<h2 class = 'uawtitle'>Liability Insurance Explained for Small and New Businesses</h2><br />
<div style='font-style:italic;' class='uawbyline'>by Sirius Grant</div><br /><br />
<div class='uawarticle'>During the normal course of business, all businesses are subjected to the potential threat of claims being made against them in respect of their legal liability; these losses may come from 3rd parties or from employees of the business.<br />
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Losses can appear on account of property damage, personal injuries or as a consequence of monetary loss suffered by the claimant on account of negligent advice provided by the company.<br />
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The latter cause is the subject of professional indemnity insurance or professional liability insurance and it is not the intention of this article to address these issues.<br />
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The prudent business proprietor or operator needs to ensure that they're protected against losses from third parties in respect of their legal responsibility for property damage or personal injuries which has arisen during and in the course of the business. That is the subject of public liability cover.<br />
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A public liability insurance policy offers the policyholder protection against their legal liabilities for property damage and personal injury, where such loss is alleged to have been caused by the insured in the course of the business.<br />
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It is essential to note that a significant aspect of the public liability insurance policy is the inclusion of defence costs incurred in the defence of the claims, whether the action be found to be the liability of the insured or not. The costs of mounting a legal defence could be great, even in comparison with the cost of many claims, and it is a vital insurance protection for policyholders that it's included in the conventional policy coverage.<br />
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As third party liability cover is a contract of legal liability, the basic policy wording remains similar from insurance company to insurance company, however you need to be aware of certain fundamental aspects of the cover to make sure that the cover meets the requirements of your business;<br />
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The Limit of Indemnity, this is the maximum amount of the insurers liability in respect of claims under the policy. This limit will be selected by you and will depend often on contractual requirements placed upon you by your employers.<br />
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The Business Description, it is vital that this correctly represents your business activities as it is only claims that arise from the undertaking of this business description and the insurers reasonable understanding of the trade or business activity that will be covered under the policy.<br />
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Policy limitations and endorsements, these are added to insurance policies to define the insurers responsibility under the policy for certain activities by perhaps restricting the kinds of work undertaken or else by specifying the safeguards that must be taken when carrying out certain work.<br />
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As with all insurance contracts you need to read the policy carefully to make sure that it meets with your requirements then you should raise any queries immediately with your insurance broker.<br />
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A business that employs people may also be subject to losses from employees for injuries or damage arising out of their employment. In the United Kingdom, this type of coverage is known as Employers Liability Insurance while it is referred to as Workers Compensation in the US and elsewhere.<br />
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Employers liability insurance is a legally required insurance requirement for all employers inside the United Kingdom with a small number of exceptions that I cover elsewhere. The minimum limit of cover for an employers liability coverage is 5,000,000 although in practice contracts are in the main issued with a minimum limit of 10,000,000.<br />
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Whilst third party liability cover is not a legal necessity, it should be considered an essential must for all in business, the good news is that the insurance is broadly available over the internet at extremely competitive premiums. A specialist liability cover broker will advise you in your requirements and instant quotations and cover are available for the overwhelming majority of businesses.<br />
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<div style='font-style:italic;' class='uawabout'><br />
About the Author:<br />
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<div class='uawlinks'>Blackfriars Insurance is a specialist <a href="http://tinyurl.com/7grzvyu">liability insurance broker</a> providing instant access to very competitive quotes and cover for <a href="http://tinyurl.com/77wt78c">public liability insurance</a> for a wide range of trades and occupations for both established and start-up businesseses.</div><br />
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New Unique Article!<br />
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Title: Liability Insurance Explained for Small and New Businesses<br />
Author: Sirius Grant<br />
Email: articles@primemover.co.uk<br />
Keywords: liability insurance,public liability insurance,employers liability insurance,business insurance,commercial insurance,business,insurance,liability insurance,business insurance,commercial insurance<br />
Word Count: 630<br />
Category: Leadership<br />
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