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 Employers liability insurance. 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 from the supply of faulty or defective products, which can lead to compensation costs and legal fees.
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Many businesses have unique requirements therefore it is critical we understand all your options. Davies Craddock Insurance have many years’ experience in this field, with access to a wide range of insurers, we can offer a competitive and flexible range of insurance policies that will be unique to you.