a business setting we are required to have some form of insurance called Public Liability Insurance. This insurance is a basic form of insurance and it does indeed vary from country to country where you are practicing.

Regardless of where you are from and what laws govern your country; one thing is for sure that it is compulsory by law for a business of any sort to have this insurance for any big business. There are a few insurances which cover this but those are very limited and of a special circumstance. A smaller business does not have to use this insurance, and many don’t because it is an expensive overhead.  However small business owners quick discover their mistake when they find the legal costs resulting from an unfortunate accident paid for out of their own pocket, not to mention whatever settlement is reached in an injury lawsuit. This insurance, albeit expensive, is here to protect you and your business instead of being a nuisance.

Public Liability insurance needs to be considered by anyone who is starting their own business. Being without it they risk losing everything at some point, especially if you own a large piece of property which you are operating your business or cater to a large amount of people all at once. Such businesses are including but not limiting to hotels, restraints, clubs, markets and even resorts.

Some industries are considered particularly high risk and will find it harder to find liability coverage, such as security and cleaning agencies, but they are the exception and not the rule.

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