What is Liability Insurance?
Liability insurance is an essential part of your business insurance cover and we provide public and product liability insurance as well as employers’ liability insurance. Public Liability insurance – protects you against claims of negligence resulting in injury to third parties or damage to property that is not owned by you. Your Insurance Group policies typically offer public liability (PL) cover in three levels of indemnity: £1 million, £2 million and £5 million for most trades professions. We also include this cover within our policies for shops, offices, pubs, restaurants and hotels. Products Liability insurance – protects you against claims resulting from a product sold by you causing injury to third parties or damage to property that is not owned by you. Your Insurance Group policies offer the same level of product liability cover as we do for public liability cover. Employers’ Liability insurance – protects you against claims of negligence brought by an employee. Failure to have
Liability insurance is not an accident and health policy. It covers individuals for acts of negligence that result in bodily injury and/or property damage to someone who wants compensation for that injury. Legal liability must be shown on behalf of the insured individual in order for this insurance to pay for injury or damage.
The purpose of liability insurance is to provide personal liability and medical payments to others. The policy usually offers a minimum amount of $100,000 and maximum amount of $500,000. It includes the following coverages: damage to property of others, first aid expenses, and (personal liability) claim expenses. Liability coverage pays on behalf of the insured the sums which the insured shall become legally obligated to pay as damages because of bodily injury or property damage, to which the insurance applies, caused by an occurrence.
Do I need to carry liability insurance? Liability insurance is designed to protect your business from liabilities you may carry for injury to employees, customers, or other persons on your premises. You will need to carry liability insurance to protect yourself from risks. What is insurance, and how can it help your business? Insurance is a system in which you, the businessperson, pay a premium (sum of money) to insure that your business is protected in case of loss, damage or theft. Insurance has been described as a “system in which winners pay losers.” This is because those people who pay premiums and never have to collect from their insurance pay for those people who pay premiums and do have to collect from their insurance. If you never have to collect from your insurance, consider yourself lucky, and consider your premium an investment to both help other businesspersons and give you financial piece of mind. If you do have to collect from your insurance, you can consider yourself fo
The liability portion of your homeowner’s policy is designed to cover unintentional injuries on the premises and unintentional damage to other people’s property. In other words, injuries caused by your negligence are covered; those you inflict on purpose are not covered. Given your potential liability as a homeowner, you’re asking for trouble if you don’t carry adequate liability insurance. It takes only one person who is seriously injured by your negligence to generate a huge liability award and deplete your financial nest egg, not to mention your psychological well-being.
