Public liability insurance covers the amount that the insured is legally liable to pay as a damage to third party as a result of accidental death, injury or damage to property. The cost incurred in defending the case is also payable under certain terms and conditions and with prior consent of the insurance company.
If you sell, supply or deliver goods, even in the form of repair or service, then you must subscribe to product liability insurance. This covers claims of goods in case of injury, death or damage. Product liability insurance provides protection under occurrence of these events. Forward thinking could prove to be a boon for manufacturers. Today's business is driven by the products brand name. In case your product is damaged due to unforeseen reasons, it may spoil the image of the manufacturer and disrupt the business. Under such situation product liability comes across as a saving grace. This insurance policy can be taken by manufacturer of parts or complete products. It also covers damages due to another business or person by the failure of your product or the product you are selling.
The reports of fraud and crime by employees are increasing day by day. Cash, stocks and other assets of the business are under continuous exposure to risk of being stolen. Due to this state of affairs fidelity guarantee has found many buyers to compensate for risks. Fidelity Guarantee insurance is a plan designed to indemnify the insured (the employer) for the loss of money or property incurred as a result of acts of fraud, theft or dishonesty by an employee in the course of employment. However, the plan is not applicable for losses arising in places outside India.
Directors And Officer's Liability
Directors and officers liability Insurance (often called D&O) is liability insurance payable to the directors and key officers of a company who are the decision makers of the organization. These director and officers while pursuing their duties may take plunge into something against the statutes or laws. The losses may also be payable to the organization itself. This policy offers indemnification (reimbursement) for losses incurred in the act of alleged breach of duty, neglect or erroneous decision in the managerial and decision making capacity as directors and officers. Defense costs are also covered in advance of final judgment.
Professional Indemnity for Doctors
Professional indemnity insurance protects professionals to cover them from liability that occurred due to negligence in rendering professional services. It provides indemnity cover if your client suffers a loss - material, financial or physical - directly attributed to negligent acts, errors or omissions.
Consequential Loss of Profit Policy
The fire policy provides cover against only material losses that are incurred as a result of fire damage. However, the consequential losses in the form of loss of profits and loss of revenue is not covered under this. The consequential loss of profit policy covers this aspect as well. This policy was designed with an objective to mitigate losses caused by interruption of business activities.