public-liability insurance

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An insurance policy that pays compensation to a member of the public and court costs in the event of the policyholder being successfully sued for causing death, injury, or damage to property by failing to take reasonable care in his or her actions or those of any employees. A business whose work brings it into contact with the public must have a public-liability policy. Compare products-liability insurance. See also professional indemnity insurance.

Subjects: Financial Institutions and Services.

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