Quick Summary Table Liability Type What it Covers Who is Protected (Third-Party) Example Scenario Public Liability Injury or property damage to third-parties (non-employees) on your premises or due to your business operations. Customers, visitors, contractors, the general public A customer slips on a wet floor in your shop and breaks their arm. Product Liability Injury […]
How does Product Risk Insurance handle emerging tech and innovative features?
We live in a litigious environment where consumers are increasingly aware of their rights and ready to pursue legal action if they believe a product has harmed them. Businesses must protect themselves against potential financial losses arising from product failures, defects, or other liabilities. Key Takeaways Universal Supply Chain Accountability: Product risk insurance provides a […]
What is absolute liability under public liability insurance Act 1991?
The Public Liability Insurance Act of 1991 in India imposes absolute liability on industries that handle hazardous substances or engage in dangerous activities. Let’s understand what absolute liability is in detail through this blog. Key Takeaways The Faultless Accountability Principle: Under the absolute liability doctrine, an industrial plant is held fully responsible for community damages […]
Public Liability Act Insurance versus Public Liability Insurance
The Public Liability Insurance (PLI) Act 1991 is an Indian law that was enacted to provide public liability insurance for the purpose of providing immediate relief to persons affected by accidents occurring while handling hazardous substances. In response to the 1984 Bhopal Gas Tragedy, which resulted in the loss of thousands of lives, the Act […]
CGL Insurance and Cyber Liability: Addressing the Growing Threats to Businesses
Recognising and addressing the threats are extremely important for businesses to grow continuously. Along with the rising competition, social perception, and new laws and regulations, businesses need to address the growing threats in terms of data security, natural disasters, and the financial consequences of advertising injury, property damage, and more. Along with good risk management […]
Commercial General Liability Insurance, India: Coverage Essentials
Commercial general liability insurance is a fundamental and essential component of every business’s risk management strategy. Irrespective of the industry type and size, businesses are exposed to a wide variety of risks that can result in liabilities. CGL policy coverage gives protection to businesses against a range of liability exposures. Commercial general liability insurance is […]
What is contractors’ pollution liability insurance and what does it cover?
Contractors Pollution Liability Insurance is a specialised form of insurance policy that aims to protect contractors from the financial costs associated with third-party claims for bodily injury, property damage, and environmental damage caused by sudden and accidental pollution incidents. Tailored to specific needs, it covers contractors’ legal liability due to indemnity obligations in contractual agreements. […]
Drone insurance: All you wanted to know about drone insurance
Drone insurance is growing popular as many types of businesses have adopted drones. They have become the preferred mode of delivery or photography. A drone can be an expensive piece of equipment costing several lakhs of rupees. Hence, it is important to insure your drones and several insurance companies today provide comprehensive coverage to remotely […]
How does product recall liability policy work, and what does it cover?
Product recall is a request from the manufacturer to return a product after the discovery of safety issues. Or product defects that might endanger the consumer or put the maker/seller at risk of legal action. The product recall insurance is provided as an add-on to the product liability insurance policy. Key Takeaways The Statutory Safety […]
What are the advantages of a Commercial Liability Insurance plan?
Key Takeaways Defective Product Bodily Injury Protection: Manufacturing flaws can trigger massive lawsuits, but a policy covers legal expenses and pays compensation if a sold item breaks and injures a child. Premises Slip-and-Fall Coverage: Everyday upkeep can lead to major accidents, which is why a policy saved money for a restaurant owner when a customer […]