Liability policies often give rise to claims that date back months, or even years after an incident occurred. A gap in such insurance can therefore lead to significant financial losses as a result of legal costs and law suits.
Below we provide tips to assist you in mitigating your businesses liability exposures:
- Ensure that your policy is renewed annually.
- Make a list of all new activities, products, services and developments that have occurred in the business over a period of a year and advise your intermediary or insurer.
- Be sure to disclose any new business territories.
- Report any and every incident that has occurred and could possible result in litigation of claims for damages.
- In the event that the business is sold, ensure that run-off cover is taken to cover any potential claim which may occur after the sale, but happened during the period of ownership.
- Ensure that limits selected are sufficient to cover legal defence cost as well as any potential award in the event of a claim.
Contact our offices should you wish to revise your liability cover or if you require any additional advice regarding your liability insurance cover.
Until next time and thank you for your continued support.
admin March 15, 2016
Posted In: Newsletters