With the ever-emerging business risks, your business is vulnerable to a variety of risks. Many claims can be made against your business, right from a customer to an employee. Such claims can make your business suffer a Financial loss, restrict your cashflow and disturb the daily functioning of your business. Protect yourself with a Business Liability insurance.
Business Liability Insurance
Business Liability Insurance Service By Arth Vipra Finvest Pvt Ltd
What Is A Business Liability Insurance
Liability insurance is a policy that offers protection to businesses and individuals from risk that they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal pay-outs and costs for which the policyholder is deemed to be responsible. However, contractual liabilities and intentional damage are usually not covered as part of this policy. This policy was originally created by companies or individuals who experienced common risks and hence created a fund to help pay for each other’s issues regarding this. These policies offer cover against their party claims as the payment will not be for the insured to the person who has been affected by the damage caused. In case a claim is made then the policy provider will have to defend the policyholder.
What does Business Liability Insurance cover?
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Business Liability Insurance
Product Liability Insurance: A product liability insurance policy protects you against customer claims arising due to accidents caused by your product’s performance. For example, a cell phone customer may sue the manufacturer of the phone if it explodes while charging or if it injures the customer in anyway. Such lawsuits can cost the company millions in the absence of a proper product liability insurance. Packaged food companies may also face claims related to health and wellness damage due to food consumption.
Professional Liability Insurance: This liability insurance covers you from financial and legal costs associated with claims made against you or your company due to lapses in the performance of professional services. A professional liability insurance can come in handy if you face liabilities due to such damage.
Public Liability Insurance: Public liability insurance protects you from claims made against your company, products or employees which might have harmed general public. In India, it is mandatory for business operating in hazardous areas to enrol into a public liability insurance as per the Public Liability Insurance Act, 1991. For other businesses, it is not mandatory, but is highly recommended.
Third Party Liability Insurance: A third party liability insurance is mandatory when you buy a new vehicle. You are not allowed to drive the vehicle unless you have a third-party liability insurance. Any human injury or property damage caused to a third party by your vehicle is covered under this insurance.
Employers’ Liability Insurance / Workmen’s Compensation Insurance: The employers’ liability insurance covers the owner or management of the company against claims by the employees. Employees may claim compensation for any kind of losses or injuries caused due to the organisational environment or infrastructure. For instance, a worker may get injured due to the chemicals he works with in a factory, or an employee might suffer from food poisoning due to the canteen food. Such unexpected situations might require you, as a business owner, to compensate the employees for such damage. Under such circumstances, employers’ liability insurance can indemnify your employees against any such unfortunate events and save you from hefty financial outgoes and legal hassles.
Commercial Property Insurance
Insurance which provides a safety net to your property
Commercial Vehicle Insurance
Commercial vehicles cover your different types of external damages, along with personal and third-party liabilities.
Commercial Umbrella Insurance
Covers you against unforeseen circumstances which are usually not covered by any standard insurance policy
Educational Institution Package
Protection for your institution property from losses
Importance of Business Liability Insurance
Business insurance is heart and soul of business-risk management. Some benefits of getting a business insurance are:
- Compensates loss of income
- Secures the employees in case of medical issues, which ultimately motivates them to perform
- Improves credibility of the business in the eyes of clients and employees. Some clients might not enter into a contract if the business is not insured.
To conclude, every business is vulnerable to liability risk regardless of its size. You cannot avoid these risks, but you can surely manage them with proper general liability insurance. A right commercial general liability insurance with adequate coverage can be your biggest asset during a critical period.
Contact us to Know more about the significance of this plan in running a successful business.
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