Business liability insurance
Covers bodily injury or material damage caused by your company’s operations.Basic corporate insurance for entrepreneurs
The purpose of business liability insurance is to provide security against damage caused by you or your employees.
Essential especially for new entrepreneurs
Business liability insurance is one of the most important insurance policies for new entrepreneurs, whatever your line of business.
Professionals at your assistance in case of loss
We will determine your company’s indemnification liability on your behalf and negotiate with the claimant.
For whom is business liability insurance intended?
Your company’s risks and insurance needs depend on your line of business. Whatever your industry, your company needs the basic cover provided by business liability insurance. It has you covered when your business operations cause personal injury or material damage.
Business liability insurance is suitable for almost any line of business and any entrepreneur. Depending on your line of business, you may also need additional cover to expand the basic cover offered by business liability insurance. Your line of business also affects the price of business liability insurance due to differences in the risks involved, for example, risks involved in the construction industry differ considerably from those of the beauty care or creative industry.
It is not a statutory insurance, but we recommend it to all businesses. In some industries, such as construction, the commissioner of a project often demands proof of valid business liability insurance before work can begin. This is to ensure that the contractor is able to meet the obligations put forward in the Tort Liability Act if a loss event occurs.
What does business liability insurance cover?
Business liability insurance covers bodily injury or material damage caused to third parties by your company’s operations.
Material damage includes damage to vehicles, for example, in which cases we will compensate the costs of repair. Similarly, if negligent work by a HVAC fitter results in water damage to the client’s property we will compensate the damage, i.e. building repair costs, for example. As damages for bodily injury, in turn, the insurance may cover medical treatment expenses and loss of income caused by a broken wrist due to slipping.
In the event of loss, you will be assisted by Pohjola Insurance experts, who will investigate whether a liability exists and what the amount of damage is. This frees up your company’s resources for your core business and allows you to focus on the essential while we negotiate with the party demanding damages. If the claim is disputed and taken to court, your liability insurance will also cover the legal expenses of the proceedings.
Examples of losses related to Business liability insurance
Example 1: A customer has fallen over in the early evening next to the sweets shelves because there were sweets on the floor. The shop acting as the service provider had neglected to keep the floor clean despite requests from customers. The shop owner was required to pay compensation because they had failed to keep the floor sufficiently clean to ensure customers’ safety. The customer's injury was compensated from the shop’s general liability insurance.
Example 2: A hairdresser left the perm reagent in a customer's hair for too long, causing damage to their scalp. We compensated the personal injury from the hairdresser's general liability insurance. If the end result of hairstyling is not to the customer's satisfaction, the cost of restyling is not compensated from the general liability insurance.
How can I take out a business liability insurance policy for my company?
Please leave your contact information using the button below and we will send you a quote for business liability insurance.
Our experts at Pohjola Insurance have extensive understanding of the sector and can provide more information on the content and price of business liability insurance.
We also offer customised liability insurance for your company’s specific needs. Contact us for more information!