Types of liability insurance
When a company decides to buy liability insurance it is essential to consider the various factors that are required for taking a policy
. A policy can be purchased depending upon the no of employees and the nature of risk involved. For instance, a company will be engaged in using heavy machineries to manufacture a particular product. In such cases, lots of precautions are taken so that the employee is not affected while using the machine but even then there are chances for bodily injuries to take place. The affected employee will file a lawsuit against the company as he was injured while working in the premises of the company. To cover the loss incurred when an employee is injured, the company can take employer liability insurance.If your business is properly insured then you can concentrate on other major tasks and you can be at peace. Some liability insurance policies cover all the basic insurance needs but if your company needs a specific type of coverage then a D&O liability, employer liability or professional liability insurance policy can be purchased. Another type of liability insurance is product liability insurance. Any accident, minor injury or even death can be caused due to the product manufactured by your company. The amount of coverage that needs to be covered in the policy, which you buy, depends upon the type of product produced by you.
A hospital or a medical institute is a place for saving lives and it employs not only doctors, but also therapists, nurses, physician assistants. Sometimes few professionals will deviate from the standards set by the medical community, which will result in injuries to the patient. In such a case, professional liability insurance needs to be taken by the hospital for its employees. Certain countries have made it mandatory for doctors to have malpractice insurance policy. Lawyers or attorneys can be sued for breach of contract, negligence of duty, violation of good faith or improper advice. Financial loss can be covered up to a certain limit, provided the attorney is covered by professional liability insurance.
It's not possible for a company to buy all types of liability insurance policies. Hence it is mandatory to find out who will be exposed to a greater level of risk and based on it the apt policy can be purchased. The company can also choose to opt for an occurrence or claims made policy. Occurrence policy is where the coverage includes claims that are made after the occurrence of the incident and policy expiration. In this case, if the incident has occurred during the policy period and a claim is made after months or even several years, the loss can be transferred to the insurance company. On the other hand, a claim made policy is wherein, the incident as well as the claim takes place during the policy active period.
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Types of liability insurance
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