LIABILITY CLASSES
Liability Insurance
Legal liability is a legal obligation to compensate others who are injured or suffer loss or damage to their property resulting from an individual’s actions or omissions.
Liability insurance provides protection against the financial consequences of being held legally liable.
Types
Public liability
Protects the insured with respect to legal liability to third parties for both bodily injury and for any loss of or damage to material property that the insured may be held responsible for.
Members of the public may suffer injury or damage to their property due to the activities of someone else. Public liability insurance is designed to provide compensation for those who may have to pay damages and legal costs for such injuries or for the damage to property. For example:
- Slippery floor leading to a fall.
- Poor lighting leading to missing steps
Product Liability
Refers to the insured’s legal liabilities for bodily injury to third parties or loss of or damage to material property caused by products or goods.
The insurance is required by businesses involved in manufacturing, retailing, whole selling, installations, maintenance, repair or servicing.
- This cover also applies to hotels and restaurants.
Professional Indemnity
Professionals (Accountants, Advocates, Architects, Doctors, Surgeons, Engineers, and Consultants etc.) can insure the special liabilities with professional indemnity insurance to cover the consequences of giving faulty advice or treatment.
Director’s & Officers Liability
The senior officers of companies have statutory duties and the consequences of failing to comply with these duties can be insured by Director and officer’s liability insurance.
Employer Liability
- This is an optional extension under WIBA.
- This policy responds in case the employer is sued after WIBA compensation is felt to be insufficient.
- The employer has to prove negligence of the employer before a court of law.
