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WHY LIABILITY INSURANCE?
No business is entirely immune from lawsuits. If your business is on the losing end of a big lawsuit, you could lose your business’ money and property and your own, too. Liability insurance can help make sure you have the funds to cover your business assets and ensure your personal assets aren’t in jeopardy.
If you don’t have any type of liability insurance, your business has to find a way to cover lawsuit costs on its own. Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance covers legal costs and payouts for which the insured party would be found liable.
The insurer becomes responsible for defending the suits and the business owner doesn’t have to worry about spending their own assets to go out, find an attorney, pay the attorney, and deal with any settlement that may be made.
Liability insurances (also called third-party insurance) are designed for corporate entities to protect them against legal costs and loss from claims of alleged negligence, errors or omissions in the performance or provision of their services i.e. payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.
How much coverage is sufficient? Typically, you should select a limit that matches or exceeds your total net worth. This way, your assets are well-protected if you're legally responsible for someone else's injuries or property damage
WHAT YOU NEED TO KNOW
Public Liability Insurance
Provides protection against claims arising from accidental bodily injury or damage to third party property, happening in connection with business and occurring within the territorial limits described within the period of insurance. The policy is not triggered to pay until the insured has been found legally liable to shoulder damages.
Product Liability Insurance
Provides indemnity against legal liability to third parties in respect of accidental death, bodily injury and/or illness and/or loss of or damage to property arising from distribution of products manufactured, assembled, processed, modified, repaired, serviced, altered, labelled, packaged, handled, sold or supplied by or through the insured in the course of or in connection with the insureds business
Professional Indemnity Insurance
Provides indemnity against legal liability to third parties for claims made against the insured or any protected persons for breach of professional duty due to any negligent act, error or omission incurred in the course of the insureds business resulting to bodily injury and/or financial loss including legal costs, fees and expenses incurred by the insured.
Trustees’ Liability Insurance
Trustees’ liability is a policy that protects trustees, employees, the employer and any said scheme in the event of claims brought forth. The policy covers settlement on legal action and for the costs of defending actions. It covers individual trustees against liability for claims arising out of wrongful acts, and the cost of defending those claims. The policy is ideal for any person who serves as a trustee or is a secretary or officer of a trust
Directors & Officers Liability
Insurance Provides indemnity against amounts which the insured shall become legally liable to pay as compensation including agreed defence costs and expenses resulting from any wrongful act(s) (alleged negligence, errors and omissions, misstatements, misleading statements and misrepresentations) by the insured in their capacities as directors or officers of the insured company all of which occurring on or after the retroactive date stated.