Business insurance can be confusing and it's best to learn all about it before buying your policy. That being said, there are many types of business insurance. One type of business insurance is product liability insurance or PBL. If you're wondering what that is then you've come to the right place.
Product liability insurance protects employers from claims that their employees develop or injure themselves while working with products that an employer has manufactured. In other words, it's meant to protect you, the business owner, from paying damages if a customer develops an injury while using a product that you manufactured or rented to them. So if you were hiring new employees and one of them gets burned on your barbecue, you wouldn't have to worry about any lawsuits from that employee. If the employee was an existing customer who got a bad impression of your business because of this barbecue then you may have a case against you.
Another type of business insurance is employers liability insurance. This type covers employers for liabilities that they have created or have not created while at work. For example, if you were working at a construction site and a piece of shingles fell on your shoulder and broke your arm, this would be considered employers' liability. On the other hand, if a subcontractor accidentally dropped a heavy machine on another part of the construction site, this would also be considered employers' liability. There are a number of different scenarios that can be considered here but it should be pretty easy to tell what type of claim you need to file. In most cases, this type of insurance is required by law.
Product liability insurance is designed to protect businesses like yours from claims that arise from negligence or injuries that happen while providing a service to someone. If you were working in the plumbing business and a customer was tripping on a pipe and broke their leg because of it, you'd likely need to consider an employer's liability insurance policy to cover the damages. Sometimes, this type of insurance policy is also required by law. It's not something that you need to worry about though, if you've taken the proper steps to make sure that your company follows all the laws.
The third kind of insurance policy to look into is professional indemnity insurance. If you are someone who provides professional services, such as a lawyer, this can be considered a type of professional property insurance policy. If you provide a service and someone gets injured under your care, you can be held legally liable for the cost of their medical bills and rehabilitation. This can get very expensive if you happen to be sued.
When it comes to purchasing your own business insurance policy, it's important to understand that there are many insurers out there who may not be right for your needs. A great way to find the best deals and the best companies is to take advantage of an online product liability quote. With a product liability quote, you can get the coverage that you need at the best price. By comparing many insurers, you'll have more control over what type of policy you're getting and you'll know exactly what your budget is.
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