4 Things You Didnt know about public liability insurance
Public Liability Insurance is the most common type of business insurance that enterprises, big and small, invest in. PLI offers the assurance that every compensation claim made towards damage incurred by a third party is covered.
Without the help of an expert, it is difficult to understand the intricate workings of any type of insurance. For those who feel that they know everything that there is on PLI, here are 4 facts that might come as a surprise:
1.Employer’s Liability Insurance is not the same as Public Liability insurance
Employer’s Liability Insurance is the first coverage a company needs once the rate of hiring increases. This type of insurance cover falls under the category of liability cover against the claims of compensation made by an employee who suffered a severe illness through the course of their involvement with the company. This insurance also offers coverage against illness that an employee contracts on the job. Employer’s Liability Insurance is mandatory by law.
On the other hand, public liability insurance Singapore is optional but highly recommended. This type of coverage offers protection from claims made by the customer or third-party.
2.The most common type of claims which arose are trips, slips and falls
It comes as a surprise that the majority of the claims made by customers, who are covered by PLI, are falls, slips and trips. Which makes PLI all the more essential given the common place of the nature of the claims. But in Singapore, PLI of National Park Boards (NParks) does not cover any accident which occurred through a natural force, but only specific for those cases which are caused by negligence.
3.There is No One Size, Fit’s all
The relevance of the amount of coverage required for each business varies. Public Liability insurance Singapore does not follow the norm of ‘one size fits all.’ The cost of the policy depend on the nature of work, annual profit, size of the company, amount of trading time and risk of work.
4.PIL Can Be Bought As a Stand Alone Policy
Most businesses in Singapore are under the misconception that PLI is a part of a package policy. If you feel that your business requires a PLI as compared to other optional insurance policies, you can avail one after consulting with experts to identify the maximum coverage your company requires.