As a business do you understand your liability?
In the current UK market, liability insurance for any business whether for profit or not. Is absolutely key to protecting you and your business for when things go wrong.
Every day in 2006, the UK insurance industry paid out £3.3 million in general liability claims, such as for accidents at work, professional indemnity, and injuries to the public on business premises.
Professional Indemnity
Professional indemnity insurance often referred to as professional liability insurance or PI insurance covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded. For example, you are being sued, for allegedly providing inadequate services which as caused your client to lose money.
Public Liability
Public liability insurance isn’t a legal requirement for businesses, but the costs of mounting a legal defence in the event of a claim, plus the possibility of paying damages or compensation, can be extensive and very damaging to smaller operations. Having this type of cover in place can be the assurance you need for working with clients and members of the public.
Employers Liability
Covers your business against injury, death or illness, claims made by your employees. Most businesses in the UK need employers liability as it is a legal requirement.
Directors & Officers
Directors’ and officers’ liability insurance (also known as D&O insurance) covers the cost of compensation claims made against you, any director, officers and key managers for alleged wrongful acts. This can be used to protect personal assets as a result of being sued.
Other
Given the complexity of liability in the UK market, liability insurance should be tailored to each business individually because every business is different. Holmes Insurance will provide tailored liability policies ranging from public, product, financial loss, efficacy and much more. Please contact us to discuss.
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Please feel free to contact us for a free, no-obligation quote using the online request form below or if you prefer to speak to us in person please call our office 01384 413 651