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Liability

With the world becoming more complex insurers have developed insurance covers to protect businesses and their principals against the many liability risks to which they are exposed.

The major liability risks are Public, Product, Employers' and Professional liability.

Most are designed to protect a business against claims for third party personal injury or property damage and the costs that emanate from such claims.

With ever more legislation businesses are becoming liable for more risks, pollution being the latest. There is now, for example, a liability of the occupier of premises for contaminated water in a car park.

Court awards favour the injured party and the most common claims for Public Liability are tripping, slipping or something falling on them. There is generally an excess applying to damage claims but not to injury.

Product claims derive from faulty or badly designed products. With the Health and Safety at Work Act in place any accident that occurs at work is almost certainly the employers fault for failing to operate a safe system of working.

Professional Indemnity is for those that design or change others designs. It does not just apply to Solicitors and Architects but also to many other occupations including Builders and Engineers. Costs are often the largest element of these claims. These policies are written on a claims made basis and with a retroactive date.This means that there is no cover for any work done before the retroactive date and that policies should not be allowed to lapse following closure of a business.

It is vital that all aspects of your business is known so that proper insurance covers can be arranged leaving no gaps. Various indemnity limits are available for all classes.

Speak to one of our specialist advisors on 0845 676 9511

Weekdays, 9am - 5pm.

Management Liability Policy

Many businesses, regardless of their size or type are feeling the effects of the current challenging economic climate. Under various pressures, some businesses may need to make staff redundant or change staff contracts of employment. Such options are fraught with danger and could lead to expensive litigation at the worst possible time for the business.

Such is this threat that it is now a mathematical fact that as an employer, you are FIVE times more likely to face an employment tribunal than you are to make an Insurance claim for fire to your premises.

Most employers regard fire insurance as an essential part of their insurance portfolio and we now feel that legal protection for Directors, officers and limited companies themselves is equally essential.

The insurance industry has risen to the challenge by introducing a new breed of policy to cover the costs and awards of employment tribunals and also other new legal challenges to business such as the recent corporate manslaughter and homicide laws. Packages are now available to cover the individual liabilities of Directors, officers and the company itself as well as employment liabilities such as unfair dismissal or age/sex/racial discrimination.

We recommend that such a package of cover should be integrated into the insurance portfolio of any limited company, irrespective of size. A very competitive and comprehensive package of cover is available from AXA Insurance which prices starting from as low as £400* per annum (excluding IPT). Please contact the office for an accurate quotation for your business.

Summary of cover Management Liability Policy.

Should you wish to arrange cover or a meeting with a member of staff, please contact Charlotte Stevens or Clementine Jenkins on 01792 484069.

*IPT excluded at 6%