The public liability insurance protects your business against its potential legal liability to pay compensation for death of or bodily injury to third parties or loss or damage to third party property arising in connection with the activities of the business.
Generally an extension of the Public Liability Policy, the Products Liability insurance provides protection to the business against legal liability to pay compensation for death of or bodily injury to third parties or loss or damage to their property caused by goods sold, supplied, repaired, serviced or tested by the business.
The cover indemnifies an employer for legal liability to pay compensation as a result of death or injury suffered by an employee during and in the course of employment.
- Directors & Officers Liability
Directors and officers of a company are covered against their personal legal liability, including defence costs, incurred following an actual or alleged wrongful act committed whilst acting in such capacity. The policy typically caters for exposures such as breach of duty, negligence, error, omission, misleading statements and other exposures. Insurance may also provide indemnity to the company in respect of any loss where it is required or permitted to indemnify the directors either by law or under the memorandum or articles of association.
The PI policy protects you and your business against legal liability to pay damages to third parties as a consequence of errors or omissions committed in the course of the business. The policy will also cover legal costs.
Some areas of exposures that may be addressed by the policy are:
• Negligence – breach of duty of care
• Intellectual property – unintentionally infringing on others’ copyrights, trademarks etc
• Loss of documents / data – clients’ records which could be lost, stolen or damaged.
• Libel and slander
• Breach of confidentiality
The wordings of PI insurance policies vary according to the line of profession being covered with bespoke extensions available for different lines of business. Some policies are very specialized and have in effect been designed with specific exposures in mind.
The market offers specially designed liability policies that cater for risks to which technology companies are exposed.
Package policies are a recommendable solution as they tend to address the risk of gaps and overlaps created when separate insurance policies are arranged to cover a complex set of exposures.
The coverage could include:
• Professional negligence
• Breach of contractual duty
• Infringement of intellectual property rights
• Libel, slander and defamation
• Dishonesty of employees
• Public liability
• Products liability
• Pollution liability