What is General Liability?
In its simplest terms, general liability is business insurance that covers risks of injury, illness, and property damage that could be claimed against your business. It can also be referred to as ‘employers’ liability insurance’, ‘public liability insurance’ and ‘product liability insurance’.
These areas do offer specific cover;
Public liability insurance covers claims made by a third party, or member of the public, against your business for injury or damage caused.
Product liability insurance covers claims on damage to property or injury caused by the products you sell, supply, manufacture, someone you’ve treated etc.
Employers’ liability insurance covers claims from your employees for work-related injury, illness or damage. There is a requirement for this cover if you have contracted employees; you can face fines of up to £2,500 per day while you don’t have suitable cover and £1000 if you don’t provide employers’ liability to HSE inspectors when requested.
These are the type of claims that can occur during your normal business operations. But, unfortunately, without the correct type of cover, you and your business will have to pay for damages caused, which can be incredibly costly financially and reputationally.
How much General Liability insurance will I need?
The amount of cover you will require depends on your industry, the type of work you conduct, the products you sell or the clients you serve. For example, local authorities are likely to ask that you have up to £10 million general liability cover.
A good indicator of the level of cover you should take out is working out the maximum cost to you in a worst-case scenario. Things to take into consideration include;
- The scale of your work,
- Risk faced daily,
- Medical costs (if applicable),
- Loss of income for stopping your business and for how long,
- Legal costs,
- And many more.
You can see why it is essential to understand fully what cover is required for your business as each sector will have different requirements. Servca is a specialists Broker at Lloyd’s, and our bespoke Lloyd’s facility is established with selected Lloyd’s syndicates to cater for the ‘heavier end’ of UK general liability risks. So, we have the expertise to help guide you to the most suitable cover for your business.
What General Liability Services to Servca Provide?
As a specialist Lloyd's of London Broker, we have a large appetite for General Liability Risks, offering solutions to risks that are 'large', 'non-standard', or high-risk for regular insurers and MGA's to cover.
For Construction Sectors & Contractors we offer coverage to 20+ different professional roles within the industry, from Abseiling Contractors to Waste Recycling.
We cover all trades within the Architecture & Engineering sectors including 'High-Risk', 'Distressed' and 'Cover Refused Elsewhere'.
Despite challenges in the market we have available solutions for Manufacturers seeking General Liability coverage, including product cover.
Due to the various policy limitations and underwriting challenges involved we have developed unique solutions to help your or you clients easily protect any Non-Standard of Distressed risks you have.
How much should I expect to pay?
Every industry is different, so what you can expect to pay for comprehensive cover will range. In addition, insurers will look at several other areas; they will predict how likely you are to make a claim, how much they think a claim would cost, check your claims history, the level of risk your business has etc.
The team at Servca is experts in supporting clients to find the cover that suits their requirements even in areas of distressed or uncertain risk. Our facility has been designed to be broad and flexible, thus catering to all UK liability risks.
If you would like to have an exploratory call regarding our facility and how we can assist you, please book a time by contacting email@example.com.