Liability Insurance:
Is one of the most important cover you can get in place to protect yourself against your legal liability to the public and to your employees which may arise from your business activity. There is a liability policy for each type of business activity.
There are many different forms of liability:
1. Comprehensive general liability:
This policy will cover your legal liability to third parties, resulting in injury to people or accidental damage to property as a result of your business activity, if found legally liable. It will also cover defense costs. This policy should be taken by all businesses.
2. Workmen’s compensation
Covers any occupational sickness, accidents arising out of and in the course of a work-related injury. Including medical expenses and loss of wages for either bodily injury or death of an employee as per the labor law.
3. Public liability
Covers third party bodily injury and property damage claims, as well as losses arising from the premises, products, or operations of a company.
4. Employer’s liability
Covers your statutory liability, as an employer, in the event of an illness, injury or fatality occurring as a result of an accident on the company’s premises.
Pays additional compensation over and above the workmen’s compensation benefits upon court judgement.
5. Professional indemnity:
Best suited for consultants, accountants, architects, lawyers. This policy can be issued for a single project or on an annual basis. It covers the business in case of breach of duty due to a negligent act, error or omission during the policy period.