Liability Insurance

Types of Liability Insurance We Offer

At ANIB, we customize plans across multiple categories of liability coverage to meet your specific needs:

1. Public Liability Insurance

Covers claims by third parties for accidental bodily injury or property damage arising from your business operations.

2. Product Liability Insurance

Essential for manufacturers and traders, it covers financial loss due to defective products or product-related accidents.

Commercial General Liability (CGL) Insurance is a combination of both the above:

All Businesses are exposed to liability to pay compensation in the event of bodily injury and /or property damage to third parties arising out of their negligence while performing their business,

This comprises of two types of liabilities

• Premises liability to Third Parties for any death or bodily injury arising out of any accidents in the premises due to fire or other mishaps.
• Product and completed Operations liability to Third Parties due to defect in the products manufactured / supplied to your customers in India and anywhere in the world.

Commercial General Liability Insurance offers

• Coverage for legal defence costs,
• Coverage for court attendance
• Claims for compensation, and/or out of court settlements,
• In addition to the above there are numerous add on covers like lift liability, Medical Expenses, Executives travel to abroad, non-automobile liability.

3. Professional Indemnity Insurance

Designed for professionals such as doctors, engineers, architects, consultants, and lawyers to protect against negligence or service errors.

4. Employees Compensation Insurance also known as Workmen's Compensation (WC) Insurance

Protects employers against legal liability for injury, illness, or death of employees during employment.

5. Directors and Officers (D&O) Liability

To run a business, it is more important to arrive at a right decision at a right time. Each company will have their board with Board of Directors and Officers in supervisory capacity to take vital decisions to run the business.

While taking such decisions the Director or Officer is vulnerable to making wrong decision based on circumstances available at that time. Due to the wrong decision, the Director or Officer is responsible for the consequences which affects the progress of the company.

D & O Liability: Who will make a claim?

Any third party who suffers loss due to the wrong decision of the Director or Officer.

All stake holders of the Company like

• 1. Share holders
• 2. Govt authorities
• 3. Creditors /Banks

Director’s And Officers’ Liability Insurance covers

• Legal defence costs
• Court attendance
• Claims for compensation ordered by the courts, and/or out of court settlements
• In addition to the above there are numerous add on covers like protecting the legal heirs, spouse, Employment Practice Liability, Protection after retirement, sexual harassment claims, Claims made on Entity

Types of Policies in Liability:

Claims Made:

In this type of policy, the insured is protected for his liability from the date of commencement of first policy and continuously renewed thereon without any break with the same or other insurer. This period is called “Retroactive Period”. The incident should happen within the retroactive period and a valid policy should be in force at the time of reporting the claim irrespective of the insurer. The current Insurer would admit the claim and process.

Occurrence Basis:

In this type of policy, the insured is covered from the incidents which have taken place during the commencement of first policy period and renewed continuously there on with the same insurer. If the policy’s continuity is broken or if the insurer is changed during the renewal, the date of commencement starts afresh each time.

6. Cyber Security also known as Cyber Liability Insurance in India

Cyber Insurance in India is designed to protect organisations or individuals from losses arising our of Cyber events which are illegal activities involving computer, network systems, criminal use of technology.

Common types of Cyber Crime:

• 1. Hacking
• 2. Phishing
• 3. Identity theft
• 4. Online scams and frauds
• 5. Ransomware Attacks
• 6. Data Breaches

Who needs Cyber Insurance in India

• Any business house using Computer and networking
• Any individual having online transactions through computer and mobile applications.

Coverage under Cyber Policy provides for both

• First party Losses: Direct cost incurred by your business like , business Interruption, data recovery and system restoration, Cyber Extorsion, Incident Response Cost, Public relation/ Reputation management.
• Third part Liability Coverage: This protects your business from law suits and claims made by the customers/client or Regulatory body who have suffered loss or damage as a result of cyber incident like network security liability, privacy liability, regulatory fines and penalties, media liability.