The world of Public Liability Insurance (PLI) has seen a major overhaul with the amendment carried out in the Public Liability Insurance Act from 1.4.2024 vide Jan Vishwas (Amendment of Provisions) Act 2023, followed by Public Liability Insurance (Amendment) Rules, 2024 passed on 17th December 2024. These changes aim to enhance immediate relief for affected individuals from industrial accidents –
For businesses, this means greater responsibility – but also better security. Are you prepared for these changes?
Key Changes You Should Know
1/ New mandated limits for owner handling hazardous substances
Any one Accident shall not be less than the amount of ‘Paid-up capital’ and maximum upto ₹250 crores and for more than one accident during the policy period shall not exceed ₹500 crores.
2/ Enhanced immediate relief / fixed liability for affected individuals
Death or Permanent Disability: ₹5 lakhs per person
Property Damage:Up to ₹50 lakhs
Medical Expenses: ₹1.5 lakhs for death cases, ₹25,000 for injuries
And many more
3/ Compliance Mandates for Businesses The
PLI Act policy is mandatory for owners handling hazardous substances.
Publication about incident: Industrial units must inform affected individuals about their right to claim relief.
Non-compliance will expose units handling hazardous substances to huge financial penalties
Why This Matters for Your Business
If you are handling hazardous substances, these changes directly impact your liability and compliance obligations. Not having the right PLI Act coverage can expose your business to financial risks and legal penalties.
At Beacon Insurance Brokers, we are here to help you understand, adapt, and stay compliant.
✅ Does your current policy meet the new requirements?
✅ Are you prepared for potential claim surges under the new rules?
Let’s talk. Contact Beacon Insurance Brokers today for expert guidance on upgrading your Public Liability Insurance coverage.
Your business security starts here.
