Do You Need Business Liability Insurance?

Protecting your business from unexpected costs and unplanned liabilities is key to evolving a well-established brand. Businesses that survive and scale through challenging times know that safeguarding assets and employees is an important process for continued growth. Helping organisations to protect themselves, the availability of business liability insurance has become more widespread so that companies are prepared for every eventuality. The gross written premium of the European liability insurance market is projected to reach USD 78.78bn in 2024 and grow 4.29% each year to 2028.

It’s possible that every business at some stage has considered what type of business liability insurance is best for their operations. They may also be wondering which insurance provider is able to deliver security and reassurance when it comes to protecting their business interests.

Contents

• What is Business Liability Insurance?
• How Does Business Liability Insurance Work?
• Popular Types of Business Liability Insurance.
• Gain Premium Cover with GasanMamo’s Liability Insurance for Businesses

What is Business Liability Insurance?

Business liability insurance is insurance coverage that protects businesses and their owners from financial loss in the event of a lawsuit or third-party claim. This type of insurance should cover financial losses arising from liability at law and potentially any associated legal liability costs for the business owner.

These types of insurance policies usually cover the cost of third-party compensation for personal injury, damage to a property or loss of the property.

If you are an employer, you should purchase Employer’s Liability Insurance to cover your legal liability towards your employees. There are other insurance options, but as a business owner, it is up to you to decide if you need to obtain any or all of these policies.

How Does Business Liability Insurance Work?

Businesses need to research the area of business liability insurance and select the most appropriate policy to suit their operational needs. Your choice may be firmed up as a result of the price of your premium, the benefits your insurer provides or the additional features you can include within your policy.

In terms of costs, each public liability insurance provider will calculate a specific premium using several factors, including the type of business being insured, its location and number of employees.

An example of this is when a business is situated in an area that is frequented by many clients, and an insurance provider will analyse the risk involved during policy calculations.

Popular Types of Business Liability Insurance

There are various categories of insurance available to businesses in the European market, but the three main types are:

• General liability insurance
  

The most common type of business liability insurance, this premium covers physical injury and property damage claims.

• Professional liability insurance
  

Also known as errors and omissions insurance, this premium safeguards against claims related to negligence and mistakes from professional services.

• Product liability insurance
  

Claims related to defective products created or sold by a business which may potentially cause injury or damage are covered by this policy area.

Gain Premium Cover with GasanMamo’s Liability Insurance for Businesses

To protect against any unexpected claims against your business for third-party incidents at your business premises or employees who suffer work-related injuries, investing in insurance makes sense.

Having a comprehensive policy, such as GasanMamo’s Business Protect Plus policy which includes liability cover, in place is the best way to safeguard your business interests. It also helps you to be compliant and meet business regulations.

Your employees will also be properly protected in the event of any accident which helps to increase your peace of mind as a business owner.

GasanMamo’s business liability insurance is an essential for any growing or established business, no matter the size of your organisation. You will find that there are a range of additional insurance policies available to cover specific aspects of your business, including:

• Machinery Breakdown: Insured machinery situated on your premises can be protected against unexpected and sudden physical loss or damage requiring repair or replacement. Coverage can also be extended to include loss of profits following a Machinery Breakdown claim.

• Deterioration of Stocks: If your insured stocks suffer a deterioration caused by a change in temperature or contamination by refrigerant fumes, these can be covered.

• Money: This policy covers the loss of money in various situations, including transit, at your premises (both during and outside business hours) and at the private residences of you or your employees.

• Fidelity Guarantee: Designed to indemnify you against losses caused by acts of fraud or dishonesty committed by any employee.

For more on business insurance, discover our recent blog what is business inurance.

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Whatever you need, GasanMamo is a specialist business liabilities insurance provider.

To get started in your business insurance search, take a look at the comprehensive benefits that could be yours on our business insurance page and get in touch with our friendly expert team today.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.