Liability insurances protects against legal actions as a result of injuries to others. Some Liability Products are:
- Public or Product Liability: This policy indemnify the insured against all sums which the Insured shall become legally liable to pay as damages in respect of: accidental bodily injury, illness or death of any person who is not in the insured’s employment, accidental loss of or damage to property of third parties, occurring in connection with the Business during the Period of Insurance and within the Geographical Limits as stated in the Schedule of this policy.
- Professional Indemnity: Its an insurance that protects professionals from errors and omissions that arises during the process of rendering services or giving advice.
- Employers Liability: This Policy indemnifies an employer or his legal representatives in respect of liability imposed upon them by law for damages as well as costs and legal expenses arising from such liability which the employer neither intends not reasonably expects resulting from an accident arising out of and in the course of employment. Unlike the Employee Compensation Scheme, this is neither a social nor statutory Insurance. It is underwritten by Insurance Companies as a contingency plan to the Employee Compensation Scheme as it covers such liabilities which are not covered under the Employee Compensation Scheme
- Directors and Officers Liabilities: The policy indemnifies the Directors of the insured, their Executives, Administrators against the act(s) of negligence, error or omission committed during the period of this policy. The insurer shall pay the loss of each insured to the extent that the company has indemnified the insured.
- Contractual Liability: This is also known as an Indemnity agreement which is a promise made by a party to assume the liability or responsibility of someone else through a contract.