Protect Your Business from Legal Liability
Legal liability insurance is an umbrella term for a range of policies designed to protect a business or individual. These policies provide cover if you’re held legally responsible for causing physical injury, financial loss, or damage to a third party.
Legal liability insurance is suitable for both companies and individuals, but it’s most commonly used by businesses due to their broader exposure to various types of risk. Individuals who operate a business under their own name (such as sole traders) also rely on legal liability insurance to protect themselves from potential legal claims.
Even a single claim or legal dispute can have serious financial and reputational consequences. That’s why it’s important to have comprehensive protection in place for both your people and your business assets.
Types of Legal Liability Insurance
There are several types of legal liability insurance, including:
Public Liability Insurance
Public liability insurance protects you or your business if injury or harm is caused to a third party.
Professional Indemnity Insurance
Professional indemnity insurance protects both your assets and your reputation if a mistake or omission occurs, resulting in financial loss or injury to a third party.
Directors and Officers Insurance
Designed to protect the personal assets of company directors and officers in the event they are personally sued while acting as a director or officer. The insurance covers legal costs, defence expenses, and settlements from allegations they face.
Management Liability Insurance
Management liability insurance is similar to directors and officers insurance, but offers a wider range of protection. In addition to covering directors and officers personally, it provides cover for the company itself, including protection against statutory liability and crimes conducted by employees (such as fraud or theft).
Cyber Insurance
Covers losses to your business in the event of an IT system breach from hacking, malware, extortion or other online exposures. It also covers the liability and costs associated with the breach and exposure of your customer’s private information and further interruptions to your business.
Find The Right Legal Liability Policy
Get in touch with our specialist team today. We can provide you with detailed information about the risks businesses face, and can help you identify which risks you should cover your business for. Be prepared and get the right insurance.
