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What is Liability Insurance?
Liability insurance financially covers the insured against any legal payouts that they are liable or sued for. If the insured or their business falls victim to being legally liable for any payment because of simple slip accidents, defamation claims, personal injuries, etc., then this insurance can help them tremendously.
Usually, insurance is provided for both legal and financial liabilities until any action is intentional. Hence, if the insured causes any loss or damage to a third party such as an employee or anyone in the general public or another business then they can get financial compensation.
What is the Requirement of Liability Insurance?
Liability Insurance will provide financial coverage to the insured in case of any mistake made by them to hold them legally liable. Not only will it cover your legal cost but any other cost that will help you to resolve the claim. Claims can be related to property damage, bodily injury, medical expenses, etc.
It it is a terrible situation when people businesses have to face legal consequences and financial strain because of their third party liabilities. Is it is important to manage your risks wisely and buy this insurance to save the reputation of your business and settle claims without any hassle.
Moreover, you can also purchase legal liability insurance to protect your employees from any legal risks that may arise in the future.
Inclusions in General Liability Insurance
- Bodily injury: If any third-party suffers an injury due to slipping, falling or getting electrocuted and the liability falls on you, then the General Liability Insurance will cover the medical expenses and in case of death of the third-person, provide financial compensation as per the court of law.
- Property damage: If any property damage is done by you or your employees to a client or third person’s property, then the Commercial General Liability Insurance will provide compensation for the monetary loss suffered by the third-party.
- Advertising injury that your company unintentionally causes to another company will also be covered under Commercial General Liability Insurance.
- Copyright infringement takes place when a business uses the work of a third-party to promote their own work. In this case indirect harm is caused to a third party and they will be compensated for the settlement and legal expenses so that your business can stay protected with Commercial General Liability Insurance.
- Reputational harm caused to another person or business by mistake also results in a loss for a third-party. Hence Commercial General Liability Insurance will take care of defamation claims as well.
- Issues with product Quality: If a business unintentionally delivers a sub-par product to its customers then the customers can sue them for huge amounts and for this they need a Commercial General Liability Insurance to protect them from any financial loss.
- Privacy invasion: If by chance you use someone else’s private work or data by mistake then you can settle the claims with third parties by using Commercial General Liability Insurance.
Rider Benefits that can be added by Paying Additional Premium:
- Act of God risks
- Sudden and accidental pollution
- Lift and escalator liabilities
- Transportation liability
- Food and beverages liability
- Fire damage
- Medical expenses
- Limited vendors
- Advertisement and personal injuries
Variety of General Liability Insurance Plans available in India
- Public liability cover:
Businesses that have a lot of interaction with the general public should buy this cover to avoid unnecessary legal and financial liabilities. Shopping malls, retail stores, clubs, and restaurants that invite a lot of the general public everyday should opt-in for this insurance policy because it’s quite suitable as General Liability Insurance for Small Businesses.
- Professional indemnity insurance:
As the name States this policy is specially designed for practicing professionals such as lawyers, doctors, engineers, etc. Provide the services to third parties and need to protect themselves against legal liabilities that may hinder their reputation, business interests and put them under a financial strain.
- Business Liability Insurance:
This policy is also called as employer liability insurance as it’s taken by organizations to cover the financial liabilities of staff who may get injured due to their job.
- Product Liability Insurance:
As mentioned above, customers can sue the organization if they receive defective products from them. So in this case companies that are selling medical products, tobacco, chemicals or any consumable substances should definitely opt for this insurance.
- Third-party insurance:
Third-party in this case can be any third person or organization except for the insured and insurance provider. This is a plan purchased as General Liability Insurance for Small Businesses who want to protect themselves from legal liabilities and financial risks in the future.
Vital features of General Liability Insurance
- Comprehensive policy that can provide financial compensation against a multitude of legal liabilities that may arise towards a person or a business.
- Third-party claims that involve agitation, discrimination and segregation can also be resolved.
- The insurance provider will also pay off medical expenses for claims that are made due mental or physical injuries, shock or humiliation.
- Advertisement and copyright infringement, trade breaches and any other contractual liability is also covered.
- Different types of policies can be taken by a person or an organization depending on their needs.
Exclusions in General Liability Insurance
- Wrongdoings and illegal activities performed by the insured.
- Claims that cost more than the sum assured.
- Negligence in professional services.
- Damage to your own property.
- Workmen compensation or any other similar acts.
- Commercial auto accidents done by you or your employees.
- War or warlike situations.
- Intentional or expected injuries.
- Any other exclusion mentioned in your policy.
How is the premium decided for Liability Insurance?
Numerous factors are taken into consideration for deciding the premium:
- Risk factor: Higher the number of risks you want to cover higher will be the premium.
- Insured’s claim history
- Company’s approach towards risk
- Company’s business records
Who should buy a Liability Insurance Policy?
The following companies and individuals should invest in Liability Insurance:
- Owners of a company
- Managing directors
- Company’s employees
- Manufacturing units
- Office, multiplex and hotel owners
- Cab owners
- Artisan contractors
- Small business owners
- Landscaping companies
- IT contractors
- Medical practitioners
- Cost Accountants
- Real estate agents
- Service providers of any kind
- Janitorial services
- And more