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Liability

Introduction

Liability insurance also known as Commercial insurance protects you in the event you are sued for claims that come within the coverage of your liability insurance policy.

 

Types of Liability Insurance:

PUBLIC LIABILITY INSURANCE

This type of insurance would cover a business if a customer or member of the public was to suffer a loss or injury as a result of its business activities,

and if that person made a claim for compensation. The insurance would cover the compensation payment plus any legal expenses.

 

PRODUCT LIABILITY INSURANCE

Product liability insurance covers the cost of compensating anyone who is injured by a faulty product that your business designs, manufactures or supplies.

 

PROFESSIONAL INDEMNITY INSURANCE

This policy is a form of liability insurance that helps protect professional advice and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

 

DIRECTORS AND OFFICERS LIABILITY INSURANCE

This policy is a liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously.

WORKMEN’S COMPENSATION INSURANCE

This policy cover the employer in respect of the statutory liability under the Workmen’s Compensation Law(s) as well as at Common Law to the employees who are generally not covered under SOCSO.

This policy indemnifies the employer against all sums for which the employer shall be liable to pay compensation to any employee for personal injury sustained by accidents or occupational diseases arising out of and in the course of this employment under the Acts.

 

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