Most of the business enterprises – especially the IT and related services sector, resort to insurance as a means of a backend support in the likelihood of a claim, little realizing that it is done in a routine manner based on standardized policies that the insurance companies offer. It is not based on any evaluation of the risks in terms of liability or property exposures which would affect the profitability of the company.
- Would a Product Liability or a Commercial General Liability policy be more appropriate for you?
- Are the Product Recall wordings customized to take care of scenarios unique to your business?
- Does the Directors and Officers Liability policy have all the add on covers which are necessary to provide cover for your operations?
- Would you require an Errors and Omissions policy or a Professional Indemnity policy or a combination of both?
- Are you equipped to evaluate the terms and conditions and the coverages in a Crime or a Cyber Liability policy?
- Are you in a position to decide the extent of coverage required for taking Public Liability insurance?
- Does the insurance cover give adequate comfort while defending any claim in the US or Europe?
If you have lesser affirmatives, it is best that you leave it to the experts.
Designing a foolproof Liability program or policy requires indepth knowledge on various aspects of the clients business and operations. In addition, legal expertise is essential as interpretations of the policy documents in a claims situation would become crucial.
bharat RE has acquired this expertise over the years, both in terms of policy design and claims management. Our access to technical experts in various fields and inhouse legal expertise helps us in providing holistic insurance solutions in the Liability space.