Liability Insurance

Liability Insurance

There are several types of liability insurances all of which protect you as the policy holder against any loss where you are deemed to have caused the loss to other parties.

Third Party/ Public/General Liability

This coverage has many names, but is designed to protect you or your company from legal liability to third parties. Any such losses where you are considered negligent should be included.

Product Liability

If you manufacture, import or distribute a product you must be sure that it does the job it is supposed to do and does not fail.If the product is faulty and damages something or injures someone you could be liable for damage. This policy protects you against such potential liability from faulty products.

Professional Indemnity (PI)

This is designed for professional people or companies where you offer a skill or provide advice for a fee. If liability arises because you provided incorrect advice or your services are not up to normal professional standard you can be sued. The policy will protect you against such lack of professional standards. (If proven negligent)

Director’s and Officer’s Liability (D&O)

A policy offering protection against financial loss to third parties caused by inadequate management. This is different from PI above (which is concerned with your duty of care as a professional person) and relates more to a company Board of Directors, members of a management Association (i.e. Juristic Person condominium Owners committee) and the like.