Liability insurance is the main offering of the insurance industry. It provides cover from claims that occur as a result of injury to someone, or damage to property that is caused by the purchaser. Because liability insurance provides protection against third party claims payment is not made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.
Liability Insurance for Businesses
There are many different types of liability insurance available to businesses, each type designed to protect businesses from specific claims that can be made against them. A number of factors dictate what types of liability insurance your business needs; size, offering and industry are all important.
The main types of business liability insurance are;
If your business has employees you have to have employers liability insurance, which provides cover in the event of a member of staff becoming injured or ill as a result of their work or whilst at work. It’s a legal requirement and it doesn’t matter if you have one or one thousand; you have to have it. More can be read about this here.
Pubic liability insurance covers your business if a case arises from injury or damage being cause to a member of the public, other company or any other third party. Public liability is often included in as part of a general business insurance policy. To read more about PLI click here.
This type of liability insurance is designed to protect business that offer advice and input as part of their service. If you are negligent or inaccurate with the advice that you give and the client suffers a loss as a result, they may take action against you. Click here for further information.
Product liability insurance is aimed at businesses that manufacture or sell products. In manufacturing and selling products you can be held legally responsible for damage cause by these products and claims may be brought against you.
Many of the public, employers and product liability risks are often covered together under a general liability policy. Our brokers will advise the best cover for your business. These risks may include bodily injury or property damage caused by direct or indirect actions of the insured.