Archive for the ‘Liability Insurance’ Category
April 4th, 2011 | 
Author: What is employers liability and public Liability Insurance?
How much does they usually cost?
Are both of them cover all employees?
Do I need to buy per employee?
Thanks!
Employers liability Insurance protects your employees against injury, death etc in the workplace. If they sue you, the insurer pays out. Public liability is the same sort of thing, but protects members of the public who visit your premises.
The cost depends on the size of your premises, the type of business you carry out, any safety and security measures you have in place, the number of employees, etc.
A surveyor from the insurance company will usually visit your premises and do a risk assessment, and the insurer will charge you based on how high he feels the risk is.
Yes, it is compulsory as you are legally obliged to protect your employees. One claim could cost hundreds of thousands if someone is killed or seriously injured and without it in place, your business could go bust.
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I’m starting a cosmetic’s company and the manufacturing company I’m hoping to work with requires business Liability Insurance. I have no previous payout or income from the my start-up company as of yet. What would be the best way to go about getting this insurance, seeing as most companies require the company to be already off the ground with revenue and mine is in the developing stages?
Thanks in advance
You need to contact an agent that specializes in placing commercial insurance. You might want to start with the agent that writes your other Insurance (auto & home) but don’t be surprised if they don’t have a market for this type of risk. Very few insurers are going to be interested in underwriting this type of risk.
If your agent is unable to assist you ask him/her for a referral to an agent that deals with specialty line carriers. The bad news is that the minimum premiums for general liability and products liability for a cosmetics company could easily exceed $10,000.
No shortcuts here, you have to contact an agent that deals with surplus lines carriers.
I got an offer from one Insurance agency but I’m not sure if I should keep looking, different agencies offer different ‘general liability’ policies or is it all the same?
You need to ask your agency exactly which coverages there are.
It protects you (or your business) if someone sues you over something that’s covered.
Yes, different companies can have different forms.