Life is full of unexpected surprises. While some of them may be good, like winning the lottery, others, like accidents or injuries, can be quite costly. That's where Public Liability Insurance comes in. This type of insurance can help you cover the costs associated with accidents or injuries that occur on your property.

Here are three times when you absolutely need liabilities insurance and one time when you might not need it

1. When you need to protect your assets

There are three instances when you should absolutely have liabilities insurance: when you own home when you have children, and when you have debt. Your home is likely your most valuable asset, and if someone is injured on your property, you could be sued for damages. If you have children, you want to make sure that they're taken care of financially if something happens to you. And if you have debt, you want to make sure that it's paid off in the event of your death. There's one instance when you might not need liabilities insurance: if you're single and have no assets.

2. When you have employees

When you have employees, you need to have liabilities insurance. This is to protect your employees in the event that they are injured while working for you. Your company is liable for their injuries and damages, and Commercial Vehicle Insurance can help cover those costs. In addition, if an employee sues your company, liabilities insurance can help with the legal costs as well.

Liabilities Insurance

3. When you work with other businesses

When you work with other businesses, it's important to have liability insurance in place. This will protect you in the event that someone is injured on your property or as a result of your business activities. For example, if you're a caterer and someone slips and falls while eating at your event, your liability insurance would help to cover any costs associated with their injury.

4. When you have a professional service

One situation where liabilities insurance can be a lifesaver is when you have a professional service. For example, if you're a wedding photographer and a guest trips on your equipment and sues you, your policy would help pay for your legal defence. It can also protect you if someone gets injured on your property while you're hosting an event. In general, any time you have a business relationship with another party, it's a good idea to have liability insurance in case something goes wrong.

5. When you have a physical product

If you have a physical product, you need product liability insurance. This type of insurance protects you in the event that somebody gets injured by your product. It can help cover the cost of medical bills, legal fees, and any other damages that may be awarded to the injured party. In order to be fully protected, your policy should cover all damages up to the full limit of your policy.

Conclusion line,

No one knows when an unexpected liability will come up and threaten their business. That's why it's important to have a comprehensive liabilities insurance policy in place to help protect your company from any potential financial damages. Make sure you're fully covered against any possible liability with a policy from The Hartford.

Source -