Public Liability Insurance
Protect your business from liability claims outside of your business. If an accident or unforeseeable incident causes damage or injury to someone (other than your employees), you may be found legally liable to cover the costs. Public liability insurance can help to protect your business from the financial risk of liability claims – giving you the certainty you need to trade with confidence.
Who should consider it?
While public liability insurance isn’t mandatory for most businesses, it is recommended for all companies. That’s because the unpredictable nature of accidents makes them hard to prevent – and the costs of being sued can be extraordinarily high.
What can it cover?
Public liability insurance helps protect your legal liability to third parties, including clients, customers and the public for injury or damage to their property, caused by the business. It can even cover emotional distress or shock that your business causes another person.
It will generally pay your costs of investigating, defending and settling claims, as well as any compensation payment you are found liable to pay.
What isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Coastal insurance broker.
Speak to a Coastal insurance broker
In our litigious society, every business needs the protection of a suitable liability policy.
Product Liability
Don’t let one faulty product destroy your entire business.
No matter how stringent your company is, mistakes can happen. For example, you may design or sell a product that causes customer harm. Even if you’re not at fault, you could risk serious financial damage through legal and court costs if a customer decides to sue you.
Product liability insurance is designed to help protect your business if you’re sued because a product you sell, assemble or supply has caused harm to a person or to their property.
Who should consider it?
If your business makes, assembles, grows, promotes or supplies products to individuals or companies, you should consider product liability insurance.
What can it cover?
Product liability is usually part of a public liability policy. It can help cover you against the cost of investigating and defending your business against a claim made against you and your product. It can also cover the cost of any damages awarded to a customer if your business is found to be at fault.
What isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Coastal insurance broker.
Management Liability
Management liability insurance can provide protection against the financial exposures that come with managing a company. It ensures that you can defend, settle or pay compensation claims, without putting your business or personal finances at risk.
Who should consider it?
Management liability insurance is important for all businesses, big and small to help protect against unpredictable and potentially large liability claims.
What can it cover?
Management liability insurance can cover the business against claims arising from mistakes or deliberate actions – including fraud – from the company or its directors, officers or employees – both past and present.
It can cover the cost of investigating, defending and settling claims by a third party, as well as paying compensation the business is liable for.
What isn’t covered?
There are exclusions. There is also often a deductible or excess and limits on cover, so check with your Coastal insurance broker.
With so many different types of business insurance available, it can be hard to know the difference – and which ones you really need. So it makes sense to speak with an expert.