Commercial Liability Insurance
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Product Features
Product Features
Pays for litigation costs and awards against any officer or key employee Protect directors and other key executives from litigation costs. Necessary to embolden executives to work without fear of litigation. Covers litigation for any reason.
Professional Indemnity
Pays for litigation related to alleged deficiency of services or negligence. Relevant for all services companies and individual professionals such as doctors, architects and chartered accountants. Conduct your business without worrying about acrimonious litigation.
Comprehensive General Liability
Pays for third party claims on your premises or because of your products. Consists of public and product liability. Public liability covers litigation by third parties hurt on your premises. Product liability covers damages caused by products that you manufacture.
Specific Liability Risks
Cyber Risk. Commercial Crime. Carrier Legal Liability These insurances are specific to select industries. Carrier Legal Liability protects fleet owners and transporters. Cyber Risk most applicable to companies dealing in online customer information. Commercial Crime relevant to financial services companies amongst others.
Benefits Overview
Covers legal costs
Liability covers take care of legal expenses when you have to defend yourself. These costs can rapidly mount up. In some insurances the insurer also has a duty to defend which makes them responsible for taking up the law suit. Generally, insurers are also a good source of identifying competent lawyers and preparing a defence strategy.
Meets contractual obligations
Business partners increasingly require you to purchase liability insurances to do business with them. This is true of companies overseas and increasingly, in India. Liability insurances meet all these contractual requirements. These insurances can also be modified to include your customer’s name as an additional insured, another common requirement.
Cover across countries
A well placed liability insurance will cover you for legal costs in any country. This becomes important when you have customers or operations outside of India. Often, litigation will take place in a foreign country. This is expensive and you may not have the market knowledge of how to defend yourself there.
Get Competitive Prices
Liability insurance, when structured properly, is available at competitive rates. The key is to define your business operations accurately when you buy the insurance and picking the extension that matter most in your business.
Administer with Ease
Liability insurances can cover your current operations as well as acquisitions you may make. These are unnamed insurances which means that you do not need to furnish a list of executives or day-to-day activity.
Better claims settlement
In India, the claim experience in liability is still limited. However, this is changing fast, as conflict and litigation increases. Most liability purchases today are because of a contractual requirement but that is set to change. In many situations such as for doctors, such liability insurances have become a necessity.
Why SecureNow
Deep
Product Knowledge
Product Knowledge
We have specialized underwriters and tie-ups with international experts.
Cost-effective
Insurance
Insurance
We work with all insurers to get you the best options- both in terms of price and features.
Quick Turnaround
Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.
Strong Claim Support
We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.
Value Added
Services
Services
We will advice you on risk management best practices.
Policy Administration
System (PAM)
System (PAM)
See all your contracts and renewal information in one place. Place service requests on PAM.
FAQs
There are wide ranges of products within liability insurance policy, such as-
The premium amount of liability insurance is determined by a number of factors, namely –
- Type of policy
- Limit on indemnity
- Past claim settlement
- Overall risk assessment
- Annual turnover of the enterprise
- Whether your company is listed or unlisted
Business owners, factory owners, professionals who run IT companies and BPO, professionals from specialized field like doctors, lawyers and auditors must take a dedicated liability insurance policy to protect their business interest and liability arising due to negligence, third-party fraudulence or any other kind of unforeseen external risks.
Depending upon the kind of policy, here is an overview of exclusions that applies to liability insurance policy –
- Deliberate or willful act of negligence.
- Product recall, for example for auto component manufacturers.
- Pure financial loss.
- Illegal activity without proper licenses.
- Losses due to activities that occurred before you bought the insurance.
The duration of a liability policy depends upon the type of policy, however mostly the duration of such policies is 1 year.
Yes, in fact liability insurance is more key for them. Litigation can bring a small business to a standstill and you want to have financial support through the insurance to defend yourself.
