Liability Insurance

How Liability Insurance Works

Liability insurance is critical coverage anyone who may be held liable for injuries to others, or in the event that the insured party damages someone else’s property and is considered to be at fault. Liability insurance policies are essential for business owners —basically anyone who can be sued for damages and/or injuries.

A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Restaurants may purchase liability protection to protect their liability for food and drink served. Business owners may purchase liability insurance that covers them if an employee is injured during business operations or if a customer slips and falls at their premises.

As a business owner you owe a “duty of care” to provide a safe place for your customers, visitors and employees. Therefore, you must take all reasonable precautions to prevent accidents, and comply with safety regulations. You must maintain your building, appliances, furnishings, tools and equipment in sound condition at all times to prevent loss.

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Whether you own a large company, are a developing business, or starting a new business venture, we can assist you in arranging the right professional liability protection that you need for your business such as:

  • Lawyers
  • Accountants
  • Insurance Agents & Brokers
  • Architects & Engineers & Design Consultants
  • Property Surveyors
  • Real Estate/Property Managers
  • Financial Advisors & Trusts
  • Information Technology Consultants
  • Beauticians/Salon Services
  • Career/Business Trainers & Coaches
  • Management/Business Consultants
  • Personal Trainers
  • Landscapers
  • Cleaning Companies
  • Security Companies
  • And more…

Policies will have an agreed retroactive date (which is normally the date of your first insurance policy). Coverage is provided on a “claims made” basis meaning that the policy responds to losses which are reported within the policy period, provided that the incident did not take place prior to the agreed retroactive date.

The above is meant to provide general information and general policy descriptions to help you understand the different types of coverage offered. These descriptions do not refer to any specific contracts of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance issued by Shield Insurance Agents & Brokers. We encourage you to speak to one of our authorized insurance representatives, and to read your policy contract to fully understand your coverages.