Protect your business against 3rd party liabilities
Why do I need Liability insurance?
Although good Risk Management and housekeeping processes, procedures and practices may prevent the likely occurrence of events that exposes your company to being sued, it is not possible to completely eliminate the risk. You or a member of your organization, including employees, may make a mistake that causes bodily harm or property damage to others. Such an error could result in causing damage to a customer's reputation, invading the privacy of a person or even a financial loss to them. If these occur you may be held legally responsible to pay compensation to the aggrieved parties as a result of your actions or inaction.
The compensation payable on a lawsuit of this nature could bankrupt your company depending on the extent of the harm caused by the incident, including the number of people injured and/or the value of the property damaged. Even if your organization is ultimately cleared of any wrongdoing, a determined plaintiff can keep you entangled in an expensive legal proceeding for an extended period of time, incurring significant costs to defend yourself. Liability insurance pays the defense costs and thereby safeguards your assets.
Liability insurance requirements
The following key information's are required to purchase liability a liability insurance coverage;
- Location of Office/Factory
- Type of business
- Years in business/Experience
- Expertise - Qualification/Registration
- Size of the company
- Jurisdiction of the Insurance cover i.e., Sri Lanka, worldwide
- Turnover/Revenue
- Past claims
Specific industries/business types that should consider getting Liability insurance
The requirement for this type of insurance policy will differ from business to business and industry to industry. While it is beneficial for any and all types of businesses, there are certain types that specifically require this type of policy. Examples of businesses that require such insurance include:
- Landscape design firms.
- Manufacturers of all kinds.
- IT consultants.
- Janitorial services.
- Artisan contractors.
- Real estate agents.
- Small business owners.
- Consulting/ Marketing agencies.
Why InsureMe is the best place to buy liability insurance
- You can compare and select the most suitable policy for your specific needs.
- A dedicated InsureMe expert will be there to advise you every step of the way.
- InsureMe has a claims team that is always ready to help in any situation.
Don’t leave your business at risk. Choose the best liability insurance policy for your business through InsureMe today!