Combined Liability insurance is commonly one policy consisting of Employers Liability, Public Liability and Product Liability insurances. Each of these provides a certain type of protection to a business and when combined together almost everyone involved in the business is protected whether it be the employees, the public or the business itself.
Employees are the center of a business. They provide the labor that keeps a business running and allows money to be earned. It is therefore essential that both the businesses itself; as well as its employees are protected from any negative issues that could arise during business hours.
Employers Liability is compulsory in most parts of the world since it is the key to keeping most businesses afloat. In order to run a business you must have employees to complete the tasks that keep the business going. Employers Liability insurances protects both the business as well as the employees. In the event that an employee were to become ill or to be injured as a result of the work they do for a business then they would be eligible to file a legal claim requesting compensation for their suffering. It the event that a business was found legally liable for the situation, Employers Liability insurance would provide compensation for the amount the business was held liable for.
Employer's liability generally provides coverage for employees who experience an illness, an injury or even death during the course of working for a business. Depending on the type of business additional coverage may be necessary. Most brokers offer a range of excess options. A business may opt to purchase additional coverage for certain uncommon working conditions. If a business has work going on at extreme heights or depths or in hazardous situations such as demolition or working in asbestos zones, they will need to purchase additional insurance options to cover these types of working conditions.
Public Liability insurance provides coverage for situations involving the public. If a member of the public were to be injured on the business premises and the business was to become legally liable for the compensation then the insurance would provide the compensation. Similarly, if the business were to cause damage to a third party property then the insurance would provide the compensation.
Regardless of the number of employees a business has or the number of members of the public that the business comes into contact with, Combined Liability insurance is highly recommended. Whether a business is in contracting, accounting or any other industry, this insurance can help provide the protection a business needs.
Most business owner's worry that these types of insurance will be too expensive however the expense of not having the insurance is likely to be much higher. Each business is assessed and a quote is based on the assessment. This allows the insurance coverage to be built based on what your business needs. This assessment will consist of evaluating the size of the business, the number of employee, the type of work they do and other relevant information will be gathered. With the combination of the information collected, the assessor will be able to build a policy based on the needs of the business itself which makes them more affordable to smaller businesses as well.