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Liability Insurance—what is it?

Liability insurance refers to an insurance product that protects an insured party from claims resulting from injuries and property damage to others. This insurance ensures coverage from any legal costs and payouts incurred if an insured party is found legally liable.

In general, liability insurance policies do not cover intentional damage or contractual liabilities.

liability insurance

The Necessity of Liability Insurance

Liability insurance is one of the most critical business components for entrepreneurs operating in India. With a population of 1.25 billion and a growing inclination towards entrepreneurship, owning a small business in India has become an attractive proposition. You or a member of your organization can make a mistake that injures someone or damages property. Your mistake could harm the reputation or interfere with the privacy of a customer, client, competitor or member of the general public.

Types of Liability Insurance

Public Liability Insurance

MSMEs typically do not try to obtain liability insurance policies because the premiums are highly priced; however, in the event of a claim, the legal costs usually outweigh the tips. As a result, getting insurance is usually more sensible.

Product Liability

This is again not a compulsory insurance requirement in many countries, but it is highly important. This is procured by companies whose products are widely used such as chemicals, tobacco, medical products, food, recreational products and others.

Employer Liability

This type offers cover to liabilities that an employer may incur if an employee is injured during his/her employment due to the job. Sometimes, companies do not deem this as important but if faced with a claim, they might be driven to bankruptcy.

Third-Party Liability

This policy covers damages caused by the insured to another. The insured is considered as the first party, the insurance company is the second and the third is the injured or the person/company making the claims.

Indemnity insurance

Indeminty insurance can provide coverage to protect any business against negligence claims that may arise due to a financial harm resulting from mistakes or failure to perform as per the agreement. It is also known as error and omission insurance.

How to choose your plan?

Scope of

It is very important to understand what type of insurance policy you are purchasing and what type of liabilities are your protecting yourself from.

A proper audit of your services from a risk management or insurance audit company can help you understand your liabilities better.

Understanding your clients

As a business, you want to show your customers that you're responsible and trustworthy. Getting insurance shows you understand the risks you face during your daily operations.

Thus, selecting the right insurance policy can become quintessential for your business

Claim Settlement Services

A liability insurance claim can be very draining on an insurer's pockets, so the claim settlement capabilities of an insurer are very important. In accordance with the provisions of the Protection of Policyholders' Interest Regulations, most insurers include an arbitration clause in the policy to protect themselves from liability. It is critical to select the right insurer.

Main Exclusions of the Policy

Every liability policy contain certain sets of exclusion, though these exlusions can be understood and some of them may get covered after underwriting approvals, there are always some main exclusions that the insurer will not protect you against. Keep an eye out for which coverages does your policy exclude.

Why Choose PrishaPolicy

5 Reasons why you should choose us to be your policy issuing partner of choice. Allow us to tell you why we are one of the fastest growing insurance brokers.

Customer-Centric Culture

For us, you always come first. Our products and services are designed to find the best coverage for all.

A Decade of Market Leadership

Our teams expertise and experience makes them the perfect guides in choosing a policy that fits your needs.

Reliable and Consistent

Rest assured that everything will be taken care of without a glitch. From shortlisting to claims processing & delivering promises without a hitch.

Guided Policy Assistance

Our experts are forever ready to assist you through each policy detail with a fine-tooth comb.

Claims Assistance

Our DNA prompts - Sales is incomplete without timely support. From start to end, we facilitate smooth processing from lodging to settlement.

Still Thinking About It?

Get on a call with us. We take pride in being associated with you for competitively managing your risks with the best insurance covers and delivering a stress-free experience.

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Questions You Might Have

General liability vs. workers' compensation insurance

Both general liability insurance and workers' compensation are distinct but related. Both programmes serve various functions but are intended for business owners and contractors. Because they are interconnected, it is recommended that contractors implement both policies in order to run a successful business.

What is not covered in a liability insurance policy?

  • Any deliberate attempt to violate legal or legitimate provisions.
  • Property damage sustained by the insured. Also, if the property is leased or financed in the insured's name.
  • Loss or destruction caused by a conflict, raid, civil war, rebellion, insurgency, or military strike.
  • Any loss or damage caused by radioactivity, ionising radiation, nuclear waste, or hazardous explosions, whether direct or indirect.
  • Do I need Public Liability insurance?

    This is up to you to decide, as it is not a legal requirement. If you regularly interact with the public, clients and contractors, however, it is highly recommended. Even if you're taking all measures possible to avoid them, accidents do happen, and a legal battle ensuing one could be highly damaging to your business if you don't have the means to face it.

    Does Public Liability insurance cover my employees as well?

    No, public liability is not designed to cover your employees - it is only intended to protect you from third party claims made by members of the public. Your employees will be covered by the mandatory employers' liability insurance policy you need to have in place to protect them from workplace accidents or illnesses.