Public Liability Insurance protects against financial risk when found liable to a third party/public for death, injury, loss, or damage to property or pure economic loss attributed to negligence.
The policy also provides for legal expenses incurred with the prior consent of the insurance company.
This is a mandatory policy to be taken by Owners, Users, and Transporters of a hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.
The relief granted to the affected public is as per the Act and many a times, minimal. Hence, it does not suffice the broader business requirements.