Independent liability insurance brokers
Designed to protect your business from claims made by employees
Liability insurance cover is designed to protect your business from claims made by employees and third parties arising out of bodily injury or damage to property as a result of your activities
It is one of the most complicated areas of insurance and great care needs to be taken when arranging cover to consider all of the standard exclusions to make sure that these do not apply should you submit a claim.
What is liability insurance cover?
There are three main types of liability insurance cover under this heading:
- Employer’s Liability Insurance: covers the legal liability of the business for claims from employees for bodily injury arising out of their employment. This cover is required by law and directors can be fined for failure to comply with this legislation.
- Public Liability Insurance: covers the legal liability of the business for claims for bodily injury other than to employees or damage to property arising out of your activities at your premises or elsewhere where you are carrying out your work.
- Product Liability Insurance: again covers the legal liability of the business for claims arising from bodily injury or damage to property caused by any of the products or services supplied by you.
The limit of indemnity is specified in each policy which represents the maximum amount the insurers will pay in respect of any one claim.
As far as product liability insurance is concerned the limit of indemnity is not only the maximum amount insurers will pay for any one claim but also the maximum amount they will pay in any one period of insurance.
In some circumstances, the insurers will apply the limit in any one period to other policies where they will use the words “any one claim and in the aggregate”.
You are able to select the limit of indemnity to apply to your policies.
The standard limit for employer’s liability cover is £10 million but this may need to be increased if you have a lot of employees working in a small area.
Whilst insurers are not able to exclude any claims under an employer’s liability, there are many standard limitations for the other covers.
Examples of these are:
- Excludes liability to property in your custody or control.
- Excludes property being worked upon
Let’s now take a look at some of the trades affected by these:
- Building and construction
- Freight forwarders
- Export packers
- Motor trades
- Haulage contractors
- Repairers and refurbishers
Wordings are available to cater for each of these business sectors and our experienced liability insurance brokers will be able to help you choose the right cover.
The premiums for liability insurance are calculated on the wages and turnover and on most policies insurers will use estimates for this purpose.
However, at the end of the year, they will ask for the actual figures and adjust the policy accordingly.
You need to be aware that some insurers will charge a percentage of the premium at the outset (say 80%) which means that you will have a 20% charge at the end of the year.
This is a method of keeping the first premium low but locking you in at future renewals so beware!
Give us a call and we will advise you on tailored cover for your business or offer you a free review of your existing policy.
“On behalf of Advance Property Solutions, I would truly recommend aba insurance 100% as they are always there to help us in difficult situations and provide the best services”.
“We have used the services of aba for both business and personal insurances since first meeting Graham Webster in 1976. They provide an excellent service and will go the extra mile to ensure you have the cover you require at the right price. I would be happy to recommend to anyone.”
“I’ve used aba for many years now both for my business insurance and for my rental properties. I trust them (which I can’t say about most insurance companies) and prefer to speak to one of their team as it is easier than exchanging lots of emails. I’d recommend them to any business or someone who needs insurance for a rental property.”
“aba provide a great service. We have used them for all our properties over the last 3 years and they are always helpful and offer sound advice.”
“We have been using aba for several years now and find their pricing and service to be 5 star”
“The staff at aba have been really helpful in getting a large claim settled. Excellent knowledge and service”.
“PLM have used the services of aba for almost 20 years! Fabulous service, professional and friendly team and we would recommend them to all our clients, family and friends. FIRST CLASS.”
“Superb service. Our companies have used aba for many years. Their flexibility and value for money are second to none!”