Business liability insurance
Business liability insurance covers damages caused to third parties by the company and its employees. We help you evaluate what kind of liability insurance coverage your company or organization needs and from which insurance company it is worth getting it.
Why is liability insurance necessary for your company?
1. Minimize operational risks
Liability insurance offers your company a reliable safety net, because with a well-planned liability insurance solution, you transfer a significant part of the operational risks to the shoulders of the insurance company. We help to insure both your own organization and, if necessary, for example subcontractors or contractual partners.
2. You are more successful in negotiations
The company's liability insurance is vital even before the first offer. When negotiating new customer relationships, liability insurance is also often brought up in the contract phase at the latest. More and more customers demand comprehensive liability insurance from their partners and subcontractors. Project insurance has its own chapter - especially in alliance projects.
We help your company as a seller, buyer and partner by going through in detail what kind of insurance can be required from partners in contracts and on the other hand what conditions should be agreed to yourself.
3. You strengthen the reliability and image of your company
Company liability insurance not only increases the attractiveness of your organization as a partner, but also strengthens credibility and reliability.
Are you sure you want to be a partner with whom it is safe to cooperate?
What does company liability insurance cover?
The company may be liable for damages in these situations, for example
- incorrect work performance
- failure to maintain the property
- insufficient safety of the products sold by the company
- incorrect plans, advice, instructions or other professional services
- damage caused by the employee in his work.
In addition to this, the company's managers and board members may even be personally liable for damages for the financial damage they cause in their role.
Broker helps you choose the right business liability insurance
There are many different types of liability insurance. Insurance broker always assesses individually which liability insurances are necessary for each company's operations and industry.
Our insurance experts tender the company's liability insurance for you and advise your company, e.g. in the following liability insurances:
D&O insurance covers the personal compensation liability of the company's CEO or board member in accordance with the Limited Liability Companies Act.
Operational liability insurance is a basic protection that every company should have. It compensates personal and property damage caused in the company's operations.
Product liability insurance compensates for damages caused by defects in a product manufactured, imported or sold by the company. In case of product liability damages, the compensation amounts can be large, so insurance is important for companies of all sizes.
Consultant liability insurance compensates personal and property damage as well as financial damage caused by incomplete or incorrect consultant work. The insurance is particularly suitable for a technical consultant.
Property liability insurance compensates purely financial damages. Insurance is necessary, for example, for real estate agents or accounting firms, as well as for other industries where expert work is performed and a mistake can cause financial damage.
Many things affect the price of business liability insurance
The price of the company's liability insurance and the coverage of the solution are affected
- your company's industry
- amount of wages paid
- selected insurance amount and deductible
- your company's turnover.
The broker helps to tender your liability insurance so that you have the best possible solution at an excellent price.
FAQ
The scope of the liability insurance depends on the company's industry, size and customer contracts. A company that manufactures products for the international market needs different liability insurance than, for example, a hosting agency. Therefore, liability insurance should always be built according to the company's liability risks.
Liability insurance covers damages for which the organization or company is liable for damages. Liability for compensation can be based on laws or customer contracts, for example.
Without liability insurance, the company will have to pay the compensation itself.
However, liability insurances also have limitation conditions and therefore part of the compensation liability may remain to be paid by the company itself despite the insurance. Because of this, you have to be very careful when purchasing liability insurance. With a well-structured liability insurance, the portion of the company's own liability can be substantially reduced.
When doing work, mistakes cannot always be avoided, and the company may have to compensate the damage caused to the customer or a third party by an error in the product or work performance. Adequate liability insurance provides protection against such situations and also brings certainty and peace of mind to your employees.
Companies and organizations rarely have useless liability insurance. On the other hand, there can often be gaps in liability insurance coverage that could be patched. If you are unsure about the coverage of your own liability insurance, it is definitely worth contacting insurance experts.