Liability Insurance

Liability Insurance Policies pay for the compensation amount awarded/settled (including interest) plus defense costs incurred upto limit of liability in policy which are generally expressed for Any One Accident (AOA) and Any One Year (AOY). As against this, Statutory Liability Policies have limits as per the respective Law. Followings are the most common form of Liability insurance policies being offered by insurers in India:

D&O Policy covers legal liability of the Directors and Officers of an entity, for any wrongful act, error or omission committed by them, resulting in legal action being instituted against them by specified third parties like customers, competitors, regulatory bodies, members of public and shareholders. Legal action brought by employees of the Company are usually granted as an optional Extension under the Policy, called Employment Practices Liability Extension

Businesses are witnessing an exponential increase in the cyber-attacks recently due to remote working, political agendas or vendetta, intricate and exposed supply chain management systems and extensive data collection activities being performed. Cyber Liability Insurance Policy covers specified risks arising due to network intrusion by an unauthorized person

Commercial General Liability Insurance Policy protect businesses against liability claims for bodily injury & property damage arising out of incidents occur on the premises, operations, products, and completed operations.

Workmen’s Compensation Insurance Policy covers employers in respect of liabilities arising under the Employee’s (Workmen’s) Compensation Act due to a workman contracting any of the occupational disease (as listed out in Schedule III of the WC Act), provided the person has been in the exclusive employment of the said employer for a minimum period of 6 months.

Public Liability Insurance Policy is a statutory insurance designed to cover third party liability claims for Industrial and Non-Industrial entities protecting against liability arising out of accidents at manufacturing premises, storage premises, hotels, restaurants, clubs, auditoriums, residences, offices, shops, hospitals, educational institutions, exhibitions, stadiums, pandals, film studios, circus, zoo etc.

Product Liability Insurance Policy covers third party liability claims arising out of accidents from use of products defined as any tangible asset after it has left the custody or control of the Insured, which has been manufactured (or in some cases sold/supplied) by the Insured. For the purpose of this Policy, Products are categorized under Domestic or Exports, on account of differential risk exposure

Professional Indemnity Insurance Policy Covers professional errors and omissions on the part of the Insured, which lead to a loss suffered by the Insured’s clients, who can then bring on a compensation claim against him. It is also known as the Errors and Omissions (E&O) Policy and can be issued to both professional individuals and organizations in different categories