Construction sites can pose safety hazards to members of the public, but they can also damage adjacent property. Therefore, if you're in charge of such sites, it's important to have some sort of protection against the financial and legal costs that may arise out of injury or property damage caused by interactions between construction work and the public.
Public liability insurance is tailored with this consideration in mind. If a non-worker gets hurt or property gets damaged as a result of ongoing construction work, this type of insurance will cover all financial and legal costs that your business or company may be required to pay for.
With that said, here are some of the essential benefits of having public liability insurance.
It indemnifies construction businesses.
Depending on the number and severity of injuries suffered and the extent of damage caused to property, claims for third-party injury and property damage can add up to lots of money. Without public liability insurance, you may not be able to pay damages for causing injury or property damage without hurting your bottom line. As a matter of fact, having this type of insurance could mean the difference between staying in business and closing down. This is especially true if you perform small jobs in public areas.
In short, public liability insurance will ensure that you don't pay damages for causing injury or property damage out of pocket, where you are culpable for business negligence. This way, you will be protected against all financial loss that may arise.
It provides defence against claims for injury or property damage.
Not every claim for injury or property damage resulting from construction work warrants payment of damages. When you're covered with public liability insurance, your insurance service provider will appoint a team of qualified solicitors and investigators to ascertain whether the incident happened, determine the severity of the injury and extent of property damage and establish all other losses, including hospital bills, lost income and more.
Having public liability insurance will ensure third parties don't overstate their claims, as there will be checks and balances to effectively cushion against that.
Even with public liability insurance, construction managers must put in place safety controls to ensure work-related activities don't put members of the public in harm's way. If you've decided to purchase this type of insurance, you should get in touch with a trustworthy construction insurance service provider in your area.
For more information on construction insurance, contact a company like National Corporate Broking Pty Ltd.
