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things you must know about
Specialised Liabilities Insurance
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Who needs Specialised Liabilities Insurance?
Whilst almost every business should have some Liability Insurance in place, those requiring specialised cover are those that have the potential to causes large losses to third parties by their work. Any company that works with children is especially at risk as they are expected to take incredible responsibility for the child. The same holds true for companies dealing with the aged, sick or disabled as extra care must be taken to look after these people. Companies offering extreme sports or other activities especially if these are offered to overseas tourists should have a very broad liability policy in place.
2. Why should you take out specialised liabilities insurance?
One only needs to read the newspapers to see the recent spate in liability awards made against companies who failed to protect their surroundings or third party people. With the courts cracking down on negligent companies, even one claim could potentially bankrupt your business. Unfortunately, accidents do happen & even in a perfect world, every company would be unable to perfectly protect every person or item they come into contact with. Specialised Liabilities Insurance costs a fraction of the price of paying large awards if your company is found negligent. Even if your company has not been negligent, the legal costs incurred in defending your company could cripple a business if not insured against. Taking Specialised Liabilities Insurance is a prudent way to ensure that your business will survive through all the trials & tribulations it will face.
How much does specialised liabilities insurance cost?
We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the cheapest premiums for your business.
3 Typical claims incurred on Specialised Liabilities Insurance policies
The worst claims are always when third party people (clients etc) are injured because the company failed to protect them. Examples would be cleaning personnel switching off hospital machines not realising that the patients lives are dependant on these machines, or accidentally dropping a needle which someone else inadvertantly steps on, causing medical turmoil. Companies failing to protect the children in their care will receive huge claims against them. If a company makes a mistake whilst setting up a risky activity (eg. bungee jumping), a large claim will transpire.
What other insurance should be considered along with Specialised Liabilities Insurance?
If your business provides advice, designs or consultation services or if your work involves lots of calculations or stringent procedures, professional indemnity insurance should be considered.
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GET A QUOTATION:
Please note that we can only insure in Sub-Sahara Africa.
Click here to send us an e-mail requesting a quote on your contract -> insurance@barrington.co.za. We will e-mail you an obligation free quotation so that we can show you what you will save if you insure with Barrington.
Contact details will be kept confidential and will not be used in any way other than as described above and will not be shared with any other parties.
