What does business liability insurance cover?
Business liability insurance covers damage caused by you, your employees or your company to third parties during your professional activities. This includes personal injury (injuries), property damage (damage to third-party property) and resulting financial losses (e.g. loss of earnings). In addition, it defends against unjustified claims. It protects you from high costs if customers, suppliers or other third parties suffer damage as a result of your work.
What is covered in the corporate-/business liability insurance?
Personal injury: If a customer trips over a cable in your office and injures themselves (medical expenses, compensation for pain and suffering).
Property damage: If your employee knocks something over at a customer’s premises and it breaks.
Financial loss (consequential damage): If a customer is unable to work due to property damage and suffers a loss of earnings as a result. This should not be confused with genuine financial loss, which must be covered by financial loss liability insurance for certain professional groups.
Defence costs of unauthorized claims are covered
The insurance company checks unjustified claims and defends against them. Unjustified claims are defended at the expense of the insurance company (legal and court costs). This is passive legal expenses insurance. This means that active, independent lawsuits cannot be enforced through liability insurance. Separate legal expenses insurance is required for this.
Employees and activities: All employees are insured within the scope of their work, even in cases of negligence. Some tariffs even cover gross negligence. Gross negligence includes, for example, leaving flammable materials next to open fires and leaving them unattended.
Risks from business premises, activities and products: Risks that may arise at the location, during work itself or through your products are covered. Product liability cover is usually included in business liability insurance policies.
For traders who import goods from outside the European Union, extended product liability insurance is necessary, which we can also offer.
Public liability insurance is one of the most important types of insurance for the self-employed, freelancers and companies, as it safeguards the existence of the business and the entrepreneur.
If you would like to receive a quote, please fill out our form and we will email you the most suitable and economical quotes for your risk.
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