Understanding Liability Insurance
Consider this - if you or one of your employees were to unintentionally offer the wrong professional advice or your company suffered a data breach which leaked the personal information of clients and employees, would you be able to deal with the often financially crippling legal costs that are associated with third party claims made against you or your business' activities?
As a business owner, it is important that you consider liability insurance as a necessary part of your business' risk management protocols, no matter what industry sector you are a part of.
Understanding the types of liability insurance cover that is available to you can help to reduce your business' liabilities and give you piece of mind knowing you are protected should something unfortunate happen.
Public Liability Insurance
As a business owner, you are held responsible for any financial loss, damage or injury sustained by another person or property as a result of your business' activities or products. Claims made against your company are not only costly but can significantly interrupt business operations and damage your reputation.
Public liability insurance protects you and your business against the financial risks of being found liable for a third party death or injury, loss or damage to property or economic loss resulting from your negligence.
Management Liability Insurance
Company directors are required to act in the best interest of the business and are therefore under immense pressure to meet the expectations of all stakeholders. If a client, partner or employee were to make a claim against you and you are not covered, you risk losing not only your business but your personal and family assets too.
Management Liability Insurance is designed to help protect the personal assets of directors and officers against legal liability that can be brought against them through managing a business.
Professional Indemnity Insurance
Any professional that provides a service or delivers any sort of advice whether it be in the medical, legal or real estate industry, runs the risk of being sued.
A Professional Indemnity Insurance policy helps to protect you against claims relating to financial loss, bodily/personal injury or property damage suffered by a third party as a result of your professional advice or business services.
Cyber Liability and Privacy Protection Insurance
If your business is one of the thousands of companies joining the digital revolution, then you will be aware of the increasing commonness of cyber incidents particularly in recent years.
Inappropriate release of personal client or employee information can cause real damage to your business. Incidents like this can affect you not only financially but threaten your intellectual property, client trust and business reputation.
A Cyber Liability and Privacy Protection Insurance policy can help provide your business with protection in the unfortunate event a cyber incident or privacy breach occurs.
Find out more
For more information on getting the right liability insurance for your business, contact your local Coverforce office and speak to one of our experienced insurance brokers today.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly.