As a small business owner, you would have many responsibilities to ensure that your business is functional. You may have employees who depend on getting their monthly paycheck, customers who need attention and advice from you and a building or office that needs to be maintained. Another responsibility of business owners is to have the appropriate insurance policies in place to ensure that the company continuously functions at optimal capacity. One of these policies that are essential for businesses is liability insurance.
Liability insurance offers you protection from any incidents that you as a business can be blamed for. These incidents include but are not limited to, customers sustaining injuries on your property, employees getting injured at work, or even an aggrieved employee who feels his/her service may have been terminated unfairly. Any of these situations may lead to lawsuits and liability insurance acts as the rich relative you never knew about, providing financial back-up and support to your business.
When calculating how much Liability Insurance you need, you have to consider various aspects; type of business, level of risk that your products and services pose to customers and the general safety of your workplace, to name only a few. You should also make sure that you have an adequate type of coverage that protects you against a range of liabilities according to your needs.
Hollard offers our customers two main types of liability insurance:
- General Liability Insurance
- Specialist Liability Cover
General Liability Insurance protects your business against liabilities associated with its activities and products or services offered. The policy provides cover for your business’s legal defence costs involved in defending actions. It covers for a wide variety of possible scenarios including customer injuries on your premises; damage caused to a third-party’s property by one of your employees; spillage into rivers from factories and even a product that has been produced that has been causing harm.
Specialist Liability Insurance addresses risks from employee dishonesty and theft issues to incorrect funds management or professional negligence. The cover includes Directors and Officers, crime, public indemnity, trustee liability, employment practice liability, bankers’ blanket bond and financial institutions liability. As the name would suggest, the policy is specialised according to your specific business, offering precise and effective protection if things do go wrong.
Taking out an affordable liability insurance policy is an investment in the future of your company. Ensure the survival of your business by contacting a Hollard consultant today to discuss the most effective and affordable liability insurance for your business’s needs!