If the business requires to interact with customers, it has a high risk of injuries to customers, visitors, vendors, etc. Thus, many businesses use public liability insurance to help against lawsuits and compensate community members. Read more to know about it and discover the cheapest public liability insurance quotes!
Contents
- What is Public Liability Insurance?
- What does Public Liability Insurance Cover?
- When does Public Liability Coverage is Needed?
- Who Needs Public Liability Insurance Quotes?
- How Much Does Public Liability Insurance Cost?
- What are the Cheapest Public Liability Insurance Quotes?
- How to Get Cheap Public Liability Insurance Quotes?
- It’s Time to Determine Your Public Liability Insurance!
What is Public Liability Insurance?
Generally speaking, public liability insurance (PLI) is one of business insurance that’s essentially general liability insurance’s older form. This liability will help to pay liability claims related to the small business made by the general public. For instance, customers, delivery personnel, or visitors.
Although public and general liability is pretty similar, general insurance typically offers a broader range of coverage. That’s why many insurance companies are swift to general liability and no longer use public liability insurance. So providers will recommend business owners purchase commercial general liability insurance.
In addition, the protection type offered in public liability falls under general liability insurance, and it’s stated in a business owner’s policy (BOP). Aside from that, You may also know it as premises liability insurance. It’s because it covers third-party accidents, especially on business property.
What does Public Liability Insurance Cover?
Public liability insurance offers coverage of third-party injury costs and claims of damage attributed to the policyholder’s business. It includes the incidents in business and their locations related to your work. Similar to general liability, it also covers when a customer or member injures themselves on your property.
In addition, it will cover the cost of property damage, bodily injuries, and legal costs for lawsuits. But it should be within the policy limits, after meeting the chosen deductible. The coverage also encompasses the accidents caused by yourself and your employees while on the customer’s property.
However, PLI is not eligible for injuries and damage to yourself, your business, or your employees. In short, public liability insurance will cover:
- Defense costs include attorney fees, administrative fees, investigation fees, and court filing fees.
- A certain amount of money must be paid to the claimant by the court’s judgment virtue.
- Settlement fee.
- Reimbursement caused by property damage.
- Medical expense.
When does Public Liability Coverage is Needed?
As you know, businesses that interact with customers, clients, and other society will be benefited from purchasing public liability insurance. So based on the coverage, coverage will be needed when a client experienced a slip-and-fall injury at your business.
Aside from that, the medical coverage will work when your employee damages the property of a customer, which could lead to high medical expenses or repair charges, or even a lawsuit. Thus, PLI will help to reduce the financial effect on the business.
This insurance coverage will work when your businesses regularly interact with the public. It includes on-site business, a client’s business, or at a customer’s home. Besides, it is also great for musicians and entertainers who are required to perform in front of audiences.
Even if your business is online, you’ll still benefit from it. Basically, the reason is required when you interact with people when obtaining deliveries or picking up supplies.
Who Needs Public Liability Insurance Quotes?
Most businesses that interact with the public or customers will need proper public liability insurance quotes. But each business is different, so ensure your business is covered with liability insurance that fits your needs. Here are several business owners that need public liability insurance:
- Small business owners
- Artisan contractors
- Hospitality business owners
- Landscaping companies
- Real estate agents
- Janitorial services
- Consulting
- IT contractors
- Marketing
- etc.
How Much Does Public Liability Insurance Cost?
The public liability insurance cost can’t be fixated on a certain amount since it may vary based on case-by-case. But, the average cost is $21 monthly and $252 annually. It’s only estimated and your rate can be lower or higher. Here are several factors that usually providers use to determine public liability insurance quotes:
- Business Profile
- Additional insureds
- Claims history
- Number of employees
- Policy limits
- Location
- Annual revenues
- Employee payroll
What are the Cheapest Public Liability Insurance Quotes?
There are many insurance companies with the highest rating in providing PBI, such as Next, State Farm, Chubb, USSA, The Hartford, Farmers, Allstate, and many more. However, if you specifically choose the budget-friendly one, we have listed below:
- NEXT (4.9/5): If you find the lowest price Next is the first list. From pricing and coverage, it is top notch at $8 monthly and $96 annually cost.
- CoverWallet (4.7/5): This company offers a robust online quotes comparison that allows you to get the lowest price. Being the second, it rates around $15 per month and $180 per year.
- Tivly (3.8/5): Its liability insurance cost $19 monthly or $228 annually. Plus, you can enjoy comparing quotes in advance via phone.
- Thimble (4.4/5): Costing $24 monthly and $288 yearly, Thimble offers the highest on-demand public liability insurance.
- Hiscox (4.3/5): If your business reaches an international market, then it is the best option that costs $27 monthly and $324 annually.
- Zurich (1.5/5): Although it’s not the highest rate, it has excellent quotes for small and large businesses. At $33 monthly and $396 annually, you can get public liability insurance for businesses that operate locally and internationally.
How to Get Cheap Public Liability Insurance Quotes?
If you are on a tight budget and want to focus your budget on the growth of your business, it is important to adjust the quotes. The public liability insurance quote can be cheaper by paying premiums for the whole year. As a result, you can enjoy a 2%-3% reduction in rates.
Another way is to have high deductibles which is the amount of money that needs to be returned to the insurance company after granting your claim. You can consider a deductible of $1,000-$2,500 on a public liability policy.
In addition, before purchasing insurance you need to compare public liability insurance quotes from several companies. It allows you to discover the best public liability insurance at the most reasonable rate. Besides, you can compare which one is suitable for your budget and what coverage you want to enhance.
It’s Time to Determine Your Public Liability Insurance!
Due to the high demand for business insurance, many companies offer public liability with varying coverage and rates. Every insurance has its expertise and the cheapest is not always the option. Thus, you can learn all aspects in our article and compare each provider to get the right public liability insurance quotes!