What will statutory liability insurance pay out for?
Another benefit of this type of cover is that it pays out for a wide range of different expenses. Any good statutory liability insurance policy should reimburse you for insurable fines, defence costs and any reparation expenses that may arise.
In many cases, the legal costs and other related expenses will be greater than the fines you face. Without protecting your business, it can be difficult to meet these charges and this could potentially lead to your company facing major financial difficulties.
Make sure you completely understand your policy wording document before taking out cover. If, for example, you need insurance for adventure sports accidents and deaths, then make sure this is definitely included before making a purchase. Every policy will be different, so it pays to be thorough.
Is there anything I can't rely on my policy for?
The key word in your policy description is 'unintentional'. Statutory liability insurance isn't a bail-out package that you can call on when you have deliberately fallen foul of the law.
For example, if one of your workers assaults a customer, then they won't be protected under the terms of the policy. If the situation arose because the employee was protecting business property, then it is possible that insurable fines will be met, as well as any other legal costs.
It is also worth bearing in mind that statutory liability insurance won't cover any work you have already completed. If a past customer files a complaint about a job that was finished even just a matter of days before the policy was taken out, you won't be able to use the insurance to cover legal defence costs.
However, in situations that arise after the policy start date, there's every chance that you insurer will pay out.
Some of the most common claims we face
Here at Faro Recruitment, we have come across a wide range of different claims. However, some are more common than others, and these are among the most frequent we deal with:
Farms releasing effluent in to the environment;
Making mistakes when trimming or cutting down trees;
Accidents and deaths arising from adventure sports;
Accidents in the workplace where insufficient training has been given.
The scope of statutory liability insurance is so far reaching that there are few limits to what it covers. It's far more than just an insurance that covers legal defence costs, but a policy that no business can afford to be without.
How do I apply for cover?
It's important to remember that not all statutory liability insurance is created equal, which is why you will need to do some research before deciding where to purchase it from. Another problem that many people face when protecting their business is that there is just so much choice, which can make it difficult to narrow down the options.
An insurance broker in Vietnam may therefore be the most effective choice. Faro Recruitment has been in the business during which time we have paired plenty of companies with their ideal statutory liability insurance policy.
We always put our clients first and by listening to your exact requirements, we'll find a policy that provides all the protection you will ever need.
Make sure you contact us to find out more about what Faro has to offer.