Why you need liability insurance
Why does a business need to protect itself, its owners, partners or directors against claims from other people or businesses?
This is where the expertise of a broker is vital. Claims can arise from a multitude of causes and worryingly, some can be made by fraudulent or malicious claimants. Arranging the correct protection is key so that not only are legitimate claims covered, but that the insurance will cover the cost of defending you against mischievous or fraudulent claims.
What types of insurance should a business consider?
Depending on the business structure (sole trader, partnership or limited company) you will need to consider one or more of the following:
- Employers’ Liability – to protect your liability at law for injury to your employees in the course of their employment
- Public Liability – to protect your liability at law for injury to other people or damage to their property, incurred whilst carrying on your business.
- Products Liability – to protect your liability at law for injury to other people or damage to property, incurred through the supply of a product.
- Professional Indemnity – to protect your liability for a negligent act, error or omission arising out of advice, design or service given.
- Medical Malpractice – even though a medical practitioner or nurse may have personal medical defence protection, a company that provides a medical service can also be sued for medical negligence if a patient is harmed during treatment.
- Directors’ and Officers’ Liability – to protect the personal assets of directors against accusations of a wrongful act carried out in the course of the business. CLICK HERE for more details
Want to talk?
If you own or run a business in Bromsgrove, Droitwich Spa, Evesham, Redditch, Worcester or anywhere in the Warwickshire, West Midlands or Worcestershire areas and would like to discuss your business insurance requirements, call us TODAY on 01527 834696 or CLICK HERE. We will be glad to help!