Liability Insurance

WITHOUT THE RIGHT LEVEL OF PUBLIC AND EMPLOYERS LIABILITY INSURANCE, YOU COULD BE LIGHTING A FUSE UNDER YOUR BUSINESS. TOGETHER, WE CAN STAMP OUT THE CHANCES OF DISASTER.

There have been a number of high profile incidents over recent years which has helped to raise awareness of the potential size of claims settlement costs and awards that could hit a business. However, there are still large numbers of businesses exposed to a significant underinsurance risk where a systematic review of all activities and undertakings may not have been fully considered.

Insurance policies often offer levels of cover as standard, but the working environment  and the ever changing position of legal costs and claims inflation needs careful assessment.

Due to the nature of risk, the fact that people are living and working longer, rising medical costs and low investment returns, the levels of claim settlements for death and long-term injury can be substantial. If the insurance cover is not sufficient to meet a claim your business could have a significant risk to its ability to trade.

Your Towergate Advisor is on hand to help you by discussing appropriate levels of cover based on your individual circumstances.

By completing our True or False question set it will not only help you understand your own knowledge on this subject but will give you a risk scoring based on the answers you give.

Complete our True or False question set to help you understand your knowledge.

Complete our True or False question set to help you understand your own knowledge on this subject and receive a risk scoring based on the answers you give.

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Minimising the risk of under-insurance

UK insurers are currently paying out around £2.7 billion a year for liability claims; In 2018, Employers’ Liability (EL) claims accounted for around a fifth of this amount, with an estimated value of £573 million*. (*A Biba Brokers Guide to Employers Liability Insurance Issue 1 – 2019; page3). Fully considering the risks and ensuring the levels of liability insurance are correct at the start of your insurance policy are vital to avoid the risk of underinsurance. Test your Liability insurance knowledge with the following true/false questions

Could this be you?

Below is a case study which helps bring to life the issue of buildings underinsurance and how being underinsured can affect your business.


Getting the right level of cover

Getting the right level of cover

Five years ago, a small business that constructs advertising signs was advised by their broker to increase their level of Public Liability cover from £1m to £5m at the renewal of their insurance policy. The company agreed, following insistence from the broker. Six days later, an unusually high wind blew one of their signs off a single story building. The sign travelled along a high street and struck a pedestrian, causing a severe disability. The business was found liable because the board had not been secured correctly, and the claim was settled at £4.7m, with the insurance policy covering the payment.

business interruption insurance brochure

Focus on underinsurance and adequate business interruption insurance.

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Don’t light a fuse under your business by being underinsured.

CHECK YOUR
BUILDINGS COVER
CHECK YOUR BUSINESS
INTERRUPTION COVER
Towergate Insurance Brokers

Towergate Insurance Brokers is a trading name of Towergate Underwriting Group Limited.

Registered in England No. 4043759. Registered Address: 1 Minster Court, Mincing Lane, London EC3R 7AA.
Authorised and regulated by the Financial Conduct Authority.