Third party liability
Every day all businesses and freelance professionals face the risk of causing damage to others (such as customers, employees, suppliers, shareholders or even the environment) as part of their operations. Since no one is infallible and random harmful events can occur at any time, make sure that you have a third party liability policy.
Third party liability insurance not only directly protects your business from any financial claims from third parties but also protects its reputation in the event of something potentially going wrong.
General third party liability insurance covers losses (death, bodily harm and/or material damage) caused to third parties due to the fault of the insured undertaking or freelance professional, from use and operation of the undertaking’s facilities in general. More specifically, it covers the cost of rebutting third party’s claims against the insured (such as court costs) and/or satisfying those claims for things due to the insured’s acts or omissions
Just some of the categories covered are:
- Hotels, rooms for rent
- Schools, tuition centres, kindergartens
- Doctors’ offices
- Restaurants, patisseries
- Sports clubs and gyms
- Theatres, cinemas
- Communal areas in apartment buildings
- Petrol stations
Employer third party liability insurance covers the employer’s liability to employees for bodily harm which may result from workplace accidents.
Professional third party liability insurance covers losses (bodily harm/material damage) which may occur to customers of a business or freelance professional due to errors, oversights or omissions in carrying on business activity.
Just some of the occupations covered are:
- Nurses, midwives, physiotherapists
- Accountants – tax advisors
- Attorneys at law
- Architects, contractors, civil engineers
- Tour operators
- Plumbers, electricians, refrigeration/air-conditioning engineers
Product liability insurance covers the policyholder’s liability for the consequences that use or consumption of a defective product which it sold may cause to consumers (death, bodily harm or material damage). The insured person may be the producer, manufacturer, importer, supplier, merchant and/or distributor of the product on the market.