Page 2 of 2 FirstFirst 12
Results 11 to 15 of 15

Thread: Types of liability insurance

  1. #11

    Default

    Liability insurance is a type of insurance that protects you from being held responsible for someone else's loss. Whether at your home, in your car or at your work, liability insurance protects you from potential lawsuits. There are many types of liability insurance.



  2. #12
    Member Level 0
    Join Date
    Sep 2012
    Location
    London
    Posts
    17

    Default

    Public Liability Insurance comes in various forms but all will cover you against claims for injury or damages that you are legally liable to pay. The emphasis here is on legally liable to pay and thatís one of the advantages of having public liability insurance as it will usually pick up the cost of defending a claim. In my experience even if a claim turns out to be spurious, it still has to be defended and defence costs money.

  3. #13
    Member Level 0
    Join Date
    Mar 2013
    Location
    United Kingdom
    Posts
    23

    Default

    Quote Originally Posted by Bob Andrews View Post
    Public Liability Insurance comes in various forms but all will cover you against claims for injury or damages that you are legally liable to pay. The emphasis here is on legally liable to pay and thatís one of the advantages of having public liability insurance as it will usually pick up the cost of defending a claim. In my experience even if a claim turns out to be spurious, it still has to be defended and defence costs money.
    Bob (or anybody else)? any advice on what level of public liability insurance a company should opt for? In my experience, companies tend to opt for fairly large coverage options but this costs more money. Is there some sort of ratio or formula that can be applied (e.g. a % of turnover) to cover claims. How often should companis review their publi liability insurnace? How about professional indemnity? When should a companu get this inusurance and at when should they review?

  4. #14
    Member Level 0
    Join Date
    Sep 2012
    Location
    London
    Posts
    17

    Default

    Hi

    The level of cover you need (called the indemnity limit) is pretty much a matter of personal choice. In my opinion you should take as much cover as your budget can offered. Sometimes though, a customer may ask you for a certain level of cover before you can start a job for them, if the level of indemnity they require is higher than that you have purchased, you can ask your insurers to increase the level of cover, if they won’t, you may be able to buy a second policy called “excess of loss”.

    Although the level of cover is not reflected in the turnover of your business, sometimes this turnover is used to calculate the premium charged (in simple terms, insurers tend to think that the higher the turnover, the more work you are doing and thus the bigger a chance of a loss) As a business owner you are probably the best person to judge what level of cover you need depending on your business activities.

    Professional Indemnity Insurance is a separate cover again and is usually purchased by an individual or a business that offers advice, knowledge or skills. It is a form of liability insurance and provides protection for the financial consequences of professional negligence, basically “bad advice”. Negligence usually occurs following a breach of professional care either by neglect or error or omission. If your business offers advice this is a good cover to select on top of your normal public liability insurance.

    Personally I think you should review all insurances every year and immediately if your business circumstances change.

  5. #15
    Member Level 0 sherylgray's Avatar
    Join Date
    Sep 2012
    Location
    Anaheim, CA
    Posts
    67

    Default

    Liability insurance is one of the popular insurance policies. Many people still do not have much knowledge about different kinds of liability insurance policy. If you describe each point in short, it would be more beneficial for the readers.

Page 2 of 2 FirstFirst 12

Similar Threads

  1. 3 types of hazard?
    By Qinsure in forum Insurance Questions Forum
  2. What are two types of car liability insurance?
    By Qinsure in forum Insurance Questions Forum
  3. What are the types of liability insurance?
    By Qinsure in forum Insurance Questions Forum

Share This Thread!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •