Many companies and businesses today provide their customers with different services and products physically in the businesses. When during the same business activity, customers, suppliers and other third parties may be involved in an accident, which will cause them bodily harm, injuries, bruises, and various property damages.
Who is third-party business insurance intended for?
Whether you have a barber shop, a food stand, a restaurant, an event hall or you are a high-tech company where customers come for business meetings, you are exposed to third-party claims, for damages caused to them during their stay at the business. Among them: fractures and bruises due to falling or slipping on the floor, burns due to contact with water or boiling oil for example, falling scaffolding and more.
Third party insurance helps business owners receive compensation against lawsuits and legal proceedings that will be filed against them for that event. Because, the danger in those lawsuits is twofold: also financially, including the management of the legal process and the compensation ruling that may end up against your business. Another facet that must be taken into account in this context also concerns damage to reputation, which can be very difficult.
What is the scope of a business owner’s liability for a tortious event that occurred on his premises?
The tort laws in many countries today impose responsibility on the owner of the business in whose territory the accident occurred, even if he was not directly responsible for it. At the same time, it is very difficult for business owners and managers to closely supervise each and every employee, and make sure that they work according to the procedures and do not endanger the customers. This is where third-party insurance for the business comes into play, designed to give it protection and coverage in the event of negligent conduct on the part of an employee, which caused claimable damages. In a reality where accidents are becoming more and more common, and when businesses and companies host customers, suppliers, partners and more every day, insurance is becoming more and more common and necessary.
LAMDA specializes in preparing third party insurance that is personally adapted to the business activity and the nature of the business. We specialize in finding unique and creative solutions for a wide variety of companies and businesses.