If you own your own business, you will know about Public liability (PI) insurance – it protects you and your business
against the financial risk of being found liable to a third party for death or injury, loss or damage of property or ‘pure
economic’ loss resulting from your negligence.
And if you DO own your own business, then PI insurnace is
essential – if you don’t have PI cover, you could risk losing your other financial assets (including your own
home) if you are required to pay compenation to a thrid party.
And because we are living in an increasingly litigious
world, more and more people are being sued for damages on a personal level – whether this be from third party death
or injury etc that occus at your home, as a result of your pet dog or from a driving accident!
So personal public
liability insurance is becoming more common, to protect your personal finances against the risk of being found liable to a
PI insurance often forms part of your vehicle insurance and house insurance – so start with
these policiies to see what your coverage is.
And if you’re more serious about protecting your wealth from
PI claims, then discuss your circumstances with an insurance broker for professional advice on the matter.