Liability Insurance can protect your business in the event of legal action from an employee, customer or other stakeholders. It provides funds to cover your legal defence costs, as well as any damages awarded against you.
We can arrange competitive Liability Insurance to suit the needs of your business. No two businesses are the same, and your potential liabilities are as diverse and unique and your business. We can help you understand your risks and ensure that your liability insurance fits the risk profile of your business.
What is Liability Insurance?
As a business, you have a number of different stakeholders. A stakeholder is defined as anyone who stands to be affected – directly or indirectly – by your business. Obvious examples are your customers and your staff but as your business grows, so does the number of stakeholders you need to consider.
Liability Insurance is designed to protect the duty of care you have towards your stakeholders. There are now many types of Liability Insurance, with one common purpose – to provide funds for your legal defence and any damages awarded against you, if a stakeholder tries to pursue you for compensation. Even if their claim against you is unsuccessful, it can be costly and time-consuming, but Liability Insurance can offer you some peace of mind.
As the potential number of stakeholders for a business has grown, so too has the number of Liability Insurance products on the market.
What are the different types of Liability Insurance?
- Employers’ Liability Insurance – This cover is a legal requirement if you employ staff, and protects you if they are injured or killed in the course of their work. It is typically arranged alongside Public Liability as part of a wider insurance package.
- Public Liability Insurance – If a third party, such as one of your customers, was injured or had their property damaged, they may sue you for compensation. Public Liability insurance protects you against such a claim. Product Liability is typically included under the same policy.
- Professional Indemnity Insurance – If you give professional advice as part of the service you provide to customers, Professional Indemnity insurance protects you in the event of an error or omission in the advice that you provide.
- Employment Practices Liability Insurance – If an employee tries to sue you or take you to an employment tribunal, Employment Practices Liability helps you to defend the claim.
- Cyber Liability Insurance – Cyber crime is increasingly a problem for UK businesses of all sizes. Cyber Liability Insurance covers compensation for any customers who have suffered as a result of a breach of your systems, as well as the costs of any remedial work to your network.
- Directors & Officers’ Liability Insurance – It is increasingly common for a company’s directors and senior managers to be sued personally for their actions on behalf of the company. Directors & Officers’ Liability Insurance protects you if a client or other third party should try to sue you personally.
Which types of Liability Insurance do you need?
All businesses are different, so we’ll work with you to understand your business and the risks you face, so you can decide on which types of liability cover you need. Employers’ Liability is a legal requirement if you employ staff within your business. Public and Products Liability are not a legal requirement, but are very common for most businesses. In terms of other liability insurance, your requirements will depend on a number of factors, including the nature of your work, the types of client you deal with and the way you operate your business.
Before we work with you, we will carry out a thorough fact find and give recommendations as to the liability cover you need for your business.
Why should you deal with JMG Townends for your Liability Insurance?
As part of the JM Glendinning Group – one of the UK’s Top-75 Insurance Brokers – we have very strong relationships with major insurers and can find liability insurance for you at a competitive premium. In the event of a claim, our experienced in-house claims team can help ensure that you receive a prompt, fair settlement to your claim and get your business back to normal.