How much does liability insurance cost for a small business
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If a person or property is damaged by another person or organization, then the insurance policy that the policyholder takes in return for a certain premium to transfer the said liability to the insurance company is called liability insurance. Such insurance is usually provided by the factory owner for his workers, the company owner for his officers and employees, or the transport owner for his passengers. Under this insurance, if there is any damage to workers, officers and employees or passengers as a result of the accident, the insurer is bound to pay the compensation. In return, the policyholder has to pay a certain amount of premium. This type of insurance is also called third party insurance. Note that such insurance has been made mandatory in other developed countries of the world including India. This insurance is not made compulsory here in Bangladesh.
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How Many Type of Liability Insurance
Liability insurance is the type of insurance that is taken by the owner to protect the concerned persons from the possibility of injury or death due to any kind of accident involving industrial workers or passengers while traveling by road, sea or air. Liability insurance is again of several types. The types of liability insurance are discussed below:
If a worker dies or is injured or loses performance due to an accident or industrial disease while working in an industrial plant, the responsibility of compensation rests with the owner as per industrial laws. The employer assigns such liability to the insurance company through workers' compensation liability insurance.
In order to compensate passengers traveling as passengers in vehicles such as motor vehicles, trains, airplanes, watercraft, etc. The owner of the vehicle takes recourse to a type of insurance which is called public liability insurance.
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Product liability insurance:
If the product is lost or destroyed and damaged for any accidental reason during the transportation of the product from one place to another, then the liability is on the transport company. And to avoid such liability, the insurance that the transport owners take with the insurance company is called product liability insurance.
If the worker loses performance or becomes permanently disabled as a result of the disease caused by such internal causes, all the responsibilities of the worker are on the employer and the owner. And that is why the insurance contract that the employer enters into with the insurance company to get rid of such liability is called a professional indemnity insurance contract.
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How much Claims liability insurance
In case of accidents involving industrial workers, passengers of buses, trains, launches, steamers or airplanes, the liability of the owners is transferred to the insurance company in return for a fixed premium. So here it is seen that the injured party and the insured are different persons.
Conclusion
Generally, in case of liability insurance, the person who is primarily responsible for the loss due to the accident has to raise the claim for compensation properly with the insurance company. The injured party cannot raise a claim for compensation directly from the insurance company. For example, in the case of owner's liability insurance, if an employee or worker is injured due to an accident, the employee or worker cannot submit a claim for compensation directly to the concerned insurance company. He has to report the damage primarily to his employer. The employer then informs the insurer about the accident through a written notice. After being informed in writing about the accident by the employer, the insurer sends the claim form and the said claim form has to be filled by the injured party who is actually injured and sent back to the insurer through the employer. After receiving the claim, the insurer confirms the loss and pays the compensation to the injured party after completing the following formalities.
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