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Because mistakes happen, we need liability insurance. Essentially, liability insurance is there to clean up after your business’s mistakes, providing coverage for claims related to negligent business activities (injury related to the use of your product, for example) or the failure to use reasonable care.
The insurer typically pays damages and legal defense fees as well as case-settlement charges. How much liability coverage do you need? This can be difficult because benchmarks really do not exist. While some brokers recommend that your coverage match that of the largest court award for a case relevant to your business, others base recommendations on company assets. Moreover, unlike property, which has a fixed value, liability claims do not have any limitations. In this lawsuit-crazed society, the sky could indeed be the limit. Most companies obtain basic liability coverage through a commercial general liability (CGL) form.
The CGL covers four types of injuries:
- Bodily injury that results in actual physical damage or loss.
- Property damage or loss.
- Personal injury.
- Advertising injury Slander or damage to reputation falls under personal injury. Advertising injury protects companies from charges of negligence that result from the promotion of its own goods or services.
Employers Liability
This policy is similar to Workmen’s Compensation Insurance. It also provides cover for your employees against injury while on the job and indemnifies your legal liability to your employees should they get injured.
What makes it different is that the categories it provides for aren’t covered in the Workmen’s Compensation Insurance or SOCSO. Hence, if you’re looking to protect yourself and your employees against classes of risks not found under the Workmen’s Compensation Insurance or SOCSO, you can try the Employer’s Liability Insurance.
How the Employer’s Liability Insurance protects you?
It’ll pay out death or injury benefits to your employee if he/she is injured or dies while on the job. It will also indemnify you, the employer, if you are sued by your employees for negligence, and pay for expenses incurred with your written consent while defending that suit.
