Accidents happen faster than you think.
Causing damage while carrying out your professional activity can have major financial consequences for your business. Whether it involves one of your employees or third parties (property of others or injury to persons), you prefer to cover yourself preventively.
Corporate liability
What is corporate liability?
Business liability insurance serves as a safety net to deal with financial consequences of damages to third parties (in case your company is held liable).
This insurance is vital for businesses, regardless of their size or the nature of their operations. It covers unexpected and significant costs arising from claims or lawsuits from third parties (such as customers, suppliers, visitors or the public).
Why have business liability insurance?
Protect your company's financial stability
This insurance is an essential part of good risk management for any business.
By taking out business liability insurance, you protect your business as well as your financial stability. In case of an accident or claim, the insurance ensures that your company is not forced to take on huge costs. After all, this could jeopardise the continuity of your business activities.
Professional image
Liability insurance shows your customers, suppliers and partners that you take responsibility for your business activities. It shows that you are aware of the potential risks and are prepared to deal with any consequences.
This strengthens your professional image and increases confidence in your company.
Customer requirements and contracts
Many clients and business partners require liability insurance before engaging with you. This insurance enables you to meet the requirements of potential clients immediately and opens doors for new business opportunities.
What does business liability insurance cover?
The guarantee BA release includes sudden and unforeseen damage to third-party property (such as damaged buildings, inventory, equipment or vehicles) and bodily injury to persons caused by your company's activities. It is therefore about the extra-contractual liability incurred by your company. This liability is not directly related to the conclusion or performance of a contract.
If an incident or accident occurs in which a third party suffers damage as a result of your business activities, the guarantee BA benefit may intervene.
Consider a situation where a customer falls in your shop and suffers an injury, or when you accidentally cause material damage to a third party's property while carrying out your work.
The guarantee after delivery serves as a safety net for damage caused by goods after their delivery or by works after their performance. This cover protects you from liability when selling products when those products cause damage or injury to consumers.
If damage occurs after delivery of goods or completion of work, the insurer will reimburse the costs arising from the damage. Consider costs involved in repairing or replacing damaged third-party property.
It also covers medical expenses, legal costs and other financial consequences arising from the damage.
The post-delivery guarantee is relevant for companies selling products, offering installation or construction services, or performing other work where there is a potential risk of damage after delivery or performance.
The guarantee entrusted property provides cover for damage to third-party property temporarily entrusted to your care during its handling, treatment or movement.
When your business works with goods or property belonging to third parties, such as repairs, operations or transport, for example, it comes with the risk of those goods suffering damage. This ranges from material damage, such as damage or loss of the goods, to financial damage resulting from failure to honour agreements with the owner of the goods.
e.g. Repair or replacement costs of damaged goods. It may also cover financial consequences such as lost profits or other costs incurred by the owner of the goods as a result of the damage.
Costs associated with legal defence in the event of a claim or lawsuit, including attorney fees, court costs and settlement amounts, are also important to consider.
Frequently asked questions
Discover the most frequently asked questions about this insurance. Over the years, we have collected this information and summarise it here. Easy, right?
Do all companies need the same type of liability insurance?
Depending on your activity, other safeguards are a must. Just think of professional liability (intellectual services), directors' liability and objective liability (publicly accessible areas).
Materné will guide you through this.
In case of damage, the work already done needs to be put right, is this insured?
No, re-enacting your own work is out of the question.
I borrow equipment from a colleague, what if I cause damage to this?
For rented or borrowed equipment, you need specific cover.
This cover is limited in duration and insured capitals.
Materné will find the appropriate solution for you.
What cover amount is appropriate for my business? How is it determined?
Several factors affect the coverage amount:
- the nature and size of your business
- the type of activities you carry out
- the number of employees
- The potential financial consequences of liability claims.
Materné's insurance experts will help you choose an appropriate amount of cover.
As a self-employed person or small business owner, should I also have business liability insurance?
Unforeseen situations or claims with major financial consequences are always a risk. Self-employed entrepreneurs and small business owners also benefit from business liability insurance.
Business liability insurance offers you the protection and peace of mind you need, regardless of the size of your business.
Other solutions for optimal coverage
Take the uncertain as the sure thing and discover our insurance policies that perfectly match it.