Liga Asuransi – Dear readers, how are you? May your business run smoothly and successfully.
This time we continue the discussion about Public Liability insurance or legal liability insurance against third parties.
As we know that nowadays there are often accidents that result in losses, such as injuries, defects, damage to goods, even to the point that someone loses his life.
Accidents can occur because of a third party or in other words a party that has nothing to do with the victim or the company. As a result, your company will face claims or demands from victims to be responsible for their mistakes and omissions that have caused the accident.
So, as insurance brokers and consultants, we would like to discuss more about this issue so that you understand better so that you can take the right action.
If this article was of interest to you, please share this article with your friends so they can understand it as much as you do.
Liability insurance or liability insurance refers to insurance products to protect you from financial losses due to accidents, injuries and damage to others.
An insurance policy is an obligation to cover all legal fees and payments that are the responsibility of the insured if it is shown that they are legally liable.
Intentional damage and contractual liability are generally not covered by a liability insurance policy.
There are three forms of liability insurance:
Liability insurance covers two main financial risks. One of them is legal fees to defend a claim. The second is the compensation that must be indicated to pay the injured or aggrieved party, plus their legal fees if the claim is enforced.
Product liability or product liability is largely taken up by businesses for the risks involved in their daily operations. However, they are also built into many property insurance policies, for example, liability coverage in home and content insurance.
This usually includes the excess that the policyholder must pay in the event of a claim, and generally sets a limit on the total amount that must be paid under the policy, as well as a limit on each claim.
- What is public liability insurance?
Public liability insurance is a type of insurance for businesses of all sizes, in a variety of industries. This includes you if a client or member of the public claims that they have been injured, or their property damaged, because of your business activities.
Public liability insurance, also known as public liability insurance, is a type of insurance for businesses of all sizes in various industries. This includes you, if a client or member of the public claims that they have been injured or their property damaged, because of your business activities.
This type of insurance is formed to protect business owners or owners from claims that result in legal proceedings. If the claim becomes a legal issue, the policy will cover the costs, including any compensation you are required to pay.
Public liability claims can arise from a number of circumstances, but negligence is a major trigger.
Customers could trip over uneven surfaces in your premises, or members of the public could injure themselves on your equipment.
It will also cover claims for property damage. For example, if you accidentally drop a cup of coffee, or damage a client’s laptop during a meeting, your policy will cover the associated compensation costs.
- Who needs Public Liability Insurance?
- Consultant
must agree that sometimes plans don’t go as expected. Especially when you are in the business of advising other professionals on what to do next.
As a professional consultant, insurance can protect you and your business, and give you peace of mind that you’re ready if something goes wrong.
- Contractors
When it comes to calculating unforeseen entitlements as a contractor, insurance can provide useful protection. Whether you are an IT contractor, HR specialist, accountant, or trader, when you serve clients through contracts, certain risks lie in the area.
You work hard to provide a safe pair of hands for business partners, so that customers trust your experience. However, in the event of an accident, disagreement, or accusation, as an independent contractor can be held responsible.
Insurance for contractors combines policies such as public liability and professional indemnity coverage and can be tailored to your unique business needs.
- IT contractors & consultants
IT contractors offer their expert skills, while consultants provide insurance guidance to sustain business in this area in case something unexpected happens.
Insurance can protect IT contractors or consultants against the financial impact of claims or legal proceedings, both disgruntled customers and data leaks, policies with coverages according to IT contractors, such as professional compensation insurance and cyber threat coverage.
- Public liability insurance for Building Operations
During the construction period, the contract usually contains a clause requiring the contractor to carry insurance to cover costs, losses, liabilities, claims, or proceedings for personal injury, even death resulting from the execution of construction work or loss and damage. property other than work.
Employee personal injury will be covered by contractor employer liability insurance, which is mandatory for all employers under the Employer Liability Act (Mandatory Insurance). All companies that employ staff are legally required to hold Employer Liability Insurance.
Personal injury or death, or loss or damage to third party property is covered by public liability insurance. Common law claims for personal injury or death, or loss or damage to property can be very significant and unlimited. The coverage provided does not limit the contractor’s liability.
Public liability insurance can cover claims with:
- Members of the public visit the insured’s business.
- Customer.
- Client.
- People who take part in events or activities organized by the insured.
- People who watch events or activities organized by the insured.
Public liability insurance and employer liability insurance are sometimes offered in policies that may also cover office content and construction insurance requirements.
- Exceptions in Liability Insurance
There are exceptions that apply to Liability Insurance Policies in general, including:
- Exceptions to the risk of war and other risks similar or equivalent to war.
- Exceptions to the risk of nuclear, radioactivity, pollution, asbestos, and the like.
- Exclusion of risks covered under other insurance policies.
- Exceptions for intentional errors or omissions and criminal acts.
- Exclusion of risks related to intellectual property such as patents, trademarks, and the like.
- Exclusion of risks related to obligations under the contract.
- Exceptions to fines and financial sanctions imposed by the Court on the Insured.
- Exceptions to claims, claims, or losses that have existed in the period prior to the validity of the insurance coverage, or things or events that according to the Insured have the potential or possibility of giving rise to claims, claims or losses.
- Exceptions to the United States and Canada territories and jurisdictions.
How to get Liability insurance?
In Indonesia, getting Liability insurance is not easy because not many insurance companies can provide this type of insurance.
The best way to deal with this is to use a professional insurance broker who has access to a number of insurance companies.
Brokers are also able to design insurance terms and conditions that meet your business needs and adapt them to competitive insurance premiums.
One of the best insurance broker companies in Indonesia that can help you is L&G Insurance Broker.
For all your insurance needs, please contact L&G now!
Source: Glosari Public Liability Insurance
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