When it comes to protecting your business, insurance is most likely one of the first ways things comes to mind. Obtaining a comprehensive insurance policy is vital, and there are many different types of insurance necessary to fully cover one’s business in a worst-case scenario.
What is PLI Insurance?
PLI insurance, which stands for public liability insurance, is a type of policy created to help protect businesses in the event of an unfortunate incident, such as injury, damage or property loss. In this type of policy, the owner of the business, as well as his or her assets, are covered. PLI insurance differs from general liability insurance in that it is usually considered an economical plan with a more focused set of liabilities that are covered.
Why is it Necessary?
No matter how carefully one operates his or her business, a combination of human error and bad luck can still occur. PLI insurance will protect one’s business if a member of the public, such as a visitor, delivery person or customer, makes a claim against one’s establishment. This sort of insurance policy is generally considered to be a good starting point for insurance coverage.
No matter what kind of business one operates, it is important to obtain an insurance policy that protects all of his or her assets.