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Liability insurance covers a person or company from meeting third party claims. As a result, any business and people who transact on areas prone to accidents should buy this Policy or else, remain at the Risk of meeting claims whenever an Accident happens within their places of work. Meeting such accident claims often results in financial losses and lost income which are detrimental to a person’s or business financial growth.
Usually, liability insurance is offered based on the potential risk to individuals and businesses. Following are the types of policies offered under liability insurance in India:
General Liability is a liability insurance policy which covers businesses from a number of law suits that may be linked to their: products, services and normal transactions. Among the risks covered by this policy include injury to shoppers, product defects, property damage and negligence on employees’ part. The insurance policy will prevent you from meeting many types of expenses like legal fee and medical expenses. With this policy in place, you don’t need to waste your time guarding against that which you can’t prevent. You are already protected.
Although general liability is a more comprehensive insurance policy, a company can opt to have individual policies put in place to take care of risk prone areas. For instance, getting a public liability policy can be of benefit to companies that are likely to experience a lot of human traffic accessing their premises. If an accident happens, the company will have the damages incurred covered by the policy.
Companies that deal with goods should consider getting product liability policy before venturing into the market. In the event that the goods in question get linked to unfavorable incidences, consumers who know their right opt to file lawsuits as a gateway to their eventual compensation. When this happens, the product liability policy provider will come in to settle expenses that may arise from the compensation agreed upon.
Just as the name suggests, professional liability is aimed at protecting professionals during their course of operations. Among the professionals that can be covered include: consultants, physicians and lawyers. Errors of commission and omissions are very expensive to meet especially when a disgruntled client wins a lawsuit against the professional. This policy safeguards against loses associated with property damage, investigation expenditure, medical expenses and other likely costs.
The main reason behind having workers compensation policy is to safeguard employees’ needs and wants. The policy covers most of the risks likely to happen in a particular job setting. In the event that any employee suffers any injury, work related illness and loss of income, in line of duty, this policy comes in handy by reinstating him or her to the previous state. Most countries have passed laws requiring companies and different kinds of business to get workers compensation policy for every employee they take up.