If you own a business, you may be liable for damages or injuries to another person or property. Though liability insurance is optional in most cases, it is strongly recommended for businesses in all industries as the likelihood of being sued is unpredictable and potentially very costly.
In addition to claims for property or injury, you often also need to consider defending yourself from a professional conduct claim, which can cost you time, money and damage to your reputation, regardless of whether the allegations are founded or not. If things do go wrong you could be held responsible not only for your own actions, but for those of your partners, employees or volunteers.
The legal rights of an employee are usually defined in law under a country’s Employment Code or Workmen’s Compensation Acts. Usually these laws provide for certain fixed sums to be paid by a government body to an employee if the employee is injured in the course of his work. The sums are usually funded by a government levy imposed upon all employers. This may be the only compensation employees are entitled to and is usually payable without any need to prove negligence on the part of the employer. However, in some territories it is possible for the employee to take legal action in common law to recover damages for injury if the accident occurred as a result of the negligence of the employer. Negligence on the part of the employer could come about for example by the employer providing unsafe equipment, an unsafe system of work or perhaps through the negligence of another employee. Any damages awarded and the legal costs of defending any claim can be covered under an Employer’s Liability, Workcover or Workers’ Compensation Policy.
As businesses are always changing, we recommend your insurances be reviewed regularly to ensure that your corporate insurance remains relevant with your existing range of policies.
Please contact us at Competitive Insurance Solutions if we can assist you with any queries.
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