A Business or Commercial Liability insurance is any type of liability insurance policy that protects a corporation or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence. Liability insurance policies cover both legal costs and any legal settlement for which the insured would be responsible if found legally liable.
Occurrence vs. Claims Made
A liability policy is either written on an “Occurrence” or “Claims Made” basis. For policies insured on an occurrence basis, a claim, in order to be covered, would have had to occur during the period of insurance. Coverage would revert back to the policy that was in effect at the time of the accident. However, claims of professional liability, for example, often result many years after an alleged error is committed or event has occurred making it difficult for insurance companies to evaluate their true exposures and determine the premium necessary to cover the risk. Claims Made policy forms were introduced whereby the trigger for coverage is the date the claim is made against the insured and not when the error or event occurred.
There are a multitude of liability insurances covering a broad range of commercial, civil and statutory liabilities such as:
- Commercial General Liability
- Directors & Officers Liability
- Product Liability
- Professional (Indemnity) Liability
- Work Injury Compensation
- Real estate & hospitality
Customer service and in particular claims handling are important measures of an insurance company’s worth. We are dedicated to providing you with fast, efficient and fair customer service
We also believe the best approach is to be hands-on and we personally oversee the services we provide. So even when a claim is being handed over to an adjuster, we are always kept in the loop to monitor developments and provide assistance to our customers where required. To achieve maximum efficiency, we do everything we need to understand your business, your priorities and your needs.