2017-12-12 17:00:00 UTC
HDFC ERGO's Casualty Insurance helps companies manage a wide range of Liability risks and exposures encountered in today’s business environment. Their products like Commercial General Liability, INT Errors and Omissions, and Product Liability include enhancements and coverage more comprehensive than many of their competitors.
This flexible approach allows for tailoring of these products to meet individual needs. You can talk to Perilwise’s experts, or just fill out our lead forms to get a quote estimate emailed to you. HDFC Ergo offers Product Liability Insurance solutions and services for private and Public companies, not-for-profit organisations, start-ups and information and network technology companies.
The key products offered under Casualty Insurance(or Liability Insurance) in the Indian market are:
Commercial General Liability
Information & Network Technology Errors & Omission
The typical Commercial General Liability (CGL) policy provides protection against claims of bodily injury or property damage for which your business may be liable.
A Commercial General Liability Insurance Policy covers a wide range of Liability loss exposures faced by most organisations; it is the foundation for most organisations’ Liability insurance programs.
HDFC ERGO’s Commercial General Liability protection responds to exposures some of which didn't exist 10 years ago. For example, the rapid rise of the Internet has dramatically increased the potential for libel, intellectual property and invasion of the right of privacy suits. Typical standard policies do not adequately respond to these contingencies. Data breaches are also a major risk for companies nowadays, which can cause major loss of business and damages in court.
Every business is carefully nurtured for growth and profit. But inevitably, as in life, accidents occur. For instance, a customer slips and twists her ankle because of a wet floor in your business premises, resulting in hospitalisation. The daya to day running of your business could have many unintended consequences that could cause damage to the general public.
Public exposures and liabilities affected by law can bring an abrupt end to a promising business future. With HDFC ERGO’s Public Liability Insurance Policy, you are covered against such legal liabilities, giving your business the best of protection.
The policy indemnifies you for any claims arising out of accidents, injury and damages that occur on your premises in connection with the functioning of your business.
For more comprehensive protection, you can extend it to cover legal exposures arising out of sudden and accidental pollution, Act of God perils, transportation of hazardous substances and more.
This depends on the exposure you specify. You are required to fix two limits of indemnity which are (for both premises and transportation):
The policy is subject to a compulsory excess of 0.25% of the AOA limit, subject to a maximum of Rs.1,50,000 and minimum of Rs. 1,500. Opting for a higher excess on a voluntary basis qualifies you for a discount in the premium payable.
The policy does not cover liability arising out of or relating to pollution, any product, personal injuries such as libel, slander, fines, penalties and punitive or exemplary damages, and transportation of materials.
IT sector companies operate in an environment where innovation is a business imperative, not a lofty goal. HDFC Ergo has built a separate product for these companies by creating a portfolio of third-party Liability solutions such as Errors & Omissions insurance and intellectual property insurance to help protect a company's bottom line from the financial devastation of a lawsuit.
Schedule a call with a Perilwise expert, or fill out our form to get quotes on email. Perilwise has expertise in managing complex cyber risks, and our experts will find you the best cover to suit your needs.
As a manufacturer supplying products, you are always susceptible to the possibility that your product could cause damage to a third party – either property or a person. A small defect could open you up to massive claims. In such a case, HDFC ERGO’s product Liability Insurance is vitally important for product manufacturers. The policy not only protects your organisation from claims but also covers legal costs associated with defending these claims against your organisation.
The policy covers all sums (including defence costs) which the insured becomes legally liable to pay as damages because of: * Accidental death/bodily injury or disease to any third party; * Accidental damage to property belonging to a third party; arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy, after such product has left your premises.
Coverage is written on a claims-made basis, i.e. a Liability policy that provides coverage for an injury or loss if the claim is first reported or filed during the policy period. However, the policy offers the benefit of retroactive date, i.e. a date stipulated in a claims-made Liability policy declarations section as the first date of incidents covered by the policy. The retroactive date is designed to provide coverage for claims resulting from incidents that take place prior to the current policy term. Renewal claims-made policies usually have the retroactive date of the first policy issued to the insured. When this is not done, there is a gap in coverage.
The amount of coverage your business needs depends on:
The policy does not cover any Liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.
In an increasingly global work environment, employee rights have rapidly moved forward. To protect organisations from the threat of expensive lawsuits and large compensation pay-outs, HDFC ERGO has the Workmen’s Compensation / Employer’s Liability Insurance.
Workmen’s Compensation Insurance is the primary method by which an employer can demonstrate the ability to satisfy the obligations imposed by the Worker’s Compensation statutes. It is compensation payable under a scheme set out in the Workmen’s Compensation Act of India, monitored by the Ministry of Labour.
The policy covers statutory Liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in employer’s(& policyholder) immediate service, arising out of, and in the course of employment.
Employer’s Liability insurance covers for bodily injury to employees occurring within the scope of their employment when that Liability is not covered by worker’s compensation.
Below are the relevant statutes and laws under WC/EL policy. The policy covers legal Liability of an employer under: * Workmen’s Compensation Act, 1923, and Subsequent amendments of the said Act prior to the date of issue of the policy * Indian Fatal Accidents Act, 1855, and Subsequent amendments of the said Act prior to the date of issue of the policy * Common Law
As businesses deal with a increasingly more connected world, the risk of a mistake being very costly to the business is very high, and something businesses need to mitigate. Speak to a perilwise expert to get an idea of what liability policy is best for you.