Public Liability (Industrial) Insurance

This insurance plan covers businesses for third-party liability arising from their industrial activities. It protects businesses from financial losses in the event of an accident that results in bodily injury, property damage, or environmental damage.

Coverage

  • Bodily injury: Covers medical expenses, lost wages, and pain and suffering caused by bodily injury that is sustained on your business premises or as a result of your business operations
  • Property damage: Pays for the cost of repairing or replacing property that is damaged as a result of your business operations
  • Environmental damage: Covers the cost of cleaning up environmental damage that is caused by accidental pollution by your business operations

Costing

  • Policy cost varies according to business size, type, coverage, and risk exposures
  • However, this type of policy is generally affordable

Points to consider

  • PLI is legally required in India under PLI Act of India, but mandated limits may not fully protect businesses
  • Applies to industries with hazardous substances beyond defined quantities
  • Crucial for all businesses operating in industrial settings
  • Offers financial protection against liability claims
  • Often required by landlords, lenders, or business partners
  • Understanding the terms & conditions of this policy is crucial to be aware of the coverage and exclusions

Claim Process

1

Incident notification

2

Assignment of claim handler

3

Documentation and information gathering

4

Investigation

5

Coverage determination

6

Claim settlement/negotiation

7

Claim resolution

8

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

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