In today's world it is not uncommon for a business to be sued for one reason or another. In order to ensure the success of a business you need to protect it from any potential legal matters that could arise. In years prior, one could opt to purchase either Employer's Liability insurance or Public Liability insurance however it is now common for the two insurances to be combined into one. This insurance is now commonly known as Combined Liability insurance.
Combined Liability insurance simplifies the way a business is insured. The business will actually be covered by both Employer's and Public Liability however it will be payable on a monthly or yearly basis as one policy instead of two. Aside from the many other benefits of having a combined policy the best one may be the extent of coverage you are able to get with a combined policy since it is typically much more comprehensive in its coverage extents. This not only simplifies the way you pay for your insurance it also gives you a nice discount to look forward to while giving you even better coverage!
While you will have just one policy it is still important that you are aware of the differences and limits of each type of coverage you have. Both types of coverage are highly recommended and while they come hand in hand in most cases, it is still important that you know what you are paying for. You need to make certain that you are purchasing the appropriate amount of coverage or else it is pointless to have the insurance.
Employer's Liability insurance covers your business in the instance that an employee was to file a claim against your business. This coverage provides protection in the event that an employee was to sue your business due to an injury or illness they received as a result of being employed by your business. Many lawyers are now encouraging this type of law suit by offering services for free if they don't win the case for the person. The lawyer will handle the case and if they don't win the case then the employee who was injured doesn't have to pay the lawyer for any of their services. For some people this is very encouraging and they are willing to sue an employer for the smallest thing since they feel that it is a win-win scenario for them.
Public Liability insurance covers the public in a similar way. This coverage provides compensation to people other than employees. For example if a third party person were to be injured as a result of the business procedures or while on the premises of the business or if their personal property were damaged then Public Liability insurance would compensate them.
Combined Insurance policies are to protect the business, the employees of the business, as well as the clients of the business, regardless of what industry you are in. Business owners have a goal of being successful. Having the appropriate types (and amounts) of coverage is one of the essential keys to achieving this goal of success and maintaining it through any legal tribulations a business may face.