There are many different types of business insurance available, which can cover you against losses in a situation that goes wrong during your business activities. It’s always a good idea to get business insurance that covers you for any risks when working with clients, the general public, and employees.
What is Liability Insurance?
Liability is designed to cover businesses protecting themselves against liabilities imposed by lawsuits and claims against them. There are three main types of liability insurance available, Public Liability, Employers Liability and Product Liability.
Public liability insurance protects your company from claims from others, such as their property being damaged or they have been injured as a result of your business activities. If your business has any interaction with the public, you will want to consider taking out public liability insurance. This type of liability cover is not a legal requirement, however, having public liability insurance in place provides the reassurance you need for unexpected circumstances in order to avoid potentially costly legal action.
If you employ one or more members of staff, it is a legal requirement for your business to have an Employer’s liability insurance policy. This type of insurance provides protection if one of your employees becomes ill or injured as a result of work. If they make a claim for compensation and you are found responsible, your policy should have enough insurance to cover such claims.
Product liability insurance is suited for businesses that design, produce or supply products, and often goes hand in hand with your public liability cover. This type of cover protects a business should a customer allege bodily injury or property damage as a result of the supply of faulty or defective products, which can lead to compensation costs and legal fees.
Professional indemnity insurance can also be called professional liability insurance to some insurers. This type of insurance covers any advice you give a client in your professional capacity and protects you should a client believe you have failed to produce work to a professional standard. For example, a customer might claim there is a fault with a service you delivered leading to a negligence claim. This type of insurance will cover any legal fees and compensation expenses, therefore for any business that provides a professional service we would strongly recommend this option.
When it comes to liability, these are the most common type of insurance covers. Depending on your line of work there are other types of cover that may apply to your business such as personal accident, director’s and officer’s insurance, business contents, self-employed insurance, cyber and data, business interruption, etc. Don’t hesitate to contact us for any other type of cover not highlighted.
Want a quote?
Eastside Insurance have many years’ experience dealing with liability cover, we have access to a wide range of specialist insurers, who are able to offer a competitive and flexible range of insurance policies that can be unique to your business.
Get in touch today and let us do the hard work for you.