Liability is being legally responsible for something or someone; the Liabilities Insurance covers a person or his business from such situations. Liabilities Insurance protects you and your organization from legal hassles of being held responsible for any unlikely event. When you are in-charge of an organization, you cannot overlook the probability of occurrence of unfortunate events. As your company expands, so does its employee size, and that means that the chances of mishaps also go up. In case of a manufacturing company, your employees may have an accident at work, and in cases like these, you can be held legally responsible for the same. Liabilities Insurance is there to your rescue when such mishaps occur.
Liabilities Insurance is intended to save you from such third-party claims which might land you into legal difficulties, resulting in you incurring substantial costs. Liberty Videocon offers a host of Liabilities Insurance plans which are designed keeping in mind the varied needs of businesses and industries.
The different Liabilities Insurance plans offered by Liberty Videocon are of the following types:
Directors and officers Liability:-
This insurance safeguards directors, officers and employees of a company in case any claim arises against them stating that they have committed any malpractice in performance of their job on behalf of the company. This liability insurance covers against personal liability and defense costs.
Public Liability Industrial Insurance Policy:-
If you are the owner of a manufacturing unit, then opting for this liability insurance becomes essential. This insurance protects you from the legal responsibility of an accident that might occur in the premises of your manufacturing unit. The policy coverage can also be extended by adding covers for legal expenses due to pollution, transportation of hazardous materials, etc. to it.
Public Liability Industrial Insurance Policy is an indemnity policy with upper limits, such as maximum amount paid out for each accident (Any One Accident) and maximum amount paid out for any one year (Any One Year)
Public Liability Act :-
Several industries work with hazardous chemicals or substances, and the workers at these units are exposed to such dangerous substances on a daily basis. Even after maintaining proper security measures, there is always a chance left for accidents to occur. According to the Public Liability Act, 1991, anyone who owns, controls or handles hazardous substances is legally liable to provide relief to any person who sustains injuries or dies due to an accident at the workplace.
That is precisely why companies with such a nature of work should have Public Liability (Act) insurance. This is an indemnity policy with limits, such as not less than the paid up capital of the insured, subject to a maximum Rs.5 crore (Any One Accident), and 3 times the ‘Any One Accident’ limit, subject to a maximum of Rs.15 crore (Any One Year). Claims exceeding the above statutory limits are indemnified by the Environmental Relief Fund (ERF).
Commercial General Liability Policy:-
The commercial general liability policy is one of the basic insurances that a business should consider for a comprehensive protection for your company. This policy provides the business protection against claims of bodily injury or property damage in connection with the insured’s business. Liability loss exposures that could arise out of the premises, products or the operations of the insured; all are covered by the commercial general liability policy. This policy can operate on a claims-made basis or an occurrence basis, depending on the Policy form you choose.
Public Liability Non Industrial Insurance Policy:-
You build your business with a lot of hard work to make your mark in this world and it is another fact that not all businesses are industrial. But risks are what plague people everywhere; they do not occur only when one is near a factory. Risks are also present in the Non-Industrial sector. If you own a hotel, restaurant, cinema, office, etc. you could be held responsible for the injury and / or death of people visiting your property at all times and the truth is that as the reason for your establishment to exist is to cater to the general populace, a larger number of people are more likely to visit such establishments as compared to establishments of the industrial sector. When something goes wrong and someone gets hurt, you could be held liable for any loss or damage these people suffer. You need to be prepared for such cases as they happen more often okthan you would expect. Our “Public Liability Insurance (Non-Industrial Risk) Policy” steps in to protect you at such a time.
In case an accident befalls third party individuals on your premises, you need to ensure they are duly compensated and your legal and moral liabilities to them are taken care of. The policy will do all this for you.
Errors & Omission Insurance Policy:-
Errors and omissions insurance coverage is strongly recommended to protect your business from claims alleging negligence from your professional services including failing in your "duty of care", giving incorrect advice or making mistakes.