Liability Insurance

Atlantik Sha: Liability insurance

Despite our best efforts to be vigilant on the roads and take necessary precautions in bad weather, accidents still happen. Liability insurance is there to protect you, your loved ones and your finances when things go wrong.

Third party liability insurance, professional liability insurance, property damage liability insurance or accident insurance for miners are all important forms of protection to guarantee your financial security. This article explains different types of liability insurance and what they cover.

What is third party liability insurance?

Third party liability insurance is a piece of insurance that protects you if you are sued (or threatened to be sued). This could be for bodily harm caused by you or damage to someone else's property. Also known as “legal liability insurance,” this section of auto insurance is set up to cover legal fees, amounts of money that must be paid to settle lawsuits, and other costs.

A TPL becomes effective when someone makes a claim against you or your insurance company. This type of car insurance guarantees that you do not have to pay for the damages caused by being convicted in a car accident.

Third-party liability car insurance typically covers:

Medical costs for injuries (including pedestrians, cyclists and fatalities)
Repair costs to any vehicles you damage
Repairs or replacement for damage to other people’s property
Legal fees and lawsuits as a result of the accident

Professional liability insurance

Depending on the profession, professional liability insurance may have different names, such as medical malpractice insurance for the medical profession, and errors & omissions insurance for real estate agents. Professional liability insurance is a specialty coverage that is not provided under homeowners' endorsements, in-home business policies, or business-owners' policies. It only covers claims made during the policy period.

Professional liability insurance policies are usually arranged on a claims-made basis, which means coverage is good only for claims made during the policy period. Typical professional liability policies will indemnify the insured against loss arising from any claim or claims made during the policy period by reason of any covered error, omission or negligent act committed in the conduct of the insured's professional business during the policy period. Incidents occurring before the coverage was activated may not be covered, although some policies may include a retroactive date.

Property damage liability insurance

There are two types of property damage: physical injury and loss of use. Physical injury involves damage to tangible property such as a cash register, a forklift, or a desk. Loss of use involves something that hasn’t suffered physical damage, but your normal usage of it is interrupted. If a truck broke down and blocked customers from accessing your business, or if someone’s construction work shut off the water supply to your business, these could be considered a loss of use.

Commercial property insurance covers damage to your business property from things like theft, vandalism, and fire.
Business interruption insurance, also known as business income insurance, can help offset a loss of income if your business has to close temporarily because of a catastrophic event, such as a fire. It can help pay for lost revenue, day-to-day expenses, and rent or relocation costs.
Inland marine insurance covers your business property while it’s in transit or being stored away from your business, such as a warehouse or a customer’s property. It can also cover high-value assets that property insurance usually doesn’t cover.

Builders and miners insurance

Builder’s insurance

Builders, contractors and tradesmen all need to have specialist insurance for their business. This will allow them to work in others’ homes and properties safely, and will cover the costs of repairs if unintentional damage is done. This applies not only to their clients’ property, but anything else they happen to damage as well.

Accidents like these are the number one reason builders need insurance. Without it, you may find it difficult to find clients willing to take a risk on an uninsured tradesman. And, if things go wrong, you could find yourself disastrously out of pocket.

Any builder, plumber, electrician, general tradesman or painter worth their salt needs to purchase insurance before they take on work. You will need three types of liabilities included in your insurance policy. These are:

Public Liability
Products Liability
Employers Liability

The importance of having the right cover is vital for all tradesmen as work can be very high risk. They need to be able to protect themselves, their employees, their customers and their property, equipment and materials.

Accident insurance for miners

Accident insurance for miners is a type of insurance that compensates for work-related injuries, such as injuries on and off the job site and accidents during mining work. Accident insurance for miners' coverage is paid to injured workers regardless of fault for accidents, covering lost working hours, and medical and rehabilitation benefits. Natural and legal persons engaged in underground and above-ground coal mining, and underground mining of minerals other than hard coal, must have occupational accident insurance for employees involved in mining and mining preparations. Sudden and unexpected gas inhalation, muscle and nerve burns and injuries, sprains and fractures during work are counted as work-related accidents as well.

An accident insurance for miners policy is offered to all employees of underground and above-ground mines and covers the insured in case of accidental bodily injury at work.

Accident insurance for miners can cover:

Loss of life
Permanent disabilities (third degree burns, loss of speech and hearing, partial or complete loss of the use of a limb, damage to an organ such as the kidney or spleen, etc.)
Medical expenses as specified in the insurance contract

Gas station liability insurance

The oil service industry is extremely diverse and comprises a variety of businesses, including onshore and offshore, up-stream and down-stream, operators, drilling contractors, well servicing, pipeline and manufacturing to name a few. Although all of these operations are part of the same industry, each specific business has its own set of risks and potential losses that need to be identified and addressed.

As a business owner, you deal with the public in a variety of ways. As a gas station owner, you have to face certain risks like fire and environmental exposures that threaten damage or harm. General liability insurance covers claims made by non-employees for property damage or bodily injury that occur while at your gas station or while doing business with you. This includes slips, trips, falls, vehicle damage, and more.